The Irish Pensions Authority has issued a reminder to trustees of one-member arrangements (OMA) that the exemption from certain obligations introduced by the European Union will expire on 21 April 2026.

Trustees of OMAs need to take action to comply with their obligations under the Pensions Act from 22 April 2026.

OMAs established prior to 22 April 2021 have been exempt from the obligations introduced by the European Union (Occupational Pension Schemes) Regulations 2021.

Any OMA continuing after 21 April 2026 will be required to meet several additional obligations.

These included the appointment of risk and internal audit key function holders, and minimum experience and qualification obligations for trustee boards.

Furthermore, OMAs will be subject to additional investment rules, such as obligations relating to regulated investments and diversification, and the preparation of an own risk assessment.

“For many OMAs, it may not be financially viable to comply with these obligations,” the authority stated.

“Any trustees who have not already done so should immediately contact their scheme administrator to understand what their compliance obligations or consolidation options are.

“Failure by trustees to comply with their obligations may result in prosecution by the authority.”

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