QFA Pensions cheat sheet

Three-pillar structure: Pillar I = State pensions (Contributory and Non-Contributory); Pillar II = occupational/employer schemes; Pillar III = personal pensions, PRSAs and AVCs.

Key regulators: the Pensions Authority supervises occupational schemes, trust RACs and PRSAs; the Central Bank of Ireland authorises PRSA providers and regulates investment firms; Revenue Commissioners set tax approval rules.

The Pensions Authority is the statutory regulator under the Pensions Act 1990 (as amended); it maintains the Register of Occupational Pension Schemes and can issue compliance directions and trustee disqualifications.

PRSAs are contracts between the individual and an authorised PRSA provider; they are not trusts, so no trustee is required, and they are regulated under Part X of the Pensions Act 1990.

The Pensions Council is a statutory advisory body to the Minister for Social Protection on pension policy; it does not supervise individual schemes.

IORP II (Directive 2016/2341) was transposed into Irish law in 2021, adding governance, risk-management, own-risk-assessment (ORA) and member-disclosure duties for occupational schemes.

The Financial Services and Pensions Ombudsman (FSPO) handles complaints about occupational schemes, PRSAs and pension providers; complaints normally must first go through the provider's internal complaints process.

Auto-enrolment (MyFutureFund) is being introduced for employees without an occupational scheme, with matching State and employer contributions; it is separate from the State pension system.

State Pension (Contributory) eligibility is based on PRSI contribution history: a minimum of 520 full-rate paid contributions, plus a yearly average or total-contribution test depending on the claim date.

The Total Contributions Approach (TCA) replaced the yearly-average test for claims from 2025; it counts paid and credited contributions, with home-caring periods creditable up to a cap.

State Pension (Non-Contributory) is means-tested and does not require PRSI contributions; it is paid at a lower rate than the contributory pension.

Qualified Adult increases can be claimed for a dependent spouse/civil partner; the increase may be reduced if the dependent has their own income.

The State Pension age is currently 66; a Commission on Pensions recommended gradual increases, but no change to the statutory age has been enacted as of 2025.

Credited contributions (credits) can be awarded for periods of illness, unemployment, caring or education; they count toward the contribution tests but not toward the yearly average in the same way as paid contributions.

Voluntary contributions may be paid to fill gaps in the PRSI record; eligibility and rates are set by the Department of Social Protection.

The Household Benefits Package and Free Travel are separate welfare entitlements for people aged 66+ (or qualifying carers), not part of the State pension itself.

Defined benefit (DB) schemes promise a pension based on salary and service; defined contribution (DC) schemes provide a fund whose value depends on contributions and investment returns.

A DB scheme's funding standard is assessed under the Pensions Act; the scheme actuary certifies the funding position and the trustees must submit actuarial funding certificates (AFCs) to the Pensions Authority.

Minimum funding standard (MFS) and the funding standard reserve apply to DB schemes; a scheme that fails the MFS must submit a funding proposal to the Pensions Authority.

Trustee duties include acting in members' best interests, investing prudently, maintaining a Statement of Investment Policy Principles (SIPP) and, under IORP II, a risk-management system and ORA.

Scheme rules and the trust deed govern benefits; Revenue approval under Part 30 of the Taxes Consolidation Act 1997 determines the tax treatment of contributions and benefits.

Member data and benefit statements must be provided periodically; the Pensions Authority sets disclosure requirements including annual benefit statements for DC schemes.

The Pensions Act restricts the return of surplus and requires trustee consent for certain amendments; amendments that reduce accrued benefits require member consultation and, in some cases, Pensions Authority approval.

Small self-administered schemes (SSAS) and one-member arrangements are subject to specific trustee, investment and reporting rules.

A personal pension (RAC) is a contract between an individual and a life assurance company; tax relief is available on contributions within Revenue limits, and the fund grows tax-free.

A PRSA (Personal Retirement Savings Account) is a low-cost, portable pension contract open to employees, self-employed people and those not in employment; it has standard and non-standard PRSA categories.

PRSA providers must offer at least one standard PRSA with capped charges (maximum 5% of contributions and 1% per annum of fund value); non-standard PRSAs may charge more.

Employers must provide access to a PRSA (or an occupational scheme) for employees; they must facilitate payroll deductions if the employee chooses a PRSA.

PRSAs are transferable between providers and between employment situations; transfers between PRSAs and other arrangements are subject to Revenue rules and, in some cases, Pensions Authority approval.

A PRSA can be used to fund retirement from age 60 (or earlier on retirement from employment); benefits are taken via annuity, ARF/AMRF or a taxable lump sum.

Personal pensions and PRSAs are not subject to the DB funding standard; they are DC arrangements with investment risk borne by the member.

Approved Retirement Funds (ARFs) and Approved Minimum Retirement Funds (AMRFs) are available to personal pension and PRSA holders at retirement, subject to Revenue conditions.

DB funding: the scheme actuary values liabilities using prescribed assumptions; the funding standard compares scheme assets to the minimum funding standard liability.

The funding standard reserve is an additional buffer above the MFS; schemes must hold assets to cover the MFS plus the reserve, with a phased timetable for compliance.

A funding proposal must set out how the scheme will meet the MFS within a specified period; the Pensions Authority may approve, modify or reject it.

Investment governance requires a Statement of Investment Policy Principles (SIPP) for DB schemes and a default investment strategy for DC schemes; trustees must review investments periodically.

IORP II requires trustees to have a risk-management function, an internal audit function (or equivalent), an actuarial function and an ORA covering all material risks.

Trustee training and fitness/probity requirements apply; the Pensions Authority can require trustees to meet minimum standards and can remove trustees for breaches.

DC default strategies must be designed with members' retirement needs in mind and must include a lifestyle or target-date approach; members must be able to choose their own investment options.

Scheme governance includes member communication, record-keeping, contribution collection controls and procedures for handling complaints and disputes.

At retirement, a member may take a tax-free lump sum (up to Revenue limits), purchase an annuity, invest in an ARF/AMRF, or take a taxable lump sum; options depend on scheme type and Revenue rules.

The maximum tax-free lump sum is generally 25% of the fund value, subject to an overall lifetime limit (the Standard Fund Threshold, currently €2 million).

Annuities provide a guaranteed income for life; rates depend on age, health, interest rates and whether the annuity is level, escalating or has survivor benefits.

ARFs allow the fund to remain invested and draw down income; an AMRF is required for certain ARF holders until age 75, with a minimum retention amount.

Imputed distribution rules apply to ARFs and vested PRSAs: a minimum percentage of the fund must be withdrawn annually from age 61 (or later depending on the regime).

Approved Retirement Fund withdrawals are taxed at the individual's marginal rate; the fund itself grows tax-free.

Death benefits from ARFs and PRSAs can pass to the estate or nominated beneficiaries, subject to tax rules; the treatment differs for spouses, children and others.

Retirement options must be explained to members, and trustees/providers must provide a statement of options and, for PRSAs, a retirement options letter.

Tax relief on employee contributions is available at the marginal rate, subject to age-related percentage limits of earnings (e.g., 15% under 30, rising to 40% at 60+).

The earnings cap for tax-relieved contributions is €115,000 (as of 2025); contributions above the age-related percentage of the cap do not attract relief.

Employer contributions are generally deductible for corporation tax and are not a benefit-in-kind for the employee, subject to Revenue limits.

The Standard Fund Threshold (SFT) is €2 million; fund values above the SFT may be subject to a charge (the excess may be taxed at 40% on drawdown or a charge on the excess).

The maximum tax-free retirement lump sum is 25% of the fund, capped at €500,000 (with a lifetime limit linked to the SFT); amounts above the cap are taxed.

Pension funds grow free of income tax and capital gains tax; investment returns within approved schemes are not taxed annually.

Approved Retirement Fund withdrawals and annuity income are taxed as income at the individual's marginal rate; the tax-free lump sum is not taxed.

Revenue approval under Part 30 TCA 1997 governs the tax treatment of schemes; breaches of approval rules can result in tax charges and loss of relief.

A transfer of accrued pension rights from one scheme to another requires the member's written request and, for DB schemes, a statement of the transfer value and the member's entitlement to independent advice in certain cases.

The Pensions Authority requires trustees to provide a transfer value statement and to warn members about the risks of transferring out of a DB scheme, particularly to a personal arrangement.

Transfers to overseas arrangements (QROPS) are subject to Revenue rules; the receiving scheme must meet Irish tax requirements to avoid a tax charge.

The advice process should include a fact-find, risk assessment, suitability analysis and a written recommendation; advisers must comply with MiFID II and/or the Consumer Protection Code.

The Consumer Protection Code requires advisers to act in the client's best interests, disclose conflicts of interest and provide a written suitability statement.

Pension transfers from occupational schemes to PRSAs or personal pensions may be restricted; the Pensions Authority has issued guidance on transfers and on the use of Section 32 transfer values.

Revenue approval of a transfer requires that the receiving arrangement be an approved scheme or PRSA and that the transfer meets the conditions for tax-free treatment.

Record-keeping and disclosure obligations apply to advisers and providers; complaints about advice can be made to the FSPO after the provider's internal process.

Age-related contribution limits apply to the percentage of net relevant earnings that can be contributed with tax relief: 15% (under 30), 20% (30-39), 25% (40-49), 30% (50-54), 35% (55-59), 40% (60+).

The earnings cap for relief is €115,000; the maximum tax-relieved contribution at 40% is €46,000 per year.

Employer contributions are not subject to the age-related percentage limits but must be made in accordance with Revenue rules and the scheme rules.

The Standard Fund Threshold is €2 million; the maximum tax-free lump sum is 25% of the fund, capped at €500,000.

Excess fund over the SFT may be subject to a 40% charge on drawdown or a charge on the excess; the treatment depends on the timing and form of the benefit.

ARF and vested PRSA withdrawals are subject to imputed distribution rules from age 61; the minimum withdrawal percentage increases with age.

Tax relief is not available for contributions to a scheme that is not Revenue-approved; approval is granted under Part 30 TCA 1997.

The tax treatment of death benefits depends on the beneficiary: spouse/civil partner may receive a tax-free lump sum in certain circumstances; other beneficiaries may be subject to tax.

A transfer value is calculated by the scheme actuary and must be provided to the member on request; the member has a right to a statement of the transfer value.

For DB schemes, the trustees must provide a statement of the member's entitlement to a transfer value and warn about the risks of transferring out.

The Pensions Authority's guidance requires trustees to consider whether a transfer is in the member's best interests and to provide clear information.

Transfers to a PRSA or personal pension may be subject to a waiting period or require the member to receive advice; the rules depend on the scheme type.

QROPS transfers require the receiving scheme to be recognised by Revenue; otherwise the transfer may be a taxable event.

Advisers must comply with the Consumer Protection Code, including the requirement to provide a written suitability statement and to disclose charges.

The FSPO can adjudicate complaints about pension advice and transfers; complaints must generally be made within six years of the act complained of.

Revenue approval of a transfer requires that the receiving scheme is an approved scheme or PRSA and that the transfer is made in accordance with the scheme rules.

DB schemes must meet the minimum funding standard (MFS); if not, the trustees must submit a funding proposal to the Pensions Authority within the prescribed period.

The funding standard reserve is an additional amount above the MFS; the Pensions Authority sets the reserve level and the timetable for compliance.

The scheme actuary must certify the funding position and provide an actuarial funding certificate (AFC) at prescribed intervals.

IORP II requires trustees to establish a risk-management system, an ORA, an internal audit function and an actuarial function; the ORA must be reviewed annually.

The SIPP must cover investment objectives, risk appetite, asset allocation, liquidity and the use of derivatives; it must be reviewed regularly.

DC schemes must offer a default investment strategy and provide members with information about charges, investment options and retirement options.

Trustees must ensure contributions are paid within the prescribed time limits; late payment can result in penalties and reporting to the Pensions Authority.

The Pensions Authority can issue compliance directions, appoint inspectors and prosecute breaches of the Pensions Act; trustees can be disqualified for misconduct.

The tax-free lump sum is generally 25% of the fund, subject to the €500,000 lifetime cap; amounts above the cap are taxed at the marginal rate.

Annuity purchase: the member exchanges the fund for a guaranteed income; the annuity can be level, escalating, or with a survivor's benefit.

ARF: the fund remains invested and the member draws down income; an AMRF is required for certain ARF holders until age 75, with a minimum retention of €63,500 (or the fund value if lower).

Imputed distribution: from age 61, a minimum percentage of the ARF/vested PRSA must be withdrawn annually; the percentage increases with age (e.g., 4% at 61-70, 5% at 70+).

Vested PRSAs are subject to similar drawdown rules; the member can choose an annuity, ARF or taxable lump sum.

Death benefits: ARF assets can pass to the estate or nominated beneficiaries; the tax treatment depends on the relationship and the form of the benefit.

Retirement options must be explained in writing; providers must issue a statement of retirement options and, for PRSAs, a retirement options letter.

The choice between annuity and ARF depends on factors such as health, life expectancy, risk tolerance, need for guaranteed income and tax position.

State Pension (Contributory) requires 520 full-rate paid contributions and a yearly average of 10 (or a total of 2,080 contributions under TCA).

The Total Contributions Approach (TCA) applies to claims from 2025; it uses total paid and credited contributions, with home-caring periods creditable up to 20 years.

State Pension (Non-Contributory) is means-tested; the means test includes cash income, capital and property (with an exemption for the family home).

Qualified Adult increase is available for a dependent spouse/civil partner; the increase is reduced if the dependent has income above the threshold.

The State Pension age is 66; the Commission on Pensions recommended a gradual increase, but no legislation has been enacted as of 2025.

Credited contributions can be awarded for illness, unemployment, caring and education; they count toward the contribution tests for the contributory pension.

Voluntary contributions can be paid to fill gaps; the rate and eligibility are set by the Department of Social Protection.

The Household Benefits Package includes electricity/gas allowance and a free TV licence; Free Travel is available to those aged 66+ and qualifying carers.

DB schemes promise a pension based on salary and service; DC schemes provide a fund based on contributions and investment returns.

The funding standard for DB schemes is set by the Pensions Act; the scheme actuary certifies the funding position and the trustees submit AFCs to the Pensions Authority.

If a DB scheme fails the MFS, the trustees must submit a funding proposal to the Pensions Authority within the prescribed period.

Trustee duties include acting in members' best interests, investing prudently, maintaining a SIPP and complying with IORP II governance requirements.

Scheme rules and the trust deed govern benefits; Revenue approval under Part 30 TCA 1997 determines the tax treatment.

Member benefit statements must be provided periodically; DC schemes must provide annual statements and information about charges and investment options.

The Pensions Act restricts the return of surplus and requires trustee consent for amendments that reduce accrued benefits.

SSAS and one-member arrangements are subject to specific trustee, investment and reporting rules.

A personal pension (RAC) is a contract with a life assurance company; contributions attract tax relief within Revenue limits and the fund grows tax-free.

A PRSA is a portable, low-cost pension contract; standard PRSAs have capped charges (max 5% of contributions and 1% per annum of fund value).

Employers must provide access to a PRSA or occupational scheme and must facilitate payroll deductions if the employee chooses a PRSA.

PRSAs are transferable between providers and employment situations; transfers are subject to Revenue rules and, in some cases, Pensions Authority approval.

A PRSA can be used to fund retirement from age 60 (or earlier on retirement from employment); benefits are taken via annuity, ARF/AMRF or taxable lump sum.

Personal pensions and PRSAs are DC arrangements; investment risk is borne by the member and the DB funding standard does not apply.

ARFs and AMRFs are available to personal pension and PRSA holders at retirement, subject to Revenue conditions.

PRSA providers must issue a retirement options letter and a statement of charges; members can switch providers subject to rules.

Age-related contribution limits: 15% (under 30), 20% (30-39), 25% (40-49), 30% (50-54), 35% (55-59), 40% (60+).

The earnings cap for tax relief is €115,000; the maximum tax-relieved contribution at 40% is €46,000 per year.

Employer contributions are not subject to the age-related percentage limits but must comply with Revenue rules and scheme rules.

The Standard Fund Threshold is €2 million; the maximum tax-free lump sum is 25% of the fund, capped at €500,000.

Excess fund over the SFT may be subject to a 40% charge on drawdown or a charge on the excess, depending on timing and form.

ARF and vested PRSA withdrawals are subject to imputed distribution rules from age 61; the minimum withdrawal percentage increases with age.

Tax relief is not available for contributions to a non-Revenue-approved scheme; approval is granted under Part 30 TCA 1997.

Death benefits: a spouse/civil partner may receive a tax-free lump sum in certain circumstances; other beneficiaries may be subject to tax.

A transfer value is calculated by the scheme actuary and provided to the member on request; the member has a right to a statement of the transfer value.

For DB schemes, trustees must provide a statement of the member's entitlement to a transfer value and warn about the risks of transferring out.

The Pensions Authority's guidance requires trustees to consider whether a transfer is in the member's best interests and to provide clear information.

Transfers to a PRSA or personal pension may be subject to a waiting period or require the member to receive advice, depending on the scheme type.

QROPS transfers require the receiving scheme to be recognised by Revenue; otherwise the transfer may be a taxable event.

Advisers must comply with the Consumer Protection Code, including providing a written suitability statement and disclosing charges.

The FSPO can adjudicate complaints about pension advice and transfers; complaints must generally be made within six years of the act complained of.

Revenue approval of a transfer requires that the receiving scheme is an approved scheme or PRSA and that the transfer is made in accordance with the scheme rules.

DB schemes must meet the MFS; if not, the trustees must submit a funding proposal to the Pensions Authority within the prescribed period.

The funding standard reserve is an additional amount above the MFS; the Pensions Authority sets the reserve level and the timetable for compliance.

The scheme actuary must certify the funding position and provide an AFC at prescribed intervals.

IORP II requires trustees to establish a risk-management system, an ORA, an internal audit function and an actuarial function; the ORA must be reviewed annually.

The SIPP must cover investment objectives, risk appetite, asset allocation, liquidity and the use of derivatives; it must be reviewed regularly.

DC schemes must offer a default investment strategy and provide members with information about charges, investment options and retirement options.

Trustees must ensure contributions are paid within the prescribed time limits; late payment can result in penalties and reporting to the Pensions Authority.

The Pensions Authority can issue compliance directions, appoint inspectors and prosecute breaches of the Pensions Act; trustees can be disqualified for misconduct.

The tax-free lump sum is generally 25% of the fund, subject to the €500,000 lifetime cap; amounts above the cap are taxed at the marginal rate.

Annuity purchase: the member exchanges the fund for a guaranteed income; the annuity can be level, escalating, or with a survivor's benefit.

ARF: the fund remains invested and the member draws down income; an AMRF is required for certain ARF holders until age 75, with a minimum retention of €63,500 (or the fund value if lower).

Imputed distribution: from age 61, a minimum percentage of the ARF/vested PRSA must be withdrawn annually; the percentage increases with age (e.g., 4% at 61-70, 5% at 70+).

Vested PRSAs are subject to similar drawdown rules; the member can choose an annuity, ARF or taxable lump sum.

Death benefits: ARF assets can pass to the estate or nominated beneficiaries; the tax treatment depends on the relationship and the form of the benefit.

Retirement options must be explained in writing; providers must issue a statement of retirement options and, for PRSAs, a retirement options letter.

The choice between annuity and ARF depends on factors such as health, life expectancy, risk tolerance, need for guaranteed income and tax position.

State Pension (Contributory) requires 520 full-rate paid contributions and a yearly average of 10 (or a total of 2,080 contributions under TCA).

The Total Contributions Approach (TCA) applies to claims from 2025; it uses total paid and credited contributions, with home-caring periods creditable up to 20 years.

State Pension (Non-Contributory) is means-tested; the means test includes cash income, capital and property (with an exemption for the family home).

Qualified Adult increase is available for a dependent spouse/civil partner; the increase is reduced if the dependent has income above the threshold.

The State Pension age is 66; the Commission on Pensions recommended a gradual increase, but no legislation has been enacted as of 2025.

Credited contributions can be awarded for illness, unemployment, caring and education; they count toward the contribution tests for the contributory pension.

Voluntary contributions can be paid to fill gaps; the rate and eligibility are set by the Department of Social Protection.

The Household Benefits Package includes electricity/gas allowance and a free TV licence; Free Travel is available to those aged 66+ and qualifying carers.

DB schemes promise a pension based on salary and service; DC schemes provide a fund based on contributions and investment returns.

The funding standard for DB schemes is set by the Pensions Act; the scheme actuary certifies the funding position and the trustees submit AFCs to the Pensions Authority.

If a DB scheme fails the MFS, the trustees must submit a funding proposal to the Pensions Authority within the prescribed period.

Trustee duties include acting in members' best interests, investing prudently, maintaining a SIPP and complying with IORP II governance requirements.

Scheme rules and the trust deed govern benefits; Revenue approval under Part 30 TCA 1997 determines the tax treatment.

Member benefit statements must be provided periodically; DC schemes must provide annual statements and information about charges and investment options.

The Pensions Act restricts the return of surplus and requires trustee consent for amendments that reduce accrued benefits.

SSAS and one-member arrangements are subject to specific trustee, investment and reporting rules.

A personal pension (RAC) is a contract with a life assurance company; contributions attract tax relief within Revenue limits and the fund grows tax-free.

A PRSA is a portable, low-cost pension contract; standard PRSAs have capped charges (max 5% of contributions and 1% per annum of fund value).

Employers must provide access to a PRSA or occupational scheme and must facilitate payroll deductions if the employee chooses a PRSA.

PRSAs are transferable between providers and employment situations; transfers are subject to Revenue rules and, in some cases, Pensions Authority approval.

A PRSA can be used to fund retirement from age 60 (or earlier on retirement from employment); benefits are taken via annuity, ARF/AMRF or taxable lump sum.

Personal pensions and PRSAs are DC arrangements; investment risk is borne by the member and the DB funding standard does not apply.

ARFs and AMRFs are available to personal pension and PRSA holders at retirement, subject to Revenue conditions.

PRSA providers must issue a retirement options letter and a statement of charges; members can switch providers subject to rules.

Age-related contribution limits: 15% (under 30), 20% (30-39), 25% (40-49), 30% (50-54), 35% (55-59), 40% (60+).

The earnings cap for tax relief is €115,000; the maximum tax-relieved contribution at 40% is €46,000 per year.

Employer contributions are not subject to the age-related percentage limits but must comply with Revenue rules and scheme rules.

The Standard Fund Threshold is €2 million; the maximum tax-free lump sum is 25% of the fund, capped at €500,000.

Excess fund over the SFT may be subject to a 40% charge on drawdown or a charge on the excess, depending on timing and form.

ARF and vested PRSA withdrawals are subject to imputed distribution rules from age 61; the minimum withdrawal percentage increases with age.

Tax relief is not available for contributions to a non-Revenue-approved scheme; approval is granted under Part 30 TCA 1997.

Death benefits: a spouse/civil partner may receive a tax-free lump sum in certain circumstances; other beneficiaries may be subject to tax.

A transfer value is calculated by the scheme actuary and provided to the member on request; the member has a right to a statement of the transfer value.

For DB schemes, trustees must provide a statement of the member's entitlement to a transfer value and warn about the risks of transferring out.

The Pensions Authority's guidance requires trustees to consider whether a transfer is in the member's best interests and to provide clear information.

Transfers to a PRSA or personal pension may be subject to a waiting period or require the member to receive advice, depending on the scheme type.

QROPS transfers require the receiving scheme to be recognised by Revenue; otherwise the transfer may be a taxable event.

Advisers must comply with the Consumer Protection Code, including providing a written suitability statement and disclosing charges.

The FSPO can adjudicate complaints about pension advice and transfers; complaints must generally be made within six years of the act complained of.

Revenue approval of a transfer requires that the receiving scheme is an approved scheme or PRSA and that the transfer is made in accordance with the scheme rules.

DB schemes must meet the MFS; if not, the trustees must submit a funding proposal to the Pensions Authority within the prescribed period.

The funding standard reserve is an additional amount above the MFS; the Pensions Authority sets the reserve level and the timetable for compliance.

The scheme actuary must certify the funding position and provide an AFC at prescribed intervals.

IORP II requires trustees to establish a risk-management system, an ORA, an internal audit function and an actuarial function; the ORA must be reviewed annually.

The SIPP must cover investment objectives, risk appetite, asset allocation, liquidity and the use of derivatives; it must be reviewed regularly.

DC schemes must offer a default investment strategy and provide members with information about charges, investment options and retirement options.

Trustees must ensure contributions are paid within the prescribed time limits; late payment can result in penalties and reporting to the Pensions Authority.

The Pensions Authority can issue compliance directions, appoint inspectors and prosecute breaches of the Pensions Act; trustees can be disqualified for misconduct.

The tax-free lump sum is generally 25% of the fund, subject to the €500,000 lifetime cap; amounts above the cap are taxed at the marginal rate.

Annuity purchase: the member exchanges the fund for a guaranteed income; the annuity can be level, escalating, or with a survivor's benefit.

ARF: the fund remains invested and the member draws down income; an AMRF is required for certain ARF holders until age 75, with a minimum retention of €63,500 (or the fund value if lower).

Imputed distribution: from age 61, a minimum percentage of the ARF/vested PRSA must be withdrawn annually; the percentage increases with age (e.g., 4% at 61-70, 5% at 70+).

Vested PRSAs are subject to similar drawdown rules; the member can choose an annuity, ARF or taxable lump sum.

Death benefits: ARF assets can pass to the estate or nominated beneficiaries; the tax treatment depends on the relationship and the form of the benefit.

Retirement options must be explained in writing; providers must issue a statement of retirement options and, for PRSAs, a retirement options letter.

The choice between annuity and ARF depends on factors such as health, life expectancy, risk tolerance, need for guaranteed income and tax position.

State Pension (Contributory) requires 520 full-rate paid contributions and a yearly average of 10 (or a total of 2,080 contributions under TCA).

The Total Contributions Approach (TCA) applies to claims from 2025; it uses total paid and credited contributions, with home-caring periods creditable up to 20 years.

State Pension (Non-Contributory) is means-tested; the means test includes cash income, capital and property (with an exemption for the family home).

Qualified Adult increase is available for a dependent spouse/civil partner; the increase is reduced if the dependent has income above the threshold.

The State Pension age is 66; the Commission on Pensions recommended a gradual increase, but no legislation has been enacted as of 2025.

Credited contributions can be awarded for illness, unemployment, caring and education; they count toward the contribution tests for the contributory pension.

Voluntary contributions can be paid to fill gaps; the rate and eligibility are set by the Department of Social Protection.

The Household Benefits Package includes electricity/gas allowance and a free TV licence; Free Travel is available to those aged 66+ and qualifying carers.

DB schemes promise a pension based on salary and service; DC schemes provide a fund based on contributions and investment returns.

The funding standard for DB schemes is set by the Pensions Act; the scheme actuary certifies the funding position and the trustees submit AFCs to the Pensions Authority.

If a DB scheme fails the MFS, the trustees must submit a funding proposal to the Pensions Authority within the prescribed period.

Trustee duties include acting in members' best interests, investing prudently, maintaining a SIPP and complying with IORP II governance requirements.

Scheme rules and the trust deed govern benefits; Revenue approval under Part 30 TCA 1997 determines the tax treatment.

Member benefit statements must be provided periodically; DC schemes must provide annual statements and information about charges and investment options.

The Pensions Act restricts the return of surplus and requires trustee consent for amendments that reduce accrued benefits.

SSAS and one-member arrangements are subject to specific trustee, investment and reporting rules.

A personal pension (RAC) is a contract with a life assurance company; contributions attract tax relief within Revenue limits and the fund grows tax-free.

A PRSA is a portable, low-cost pension contract; standard PRSAs have capped charges (max 5% of contributions and 1% per annum of fund value).

Employers must provide access to a PRSA or occupational scheme and must facilitate payroll deductions if the employee chooses a PRSA.

PRSAs are transferable between providers and employment situations; transfers are subject to Revenue rules and, in some cases, Pensions Authority approval.

A PRSA can be used to fund retirement from age 60 (or earlier on retirement from employment); benefits are taken via annuity, ARF/AMRF or taxable lump sum.

Personal pensions and PRSAs are DC arrangements; investment risk is borne by the member and the DB funding standard does not apply.

ARFs and AMRFs are available to personal pension and PRSA holders at retirement, subject to Revenue conditions.

PRSA providers must issue a retirement options letter and a statement of charges; members can switch providers subject to rules.

Age-related contribution limits: 15% (under 30), 20% (30-39), 25% (40-49), 30% (50-54), 35% (55-59), 40% (60+).

The earnings cap for tax relief is €115,000; the maximum tax-relieved contribution at 40% is €46,000 per year.

Employer contributions are not subject to the age-related percentage limits but must comply with Revenue rules and scheme rules.

The Standard Fund Threshold is €2 million; the maximum tax-free lump sum is 25% of the fund, capped at €500,000.

Excess fund over the SFT may be subject to a 40% charge on drawdown or a charge on the excess, depending on timing and form.

ARF and vested PRSA withdrawals are subject to imputed distribution rules from age 61; the minimum withdrawal percentage increases with age.

Tax relief is not available for contributions to a non-Revenue-approved scheme; approval is granted under Part 30 TCA 1997.

Death benefits: a spouse/civil partner may receive a tax-free lump sum in certain circumstances; other beneficiaries may be subject to tax.

A transfer value is calculated by the scheme actuary and provided to the member on request; the member has a right to a statement of the transfer value.

For DB schemes, trustees must provide a statement of the member's entitlement to a transfer value and warn about the risks of transferring out.

The Pensions Authority's guidance requires trustees to consider whether a transfer is in the member's best interests and to provide clear information.

Transfers to a PRSA or personal pension may be subject to a waiting period or require the member to receive advice, depending on the scheme type.

QROPS transfers require the receiving scheme to be recognised by Revenue; otherwise the transfer may be a taxable event.

Advisers must comply with the Consumer Protection Code, including providing a written suitability statement and disclosing charges.

The FSPO can adjudicate complaints about pension advice and transfers; complaints must generally be made within six years of the act complained of.

Revenue approval of a transfer requires that the receiving scheme is an approved scheme or PRSA and that the transfer is made in accordance with the scheme rules.

DB schemes must meet the MFS; if not, the trustees must submit a funding proposal to the Pensions Authority within the prescribed period.

The funding standard reserve is an additional amount above the MFS; the Pensions Authority sets the reserve level and the timetable for compliance.

The scheme actuary must certify the funding position and provide an AFC at prescribed intervals.

IORP II requires trustees to establish a risk-management system, an ORA, an internal audit function and an actuarial function; the ORA must be reviewed annually.

The SIPP must cover investment objectives, risk appetite, asset allocation, liquidity and the use of derivatives; it must be reviewed regularly.

DC schemes must offer a default investment strategy and provide members with information about charges, investment options and retirement options.

Trustees must ensure contributions are paid within the prescribed time limits; late payment can result in penalties and reporting to the Pensions Authority.

The Pensions Authority can issue compliance directions, appoint inspectors and prosecute breaches of the Pensions Act; trustees can be disqualified for misconduct.