Pension providers are commercial organisations that provide pension arrangements and services to pension schemes. This is different from the State pension which is paid directly by the Department of Social Protection. Occupational pension schemes are generally set up under trust by employers and run by trustees and specialist pension consultants and life assurance companies. Individual pension arrangements such as personal pensions and personal retirement savings accounts (PRSA) are provided by life assurance companies and PRSA providers.
Trustees must appoint a registered administrator to carry out certain functions relating to the scheme, in particular to prepare the trustees’ annual report and annual benefit statements for members. Registered administrators are regulated by the Pensions Authority.
Life assurance companies and PRSA providers are responsible for providing administration services and information to members for the arrangements they support.