New European Pension Rules – Transition Deadline 22 April 2026
Under the IORP II Directive, all existing Company Director Executive Pension Plans (EPPs) must transition to either:
- A Master Trust, or
- A Personal Retirement Savings Account
Why This Change Is Happening
EPPs are employer-owned structures set up for the benefit of company directors. Under IORP II, these arrangements now require:
- Enhanced governance
- Formal trustee oversight
- Annual reporting and audited accounts
This significantly increases the cost and administrative burden of maintaining an EPP.
Trustee Responsibilities – Then vs Now
Before IORP II:
- Employer could act as Trustee, or
- Appoint a Trustee via the provider
- Typically no additional cost
After IORP II:
- Mandatory annual reports
- Audited accounts required
- Increased governance obligations
👉 Result: Higher ongoing costs if you retain the EPP structure
Your Options
Master Trust (since 2022)
- Fully compliant governance structure
- No employer trustee burden
- Cost-efficient and streamlined
PRSA (since 2023 reforms)
- Simple, flexible alternative
- No Benefit-in-Kind implications for directors
- Broad investment access
Key Deadlines
- EPPs established after 22 April 2021:
Should already have transferred to a Master Trust - EPPs established before 22 April 2021:
Must transition by 22 April 2026
You can:
- Transfer within your existing provider, or
- Move to a new provider via Master Trust or PRSA
Important: Exit Penalties
A transfer does not automatically remove existing exit penalties.
- Any early exit charges, MVAs, or surrender penalties
are applied before the transfer completes - The receiving Master Trust or PRSA is penalty-free,
but legacy charges may still reduce your transfer value
Cost Savings Opportunity
Switching from an EPP can deliver:
- Lower annual management charges (AMC)
- Removal of policy fees
- Improved long-term value
Investment Considerations
This is also a good time to reassess your strategy:
- Are your returns meeting expectations?
- Are you in a default or tailored portfolio?
- Do you have access to multiple fund managers?
- Is your portfolio aligned with your risk profile?
- Do you have both passive and active options?
Why Use One Quote Financial Brokers
At One Quote Financial Brokers, we specialise in helping directors transition from legacy EPPs.
Our solutions offer:
- Competitive charging structures
- Strong governance (Master Trust)
- Wide investment choice
- Bespoke portfolio construction
- Transparent fee structures
Typical pricing:
- AMC from 0.70% p.a. (passive options, subject to contribution level)
- No contribution charges
- No exit penalties on new plans
- No fund switching fees
- No policy fees (PRSA)
FAQs
Will 100% of my fund transfer?
Yes—unless exit penalties apply on your existing plan.
How long do exit penalties last?
Typically 4–5 years, depending on the original commission structure.
Do I have to switch?
Yes—unless you are willing to retain trustee responsibilities and pay audit costs.
Minimum contribution?
Typically €500 per month.
What AMC applies with full advice?
Generally ~1.00%–1.05% p.a., depending on provider and contribution level.
Free Consultation
Prior to contact, please note the following information will be sought:
1. Your name, age, and contact number.
2. Proof of existing retirement benefits.
3. Current value of existing retirement benefits.
Contact: Ken O’Gorman – Director – QFA, SIA, MCIBS – Pension Specialist – One Quote Financial Brokers on: 01 845 0049 or email: info@onequote.ie
Or enquire online and let us know how best to get back to you.
