IORP II and Standard Life Executive Pension Plans

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Pegasus2

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Are there any other posters familiar with this new directive, IORP II, and the implications for Standard Life executive pension plans set up before April 2021?

Standard Life is asking trustees of this type of pension to either transfer it to a PRSA, switch to another pension provider, transfer the pension to a buy-out bond, or retire.

Looks like the costs of regulation are proving too costly again for another Executive pension provider in Ireland.

Any other company directors in the same boat? Are you using your pension vehicle to trade stock market shares or invest in index funds, and have to switch to yet another provider?
 
All one person executive pensions have been shut down. There is onerous reporting required including annual audited accounts. If you are continuing to contribute, the options are a PRSA (which are not subject to IORPS II) or a Master Trust. Standard Life don't have a Master Trust facility so they are offering the PRSA option.

There is no option to continue with an executive pension. Every executive pension must be wound up and transferred out by April next year. The volume of cases will cause absolute chaos. We started moving clients (including my own) out of Executive pensions from January of this year and only have a few stragglers left.

Most of transferring to a PRSA as MT have restricted fund choices and my clients like to continue with their investment strategy.
 
Standard Life chose not to be in the Executive Pension (Master Trust) market. That was a management decision.

The self-directed options are limited and the costs are higher (depending on fund sizes) but that's down to profitability/demand I'd say.


Gerard

www.execution-only.ie
 
"There is no option to continue with an executive pension. Every executive pension must be wound up and transferred out by April next year. The volume of cases will cause absolute chaos. We started moving clients (including my own) out of Executive pensions from January of this year and only have a few stragglers left."

I have an exec pension with New Ireland. Current transfer value €1.1m ± I have not contributed to it since July 23. I've left my company, sold the shares and taken retirement relief. I have no immediate home for the TFLS so I've not ARF-ed yet. I do not intend doing so for a few more years at least ( I'm almost 62) Do I need to get working on moving this Exec Pension to another pension structure ?
 
I had presumed so but that detail has not appeared on the annual statement since 2022....where it is my company that is listed as the trustee
 
NotMyRealName said:
"There is no option to continue with an executive pension. Every executive pension must be wound up and transferred out by April next year. The volume of cases will cause absolute chaos. We started moving clients (including my own) out of Executive pensions from January of this year and only have a few stragglers left."
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