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Executive Pension Plans – Master Trust & PRSA Transition

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New European Pension Rules

Under European pension legislation, all new and existing Executive Pension Plans (EPPs) must either:

  • Transfer to a Master Trust, or

  • Move to a PRSA

This change is required to avoid additional governance costs.

EPPs are employer-owned but set up for the benefit of the employee (often the company director or executive). This means proper investment oversight and stronger trustee governance are now mandatory. The new rules increase trustee responsibilities—and costs—unless you move to a Master Trust or PRSA.

Trustee Responsibilities – Then and Now

Before IORP II (old rules):

  • Employers could act as Trustee themselves, or

  • Appoint an independent Trustee through their pension provider

  • No extra cost applied.

Since IORP II (new rules):

  • Trustees must now produce full annual reports and audited accounts.

  • This brings significant added expense for employers who remain as Trustees.

Master Trust & PRSA Options

Master Trust (introduced 2022):

  • Provides directors with a cost-free, compliant governance structure.

  • Removes the need for employers to take on new trustee duties.

PRSA (available since 1 January 2023):

  • An alternative for company directors with no BIK (Benefit-in-Kind) implications.

  • Expands the choice when transferring from an existing EPP.

Transfer Deadlines

  • EPPs set up after 22 April 2021: Transfer to a Master Trust with your existing provider should already have been completed.

  • EPPs established before 22 April 2021: You have until April 2026 to make the switch.

You can either:

  1. Transfer your plan within your current provider, or

  2. Move to a new provider by completing a Master Trust or PRSA application and transferring funds.

Cost Savings Opportunity

Switching from an existing EPP allows you to:

  • Reduce your annual management charge (AMC)

  • Eliminate policy fees

  • Make substantial ongoing cost savings

Enhanced Investment Choice

Moving to a Master Trust or PRSA is not just about compliance—it’s also an opportunity to improve your investment performance. Ask yourself:

  1. Are you satisfied with your returns?

  2. Are you in a default (lifestyle) fund or a tailored portfolio?

  3. Do you rely on a single fund manager strategy?

  4. Does your provider offer enough fund manager choice?

  5. Is there a wide fund range to match your risk profile?

  6. Are both passive and active funds available?

  7. Does your broker/financial advisor meet your expectations?

Why Choose One Quote Financial Brokers?

Our leading Master Trust EPPs are designed for directors switching from existing plans.

✅ Unbeatable Charges
✅ Excellence in Governance
✅ World-Class Investment Options
✅ Bespoke Risk Management
✅ Award-Winning Client Portal

Our Master Trust EPP solution includes:

  • AMC from 1.00% p.a.

  • No contribution charges

  • No early exit charges

  • No fund switching charges

  • No policy fees

Frequently Asked Questions

1. How do I switch providers?
Complete a Master Trust or PRSA application, then transfer your existing fund.

2. Will 100% of my fund transfer?
Yes—provided no exit penalties apply.

3. How long before exit penalties expire?
Typically 4–5 years, depending on the commission structure.

4. How many fund providers are available?
We work with all leading pension providers, building bespoke portfolios.

5. Is there a minimum monthly contribution?
Yes, €500 per month.

6. Do I have to switch to a Master Trust or PRSA?
Yes—unless you wish to take on trustee duties and pay audit costs.

7. Do I have to switch before April 2026?
Yes—all remaining EPPs must transfer to a Master Trust or PRSA by this deadline.

Free Consultation

Before we begin, we’ll need:

  1. Your name, age, and contact number

  2. Proof of your existing retirement benefits

  3. Current value of your retirement benefits

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.

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