QFA Pensions study guide
QFA Pensions · Work through your exam, one topic at a time.
The QFA Pensions module is one of the specialist qualifications on the pathway to Qualified Financial Advisor status in Ireland. It is aimed at people who advise clients on retirement planning - bank and brokerage staff, brokers, and life company representatives - and who need a working command of the Irish pension landscape rather than a general financial planning overview. The QFA Pensions study guide has 8 sections and about 2,187 words.
01The Irish Pension System and Its Regulatory Framework
Ireland's pension system rests on three pillars: the State (Contributory and Non-Contributory pensions), occupational and personal provision (employer schemes, PRSAs, personal pensions, buy-out bonds), and voluntary private savings. A candidate must be able to distinguish defined benefit (DB) from defined contribution (DC) arrangements and place each product type in the correct pillar.
299 words, about 1 min02State Pensions and Social Welfare Provisions
The State Pension (Contributory) is based on PRSI contributions and a Total Contributions Approach with a yearly averaging/aggregation element. A candidate must understand qualifying conditions (entry age, minimum contributions, yearly average thresholds), homemaker's scheme credits, home caring periods , and how credited contributions interact with paid ones.
271 words, about 1 min03Occupational Pension Schemes
The trustee holds scheme assets, sets the Statement of Investment Policy Principles (SIPPs) and Statement of Funding Principles , and owes fiduciary duties to members. The employer funds the scheme (DB) or contributes (DC).
272 words, about 1 min04Personal Pensions and PRSAs
Personal pensions are individual contracts, typically arranged by an intermediary, with tax relief on contributions. Personal Retirement Savings Accounts (PRSAs) are a statutory product under the PRSA Act 2002 , offered by PRSA providers approved by the Pensions Authority, with Standard and Non-Standard variants.
289 words, about 1 min05Pension Funding, Investment and Scheme Governance
DB schemes must meet the Minimum Funding Standard (MFS) and hold a Funding Standard Reserve . The actuary certifies the actuarial funding certificate and the Statement of Funding Principles .
273 words, about 1 min06Retirement Benefit Options and Income Drawdown
Members of DC arrangements typically choose between an annuity , an Approved Retirement Fund (ARF) , an Approved Minimum Retirement Fund (AMRF) , or a taxable lump sum with the balance invested. DB members usually take a scheme pension with an optional tax-free lump sum and possibly a spouse's pension .
276 words, about 1 min07Pension Taxation and Revenue Limits
Contributions to approved arrangements attract tax relief subject to age-related percentage limits of net relevant earnings , and an overall earnings cap . Employee and employer contributions are treated differently, and employer contributions are generally deductible for the employer and not a benefit-in-kind for the employee, subject to limits.
258 words, about 1 min08Pension Transfers, Approvals and the Advice Process
A transfer value moves benefits between arrangements. DB transfers require advice and disclosure, and the trustee must provide a statement of entitlement and a transfer value within statutory timeframes.
249 words, about 1 min