Sample forms for Registered Administrators

Wednesday 4 June 2008: With effect from 1 November 2008 the trustees of every scheme, including large trust RAC schemes, must appoint a registered administrator to provide various services to the scheme known as “core administration functions”. The “core administration functions” are the preparation of annual reports and annual benefit statements for the trustees and the maintenance of sufficient and accurate records of members and their entitlements to discharge the above functions. Failure by the trustees to appoint a registered administrator will constitute an offence.

A registered administrator is a person or company registered with the Board to supply core administration functions to schemes. Existing service providers who intend to continue providing the core administration functions after the Act is commenced must register with the Board as a registered administrator prior to 1 November 2008. Where the trustees have been carrying out the core administration functions in-house and wish to continue doing so, they will also be required to register with the Board as a registered administrator prior to 1 November 2008. New service providers coming on stream after 1 November 2008 must register with the Board before commencing business.

Applicants for registration must complete a form indicating the scheme or schemes for which they are applying to be registered and certify that they are satisfied that they are competent to provide core administration functions to these schemes. Registered administrators must renew their registration annually with the Board not later than 30 days before the anniversary of their initial registration or renewal, as the case may be. No fee is payable on registration or renewal.

The Pensions Board has published sample Registered Administrator Application and Renewal forms for information and can be viewed below. These forms are for illustrative purposes only and should not be filled in or submitted to the Board at this point in time.

 
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Pensions Board - Engage with your Pension

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