The information on this page applies to Synergy Executive Pensions started on or before 22 April 2021. These schemes must comply with IORP II* regulations by 22 April 2026

Trustees of occupational pension schemes are, in general, expected to provide for enhanced administration and governance.

The cost of fulfilling these additional requirements is not covered by the current cost structure of the Synergy Executive Pension and is likely to result in significant additional costs for the scheme and its member. 

To avoid the additional responsibilities and costs associated with being IORP II compliant, trustees can choose to wind up the existing scheme and transfer the member’s policy to a suitable alternative arrangement such as:   

  • A Personal Retirement Savings Account (PRSA)  
  • Another occupational pension scheme (including a master trust from another provider)
  • A Buy Out Bond or
  • if the circumstances are right, the member can retire from the scheme and take their benefits. 

Get advice

It’s always a good idea to get advice particularly on any legal, tax and financial questions you may have when considering complex requirements like this. For advice on the best options for the scheme and its member, we’d recommend speaking with a financial adviser. 
 
If you don’t have an adviser, you can find one in your area visiting brokersireland.ie or calling Brokers Ireland at (01) 6613067.

*The EU Directive on the activities and supervision of institutions for occupational retirement provision (the IORP II Directive).

 

Useful links

  • Synergy Buy Out Bond

    This gives you the option of moving an old pension scheme, one that's closing or one you set up in the UK to a new home.

  • Synergy PRSA

    Our Synergy PRSA is a flexible, long-term saving option that moves with you as you go through your working life.