The Occupational Pension Schemes (United Kingdom Members) Regulations 2020

Thursday 4 February 2021: The Occupational Pension Schemes (United Kingdom Members) Regulations 2020 (S.I. No. 717/2020) (the Regulations) came into effect at 11pm on 31 December 2020.

Following the end of the transition period for the UK’s withdrawal from the EU, UK social and labour law provisions no longer apply to UK members of Irish occupational pension schemes.  As a result of the Regulations, from 1 January 2021, Irish social and labour law provisions apply to UK members of Irish schemes.

For further information on the Regulations see:

Occupational Pension Scheme (United Kingdom Members) Regulations 2020

Separately, amendments made to the Taxes Consolidation Act, 1997 mean that Irish schemes with UK members will continue to have exempt approved status and can avail of certain tax exemptions.  This will apply as long as such schemes have received authorisation and approval under Part XII of the Pensions Act to accept contributions in respect of EU members (including the UK) and this has not been revoked. Therefore, under Irish Revenue and pensions legislation there is no barrier to Irish schemes with UK members continuing to accept contributions in respect of those UK members. Furthermore, the amendments to the Taxes Consolidation Act, 1997 mean that pension contributions to UK occupational pension schemes on behalf of Irish members continue to qualify for tax relief.

For further information, contact:

Technical Unit
The Pensions Authority
Tel: 01 613 1900
info@pensionsauthority.ie

Note to Editors

The Pensions Authority
The Pensions Authority is the statutory body that supervises compliance with the requirements of the Pensions Act, 1990, as amended, by trustees of occupational pension schemes and trust RACs, PRSA providers, registered administrators and employers. The Pensions Authority also provides guidance and information to these stakeholders on their duties and responsibilities and advises the Minister for Social Protection on pension matters. See: www.pensionsauthority.ie