The Irish Pension System and Its Regulatory Framework
The architecture
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.
Who regulates what
Key bodies: the Pensions Authority (regulates occupational schemes and PRSAs, maintains the register, approves trustees and PRSA providers), the Department of Social Protection (State pensions and social insurance), the Revenue Commissioners (tax approval, revenue limits, reporting), the Central Bank of Ireland (conduct and prudential oversight of regulated firms), and Pensions Council (advisory). The Financial Services and Pensions Ombudsman (FSPO) handles complaints against trustees, providers and advisers.
Legislative spine
Understand the role of the Pensions Act 1990 (as amended), the Social Welfare Consolidation Act 2005, the Trustee Regulations, the IORP II framework for cross-border and governance requirements, and the PRSA Act 2002. The Minimum Funding Standard and Funding Standard Reserve are statutory, not discretionary.
Traps
- Confusing the Pensions Authority's role with the Central Bank's; the Authority does not handle consumer complaints - the FSPO does.
- Assuming all schemes must offer a PRSA - the requirement is about access, not mandatory product sale.
- Mixing EU-derived IORP II governance duties with domestic Trustee Regulations.
Rule of thumb
When a question names a body, ask: is this scheme regulation, tax approval, social insurance, or consumer redress? Each maps to a different institution.