Ireland’s Pensions Authority publishes information on annual compliance statement

Ireland’s Pensions Authority has published information for trustees on the annual compliance statement (ACS) that is provided for under the Pensions Act, 1990, as amended (the Act).

Section 26T of the Act requires trustees to prepare an ACS no later than 31 January each year for the preceding year for the purposes of prudential supervision. The ACS must be certified for accuracy and completeness by at least two trustees or in the case of a corporate trustee by at least two directors.

The authority said the form of the 2021 ACS will be published the week of 15 November 2021 and trustees are expected to prepare the 2021 ACS before 31 January 2022. Trustees will not be required to submit the 2021 ACS to the Authority in 2022 although the authority may request sight of the 2021 ACS from trustees as part of its ongoing supervisory activity.

Trustees will be required to submit the 2022 ACS by the end of February 2023 and they will be provided with further details on how to make their 2022 ACS submission during 2022.

In addition, the authority will publish information for one-member arrangements and on trustees’ outsourcing notification obligations the week of 11 October 2021.

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