Pensions Lawyers & Legal Services Ireland

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Insights Financial Services

Exploring DORA's Impact on Pension Schemes

With the January 2025 deadline for compliance with the EU’s Digital Operational Resilience Act (DORA) rapidly approaching, trustees of…

12/09/24

Pensions Expertise

We have a dedicated team of specialist pensions lawyers that provide a full range of pensions-related advice and services to our domestic and multinational clients.

Our experienced team has a clear understanding of client needs and provide a service which is solutions and results focused. We represent a broad range of clients from employers, pension scheme trustees, life offices and representative bodies in all aspects of pensions law.

We work closely with colleagues in our Employment, Tax and Corporate departments to ensure that clients have a comprehensive range of advice available to them on issues within these specialist areas which are of relevance to pensions.

Advisory Services

Our Pensions Team can provide our clients with expert advice at every stage of their journey. We have a depth of expertise in advising on all scheme types including defined contribution, defined benefit and master trust arrangements. We also have a very high level of expertise in handling amendments to scheme governing documents and advising on regulatory changes.

Pension Plan Design & Implementation

We are involved in all aspects of pension plan design and implementation and have developed a unique expertise in master trusts. Our work here typically involves drafting or reviewing a wide range of documentation for all types of pension schemes. We have expertise in drafting pension trust documentation, service provider agreements, member packs and pension scheme policy and procedure documents.

Advising a life office on the establishment of two master trusts to cater for both group and one-member arrangements. Our work involved the drafting of all scheme governing documents, preparation of policy documentation and ensuring compliance with IORP II requirements.
Acting for a large independent pension provider and investment firm in appealing a decision of the Financial Services and Pensions Ombudsman to the High Court.
Advising the trustees of a large renewable energy company on the implications of the closure of its defined benefit scheme and how best to protect member benefits
Assisting a UK pensions specialist law firm in completing a buy-in for a large dual approved defined benefit scheme including advising on the Irish pensions law requirements relating to the revaluation of benefits.
Advising a multinational financial services corporation on the establishment of a cross-border pension established in another Member State and in compliance with the new Irish cross-border pension rules introduced on transposition of the IORP II Directive.
Advising one of the country’s largest representative bodies for pension providers in achieving compliance for its members with the regulations transposing the IORP II Directive and the Pensions Authority’s Code of Practice.

Please contact our team if you have a pensions law or employment law and benefits question that is not answered here.

At what age can a person receive the state pension in Ireland?

The State Pension age will remain at 66 though there will be an option from January 2024 to work until age 70 for a higher pension.

What is the state pension In Ireland?

For a person aged 66 and older, the contributory State Pension in Ireland is currently €265.30 per week and is paid to those who have made the required social insurance contributions.

What is automatic enrolment in Ireland?

Anyone between the ages of 23 and 60, and who is earning over €20,000 a year, will automatically be enrolled into the pension scheme when they start a new job in Ireland unless they have their own pension or access to an occupational pension. They will be able to opt-out or suspend their contributions after six months if they want to.

What is IORP II?

The IORP II Directive on the activities and supervision of institutions for occupational retirement provision was transposed into Irish law in 2021. It seeks to improve how occupational pension schemes are governed.

What is a master trust?

A master trust is a type of occupational pension scheme set up under a trust. It is similar to other pension scheme types as it requires Revenue approval, and it must be registered with the Pensions Authority. A master trust is set up so that it can be utilised by multiple employers that are unrelated to one another. Under this structure each employer has its own ring-fenced section within the master trust. This contrasts with traditional occupational pension schemes that are usually set up for a single employer or for a number of employers within the same group.

Your Dedicated Team

Stephen Gillick

Partner

+353 87 246 1612 sgillick@mhc.ie

Peggy Hughes

Partner

+353 86 363 3788 phughes@mhc.ie

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"Very good knowledge and experience and a pleasure to deal with. Great knowledge, friendly and approachable, nothing is a problem, will give you their time freely."

Legal 500 | 2024

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The team are "terrific people to work with as they are down to earth and give very practical advice".

Chambers & Partners | 2021

Ranked as a Tier 1 team. They are “quick to respond and technically proficient”.

Legal 500 | 2022

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