The Pensions Authority publishes its Statement of Strategy 2025-2029

The objectives of the Pensions Authority’s Statement of Strategy 2025-2029 build on the priorities set out in our 2022-2024 statement.  As before, our priority is good outcomes for members and beneficiaries of pension schemes and PRSA contributors.  All pension savers are entitled to high standards of consumer protection and clear communications about their benefits. 

In April 2026, the derogation for one-member pension schemes from the obligations of the IORP II Directive will expire.  The trustees of all such schemes must make sure that their scheme is compliant by that date or risk prosecution.  We expect that all such schemes will transfer into multi-employer master trusts or into PRSAs. 

Alongside the consolidation of one-member pension schemes, the strategy commits the Authority to encourage, facilitate and, where possible, direct further consolidation of DC pension schemes. Our expectation is that the number of standalone DC pension schemes will reduce considerably during the lifetime of this strategy.  This in turn will allow the Authority to further expand forward-looking risk-based supervision on all remaining standalone pension schemes. The Pensions Authority welcomes the recent statement by the Minister for Social Protection, Mr Dara Calleary T.D., that he intends to publish legislation later this year providing for a system of pension scheme authorisation.  This legislation, in combination with more comprehensive and timely data collection from pension schemes, and further consolidation will provide the basis for more effective supervision in the coming years.