Eurostat requirements - duties of registered administrators, trustees of small trust RACs and administrators of public service pension schemes

See the 'Registered Administrations' section of the website for updated information on the requirements for registered administrators.

Tuesday 14 April 2009: Regulation (EC) No 2056/2002 of the European Parliament and of the Council of 5 November 2002 amending Council Regulation (EC, Euratom) No 58/97 concerning structural business statistics requires all EU member states to furnish specified information. For pension schemes and trust RACs the required information includes details of the scheme type, benefits, status, membership, fund value and contributions and benefits. This statistical information corresponds closely to the information required for the preparation of scheme annual reports and member benefit statements. The relevant statistical information must be furnished in respect of each scheme and trust RAC to the Board annually within 9 months of the scheme year end for scheme years commencing on or after 1 January 2008.

The onus to furnish information to the Board is:

  • In the case of occupational pension schemes or trust retirement annuity contracts – the Registered Administrator (RA). If there is more than one RA or the RA changes during the scheme year under report then it is the RA responsible for preparing the annual report;
  • In the case of a one member occupational pension scheme – the RA responsible for the preparation of annual benefit statements;
  • In the case of an occupational pension scheme which has not been established under trust – the administrator of the occupational pension scheme. However, it is a matter for public sector schemes to determine whether their scheme is established under trust or not;
  • Death Benefit only schemes, small trust retirement annuity contracts and individual retirement annuity contracts are not required to provide annual scheme information.

The Regulations (S.I. 531 of 2008) were signed into law on 11 December 2008. The scheme information form is available under 'Related Documents'. The following are general notes on the completion of the form.

Notes on Completion of Form

All sections of the form must be competed in full. “None” or “N A" (Not Applicable) should be entered where appropriate, but blank spaces or "to be advised" or similar responses may result in the Schedule being rejected as incomplete.

The Report must be in the exact format as outlined.

The spreadsheet file is set out in the following way:

(a) Definitions Tab - this displays an example of all the terms in the Schedule J and an explanation for each;

(b) Notes Tab -

Note 1.
This is the name of the person completing the electronic return and it will normally be a member of staff of the registered administrator of the scheme or the administrator in the case of a public sector scheme. The hardcopy signature of the person should be forwarded separately to the Board.

Note 2.
If a Scheme year commences on 1 February 2008 this means that the Scheme year end is 31 January 2009. The year to which the report applies is the year in which the first day of the scheme year falls e.g. 2008. The eurostat return details must be provided within 9 months from the scheme year end date e.g. 30 October 2009.

(c) Schedule J Tab - blank form for completion;

(d) Sample Data Tab - a sample completed form for reference and assistance.

This Schedule should be submitted to: The Pensions Board by email only to eurostatreturn@pensionsboard.ie

 
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About the Pension’s Calculator

  • This pension’s calculator is designed to give a broad indication of the level of contributions required to give your desired pension at your retirement age. This calculator only provides a sample indication of the funding contributions for your pension and no reliance should be placed on it.
  • This calculator does not take into account any contributions an employer might make to your pension.
  • Do you know that contributions paid to a pension scheme will benefit from income tax relief at your highest rate of income tax? This calculator takes into account current income tax relief benefits.
  • For a full and accurate assessment of your personal finances and any tax relief you may be entitled to on your pension contributions always consult with a professional financial adviser

The next step is to talk to your employer, trade union, bank, insurance company, building society or financial advisor about starting your pension today.

Pension Calculator Notes:
  1. Assumptions used: Investment return will be 5% per year before retirement and 4% per year after retirement. Salary will increase at 3% per year. Pension will increase at 2% per year in retirement. The State Pension will increase in line with salary increases. Spouse's annuity assumes a 3 year age gap between the Main Life and Spouse. Your personal illustration above makes an approximate allowance for the recently introduced Pensions Levy (i.e. 0.6% of your Fund Value) until 2014 or your intended retirement year if earlier.
  2. Contribution amounts shown will increase each year as salary increases.
  3. The actual pension at retirement will depend on actual investment return and salary inflation up to retirement and on the cost of purchasing annuities at retirement.
  4. Tax relief calculations take account of age related limits on tax relief in any given year as prescribed by the Revenue. Your financial advisor will be able to help you to stay within your limits. The maximum tax relief as a % of earnings are as follows:
         Under 30: 15%
         30 to 39: 20%
         40 to 49: 25%
         50 to 54: 30%
         55 to 59: 35%
         60 and over: 40%
  5. Contributions or benefits may exceed limits prescribed by the Revenue. Your financial advisor will be able to help you to stay within your limits. Budget 2011, introduced a Standard Fund Threshold (SFT) of €2.3 million. Individuals with pension funds in excess of this value as at 7 December 2010 may apply for a Personal Fund Threshold(PFT). When the capital value of pension benefits drawn down by an individual exceed his or her SFT or PFT as appropriate, a tax charge of 41% is applied to the excess fund.
  6. In these net contribution calculations, PAYE & single persons tax reliefs and single persons tax bands are assumed. It is also assumed that no other tax reliefs apply.
  7. The annuity rate used to convert your pension fund at retirement age is a long term average annuity rate, which makes no allowance for the recent gender equalisation ruling. The annuity rate used in your personal illustration above will be shown when you run the calculator.
  8. This calculator takes account of the fact that the State Pension (Transition) will no longer be paid from 1 January 2014. This means that there will then be a standard State Pension age of 66 years for everyone. If you have qualified for the State Pension Transition before 1 January 2014 you remain entitled to it for the duration of your claim (1 year). State pension age will increase to 67 in 2021 and to 68 in 2028