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where can i get pension advice?

Patrick.Mckenna@canvasmarketingsolutions.com (Patrick McKenna) — Mon, 07 Jul 2025 19:25:37 GMT

Can I Cancel My Pension and Get the Money?

Patrick.Mckenna@canvasmarketingsolutions.com (Patrick McKenna) — Mon, 07 Jul 2025 19:11:29 GMT

Pension News: Understanding the Latest Developments in Irish Retirement Savings

Patrick.Mckenna@canvasmarketingsolutions.com (Patrick McKenna) — Wed, 02 Jul 2025 15:06:11 GMT

Confidential Revenue Report Revealed

Patrick.Mckenna@canvasmarketingsolutions.com (Patrick McKenna) — Thu, 26 Jun 2025 18:38:19 GMT

Pensioncalculatorireland.ie - The most up to date pension calculator 2025

Patrick.Mckenna@canvasmarketingsolutions.com (Patrick McKenna) — Thu, 22 May 2025 16:25:57 GMT

Visit https://www.pensioncalculatorireland.ie/ and check it out for yourself!

Background Of The Auto-Enrolment Pension Scheme

Patrick.Mckenna@canvasmarketingsolutions.com (Patrick McKenna) — Wed, 21 May 2025 13:00:27 GMT

Irish Pension News - 18.05.25

Patrick.Mckenna@canvasmarketingsolutions.com (Patrick McKenna) — Sun, 18 May 2025 21:27:32 GMT

How Much of Your Pension Can You Withdraw?

Patrick.Mckenna@canvasmarketingsolutions.com (Patrick McKenna) — Sat, 17 May 2025 19:16:53 GMT

Government Confirms Delay of Ireland’s Pension Auto‑Enrolment Scheme

Patrick.Mckenna@canvasmarketingsolutions.com (Patrick McKenna) — Fri, 02 May 2025 18:00:47 GMT

Ireland Pensions Guide 2025: A Simple Overview for Employees, Self‑Employed and Retirees

Tue, 22 Apr 2025 14:46:13 GMT

A Guide To Irish Pensions 2025

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Understanding the Pensions Authority Register of Administrators: How It Differs from Financial Services Firms and Independent QFAs

Patrick.Mckenna@canvasmarketingsolutions.com (Patrick McKenna) — Thu, 13 Mar 2025 23:06:52 GMT

The Pensions Authority Register of Administrators is a crucial resource for anyone managing or overseeing an occupational pension scheme in Ireland. But what exactly does this register contain, and how does it differ from financial services companies that help facilitate pension cash withdrawals and independent Qualified Financial Advisors (QFAs)?

What Is the Pensions Authority Register of Administrators?

The Pensions Authority , the regulatory body overseeing pensions in Ireland, maintains a list of Registered Administrators (RAs) responsible for core administrative functions of pension schemes. These administrators are legally required to perform specific duties for occupational pension schemes and trust-based Retirement Annuity Contracts (RACs).

Their main responsibilities include:

Preparing annual reports and benefit statements
Maintaining accurate member records
Ensuring pension schemes comply with statutory obligations
Submitting annual scheme information to the Pensions Authority

How Registered Administrators Differ from Financial Services Companies

While Registered Administrators play a key role in managing pension scheme documentation and compliance, they do not provide financial advice or facilitate pension cash withdrawals. This is where financial services companies and independent QFAs come in.

Financial Services Companies Facilitating Pension Withdrawals

Financial services firms that specialize in pension cash withdrawals focus on helping individuals access their pensions under the rules of the Revenue

Commissioners. These companies:

Provide guidance on early pension access, such as when reaching the age of 50 under specific circumstances
Assist with tax-efficient pension drawdowns
Help individuals consolidate pensions into more accessible structures (e.g., ARFs or PRSAs)
Offer investment options for pension funds post-withdrawal

Unlike Registered Administrators, these companies actively work with pension holders to facilitate withdrawals and optimize pension income , rather than just handling scheme compliance and reporting.

The Role of Independent QFAs (Qualified Financial Advisors)

Independent QFAs differ from both Registered Administrators and pension withdrawal service providers. These professionals:

Offer independent financial advice tailored to individuals’ needs
Help clients navigate pension options, investment strategies, and tax implications
Advise on whether a pension drawdown or lump sum withdrawal makes financial sense
Provide holistic financial planning beyond just pensions, including insurance, mortgages, and estate planning

A QFA’s role is advisory —they don’t manage pension administration like Registered Administrators, nor do they directly facilitate cash withdrawals like some financial services companies. However, they can guide you toward the best approach for your situation and may work with both pension administrators and withdrawal specialists to execute a strategy.

Why This Distinction Matters

If you are looking to access your pension, consolidate funds, or seek financial advice, it’s important to know who to turn to :

Registered Administrators : Ensure pension schemes comply with regulations but do not provide financial guidance or assist with withdrawals.
Financial Services Companies : Help pension holders withdraw funds, navigate tax implications, and set up accessible pension structures.
Independent QFAs : Provide expert, personalized financial advice on pensions, investments, and overall financial planning.

Final Thoughts

At Pensioncashback.ie , we specialise in helping individuals navigate pension withdrawals efficiently and tax-effectively . While Registered Administrators play an important role in managing pension compliance, our focus is on helping you access and optimize your pension funds . If you're unsure about the best approach for your pension, speaking to an independent QFA can be a great first step.

If you’re considering accessing your pension, contact us today for expert guidance on the best options available to you!

Here's a link to the full Pensions Authority Register of administrators: https://pensionsauthority.ie/wp-content/uploads/2024/12/The-Pensions-Authority-Register-of-Administrators-December-2024.pdf

DORA Article 28(3): First Reporting Arrangements for Pension Schemes - Pension Update March 10 2025

Patrick.Mckenna@canvasmarketingsolutions.com (Patrick McKenna) — Thu, 13 Mar 2025 22:52:46 GMT

On March 10, 2025, the Pensions Authority released details about the first reporting arrangements for the Registers of Information (ROI) required under Article 28(3) of the Digital Operational Resilience Act (DORA).

DORA Article 28(3): First Reporting Arrangements for Pension Schemes

On March 10, 2025 , the Pensions Authority released details about the first reporting arrangements for the Registers of Information (ROI) required under Article 28(3) of the Digital Operational Resilience Act (DORA) . This new requirement strengthens digital operational resilience within the financial sector , particularly pension schemes .

What is DORA and Article 28(3)?

DORA (Regulation (EU) 2022/2554) aims to improve digital operational resilience across financial institutions in the European Union (EU) . Article 28(3) specifically requires financial entities, including pension schemes with 16 or more active and deferred members , to maintain and regularly update a register of information (ROI) regarding their contractual agreements with ICT third-party service providers .

The purpose of the ROI is:

Risk Management – Helping pension schemes track and manage risks associated with third-party ICT service providers .
Regulatory Compliance – Providing authorities with a clear record of ICT-related risks in the pension sector.
Oversight of Critical ICT Providers – Supporting European Supervisory Authorities (ESAs) in identifying key service providers that require closer monitoring.

How Pension Schemes Must Report Their Registers of Information

To comply with DORA Article 28(3) , pension schemes must submit their Register of Information (ROI) to the Pensions Authority , which will then forward the data to the European Supervisory Authorities (ESAs) .

The reporting process includes the following steps:

1. Secure Submission

Pension schemes must obtain a secure link, username, and password from the Pensions Authority to submit their ROI .
Only schemes invited by the Pensions Authority should submit their ROI at this time.

2. What if a Scheme Has Not Been Contacted?

Pension schemes that have not been contacted by the Pensions Authority by March 14, 2025 , must still prepare their ROI .
Even if submission is not yet required, schemes must keep their ROI updated and make it available upon request to comply with Article 28(3) .

3. Null ROI Confirmation

If a scheme does not use any ICT third-party service providers , it must confirm this by emailing DORA_nullROI@pensionsauthority.ie .
The email should include the scheme name and PB number .

Additional Considerations for Pension Schemes

Legal Entity Identifier (LEI) Requirement

The Register of Information (ROI) must include a Legal Entity Identifier (LEI) , a 20-character alphanumeric code that identifies financial entities.
Pension schemes can apply for an LEI through an authorized issuer in Ireland .

Compliance Deadlines

While specific reporting deadlines apply to schemes already contacted, all pension schemes should ensure their ROIs are updated by March 31, 2025 .
This aligns with the reference date outlined in the European Supervisory Authorities' decision (Ref: 2024 22) .

Future Updates

The Pensions Authority will provide additional guidance on its DORA webpage .
Pension schemes are encouraged to check for updates regularly to ensure full compliance.

Conclusion

The Digital Operational Resilience Act (DORA) represents a major shift in how financial institutions , including pension schemes , manage digital risks. The first reporting of the Registers of Information (ROI) is an essential step in ensuring compliance with Article 28(3) .

Pension schemes must:

Prepare and maintain their ROIs with up-to-date information.
Submit their ROI only when invited by the Pensions Authority .
Confirm non-use of ICT third-party providers , if applicable.

By following these steps, pension schemes will not only meet regulatory requirements but also strengthen their digital resilience .

For the latest updates, visit the Pensions Authority’s DORA webpage :
�� www.pensionsauthority.ie

References

European Pensions. "Ireland’s Pensions Authority Provides DORA Update." European Pensions. Available at: https://www.europeanpensions.net/ep/Ireland-Pensions-Authority-provides-DORA-update.php
The Pensions Authority. "DORA: Questions and Answers." November 2024. Available at: https://www.pensionsauthority.ie/wp-content/uploads/2024/11/DORA-QA-1.pdf
European Commission. "Regulation (EU) 2022/2554: Digital Operational Resilience Act (DORA)." Available at: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32022R2554

Irish Pension News - March 12th - 2025

Patrick.Mckenna@canvasmarketingsolutions.com (Patrick McKenna) — Tue, 11 Mar 2025 23:52:33 GMT

March 12 2025 - Irish Pension Update

Recent and Trending Updates in Ireland’s Pension System March 2025

Ireland’s pension landscape is undergoing significant changes, with a number of high-profile reforms and debates in both state and private pensions. Recent updates include:

New flexibility around the state pension age
Introduction of an auto-enrolment retirement savings scheme
Adjustments to social insurance contribution rates
Enhancements to pension entitlements

These developments have been widely discussed in Irish media and politics as the country adapts its pension system for an aging population.

State Pension Age and Retirement Flexibility

One of the most talked-about issues has been the state pension age . The qualifying age for the State Pension (Contributory) remains at 66 , as plans to raise it were halted after public pushback.

Key Changes:

Flexible retirement option from 2024 : Individuals can defer their pension up to age 70 in return for a higher weekly payment.
Financial incentive : Workers receive an extra €15 per week on their pension for each year they delay retirement beyond 66.
Potential earnings : The standard state pension (€253 per week at age 66) could rise to approximately €315 per week if claimed at 70.

Instead of increasing the pension age, the government introduced these incentives after recommendations to raise the age to 67 by 2031 and 68 by 2038 were rejected.

Introduction of Auto-Enrolment for Private Pensions

Ireland has finally passed legislation introducing an automatic enrolment pension scheme for private sector workers, set to launch in 2025 .

Key Features of Auto-Enrolment:

Who is covered? Employees aged 23-60 earning above €20,000 per year , who are not already in a workplace pension.
Contribution Structure:
Employees contribute 1.5% of gross earnings (increasing every 3 years to 6% by 2034).
Employers match employee contributions .
The State contributes €1 for every €3 the worker saves.
Total contribution: By 2034, about 14% of pay goes into each worker’s pension.
Opt-out flexibility: Employees can opt out after six months if they wish.

This is a major shift in Ireland’s pension system, expected to bring 800,000 additional workers into pension saving over the next decade.

Changes in Contribution Rates and Pension Funding

To maintain financial sustainability, the government is adjusting social insurance contribution rates (PRSI) instead of raising the retirement age.

PRSI increases : Incremental hikes of 0.7 percentage points over five years .
Initial PRSI increase : 0.1% in October 2024 , with further small increases annually up to 2028.
Goal : Strengthen the Social Insurance Fund , which supports state pensions and welfare benefits.

The PRSI hikes aim to ensure pension sustainability without drastically increasing the retirement age.

Pension Benefit Increases and Entitlement Reforms

Several changes are improving pension entitlements:

State Pension increases : Payments have risen by €12 per week in recent budgets, reaching €289.30 per week in 2025 .
Total Contributions Approach (TCA) : By 2034 , state pensions will be calculated based on total PRSI contributions , requiring 40 years of contributions for a full pension.
Long-Term Carers’ Credits : Introduced in 2024 , allowing those who cared for incapacitated dependents for 20+ years to qualify for pension contributions.

These changes aim to improve fairness, particularly benefiting women who have taken career breaks for caregiving.

Ongoing Debates and Future Outlook

Key Discussion Points:

Retirement Age Debate : Some political parties advocate for lowering the pension age to 65 .
Sustainability Concerns : As Ireland’s population ages, debates continue over whether to fund pensions through higher taxes or delayed retirements .
Auto-Enrolment Implementation : Businesses are preparing for added employer contributions, and discussions continue on investment management and costs.

Summary:

The state pension age remains at 66 , but flexible deferral options exist.
PRSI rates are increasing gradually to sustain pension funding.
Auto-enrolment starts in 2025 , boosting private pension coverage.
Higher pension payments and new contribution rules are making the system more equitable.

State Pension Age and Entitlement Reforms (2022–2024)

Patrick.Mckenna@canvasmarketingsolutions.com (Patrick McKenna) — Tue, 12 Mar 2019 15:59:13 GMT

Over the past five years, Ireland’s pension landscape has undergone significant reforms affecting both the State pension and private retirement savings. Below are three of the biggest updates, each summarized with key details, dates, and their impact on those nearing retirement, along with relevant official statements.

Policy Change: A comprehensive reform of the State Pension system, following the 2020 Pension Commission’s recommendations, was approved by Cabinet in September 2022. Minister for Social Protection Heather Humphreys called it the “biggest ever structural reform” of the Irish State pension system ( A new era for the state pension | Addleshaw Goddard LLP ). The changes center on keeping the pension age at 66 while introducing flexibility and new qualification rules.

Flexible Pension Age: State pension age remains at 66 , but from January 2024 , people can defer claiming their State Pension up to age 70 in exchange for higher weekly payments ( A new era for the state pension | Addleshaw Goddard LLP ). For example, the weekly rate (currently €253 at age 66) rises to €266 at 67, €281 at 68, up to €315 at 70 ( A new era for the state pension | Addleshaw Goddard LLP ). This rewards those who choose to work longer. Minister Humphreys said this flexibility recognizes that “one size fits all” no longer works and gives people more choice in planning retirement ( A new era for the state pension | Addleshaw Goddard LLP ).

Total Contributions Approach (TCA): A phased move to a new calculation method for the State Pension was announced. Starting January 2024 , Ireland began a 10-year transition to a “Total Contributions Approach” for determining pension entitlement ( Pension age stays at 66, carers included in new reforms - Downing Courtney & Larkin ). Under TCA, the pension will be based on the total years of PRSI contributions made, replacing the old “yearly average” method. This change aims to be fairer, since under the current system some could qualify for a full pension with as few as 10 years of contributions ( International Update, October 2022 ). In practice, those applying for the State pension in coming years (born 1959 or later) will have their rate calculated under TCA (with transitional arrangements using whichever formula benefits them) ( Applying for the State Pension (Contributory) ).

Credits for Long-Term Carers: Improved State Pension access for long-term family carers is being implemented. From 1 January 2024 , individuals who spent over 20 years caring full-time for incapacitated dependents can receive credited contributions (called “Long-Term Carer’s Contributions”) towards the State Pension ( gov.ie - Minister Humphreys announces major improvements in pensions for carers ) ( gov.ie - Minister Humphreys announces major improvements in pensions for carers ). This reform – the first of its kind – helps many lifelong carers (mostly women) qualify for a contributory pension or a higher rate when they reach retirement age ( gov.ie - Minister Humphreys announces major improvements in pensions for carers ) ( gov.ie - Minister Humphreys announces major improvements in pensions for carers ). Thousands of carers are expected to benefit in coming years as gaps in their PRSI records due to caregiving are filled by these credits ( gov.ie - Minister Humphreys announces major improvements in pensions for carers ) ( gov.ie - Minister Humphreys announces major improvements in pensions for carers ). Minister Humphreys hailed this measure as a historic recognition of carers’ contributions to society ( gov.ie - Minister Humphreys announces major improvements in pensions for carers ).

No Increase in Pension Age (with Future Review): Notably, the reform package halted the previously legislated rise in the State pension age. It will remain at 66 (the planned increase to 67 in 2021 was scrapped) ( Pension age stays at 66, carers included in new reforms - Downing Courtney & Larkin ). The public had strongly opposed raising the age during the 2020 election, and the government heeded that verdict ( Pension age stays at 66, carers included in new reforms - Downing Courtney & Larkin ). Instead of an immediate age hike, the focus is on long-term sustainability: the Commission suggested gradually raising the qualifying age after 2030, but for the next five years retirees can plan on age 66 as the State pension starting point. The new flexibility means one can still retire at 66 or choose to work a few years more for a larger pension.

Funding and Early Retirement Supports: To fund the State pension system as people live longer, social insurance (PRSI) contribution rates will gradually increase over time ( International Update, October 2022 ). The Minister indicated any PRSI rises will be “modest” and phased in slowly, given Ireland’s improving finances ( Pension age stays at 66, carers included in new reforms - Downing Courtney & Larkin ). Additionally, the government will explore an early retirement benefit for those with very long work histories who cannot continue in physically demanding jobs into their early 60s ( Pension age stays at 66, carers included in new reforms - Downing Courtney & Larkin ). (Currently, a special benefit exists at age 65 for those who retire early, and this may be expanded.) These steps aim to balance financial sustainability with fairness for those retiring at different ages.

Impact for Near-Retirees: If you plan to retire in the next five years, these reforms provide more certainty and choice. Crucially, the State Pension will still be available from age 66 , so your retirement timeline need not change. You also have new options – if you wish to keep working past 66, you can receive a higher State pension by deferring it for a few years ( A new era for the state pension | Addleshaw Goddard LLP ). Someone retiring at 70 could get roughly 24% more weekly pension than at 66 ( A new era for the state pension | Addleshaw Goddard LLP ). Those who took time out of work to care for loved ones should check if they qualify for the new caregiver credits, as these can help them reach the contribution requirements for a full pension ( gov.ie - Minister Humphreys announces major improvements in pensions for carers ) ( gov.ie - Minister Humphreys announces major improvements in pensions for carers ). Overall, the changes aim to ensure the State pension remains adequate and sustainable , so that people retiring now and in the coming years can count on it in the long term. The government has emphasized that these reforms put “power in people’s hands” to decide their retirement age while securing the pension system’s future ( A new era for the state pension | Addleshaw Goddard LLP ).

Disclaimer: Pensioncashback.ie is not a financial advisor firm. None of the information is financial advice. All of the information expressed in this article is new taken from other sources. If you need financial advice, please reach out to a financial advisor on pensioncashback.ie

Introduction of Automatic Enrolment (“My Future Fund”) for Private Pensions (2024–2025)

Patrick.Mckenna@canvasmarketingsolutions.com (Patrick McKenna) — Tue, 12 Mar 2019 15:57:40 GMT

Ireland is rolling out a new Automatic Enrolment (AE) retirement savings system – a long-awaited scheme to boost private pension coverage. Legislation for AE was published in April 2024, with the first enrollments set to begin in late 2025

Launch Timeline: The Automatic Enrolment Retirement Savings System Bill 2024 was published on 5 April 2024 and is expected to be enacted shortly. The government has set a start date of 30 September 2025 for the first enrollments and contributions. A new statutory body, the National Automatic Enrolment Retirement Savings Authority (NAERSA) , will be established by March 2025 to administer the system and oversee its implementation. This gives employers and administrators time to prepare over 2024–2025. The Minister called AE the single most significant pension reform since the State Pension’s introduction in 1908, underlining its importance.

Who Will Be Enrolled: Employees aged 23 to 60 , earning over €20,000 per year, and not already in a workplace pension will be automatically enrolled in the new scheme. It’s estimated about 750,000–800,000 private sector workers who currently have no personal or job-based pension will be included from 2025. Enrollment is automatic, but individuals can opt out after a minimum period if they choose (with re-enrollment at a later date, as per the scheme rules). The goal is to ensure most workers start saving for retirement by default, closing the coverage gap (currently only ~35% of private workers have a pension)

Contribution Structure: Auto-enrolment contributions will be split between the employee, employer, and the State . The design mirrors a matching scheme: for every €3 the worker contributes, an additional €4 is added to their retirement fund (€3 from the employer and €1 from the State). In other words, the employee’s contributions are matched 1:1 by their employer, and the government tops it up by a further 33% – meaning a €3 personal contribution results in a total of €7 saved. Contributions will start small and phase in over a decade to ease the burden: beginning at 1.5% of gross earnings from employees (and 1.5% from employers) in 2025, then gradually rising every three years until reaching a maximum of 6% each from employer and employee (with 2% from the State) by 2034. This gradual ramp-up allows both workers and businesses to adjust and budget over time

Administration and Funds: The scheme will be centrally administered by NAERSA, which will collect contributions and invest them on employees’ behalf from 2025. The fund options and investment managers will be competitively selected (a procurement process is underway) The default program name “My Future Fund” is intended to be simple and emphasize that the savings are the worker’s own private retirement pot. By pooling a large number of savers, the system aims to achieve low fees and professional investment management. Workers will be able to see their account grow through annual statements, and portability will allow them to keep the same fund if they change jobs.

Impact for Near-Retirees: Auto-enrolment is primarily designed to improve the long-term retirement security of younger and mid-career workers, but it will also affect some people nearing retirement. If you are in your 50s or early 60s without a pension, starting in late 2025 you’ll be enrolled into My Future Fund (provided you’re under 60 at that point) and will begin accumulating savings. While a person retiring say in 5 years (e.g. around 2030) won’t have decades of contributions, they could still benefit from a few years of employer-matched savings plus state top-ups. Even a short period of contributions can grow your retirement nest egg, since every €1.50 you contribute will be doubled by employer and State contributions (you put in 1.5%, but 3.5% of your salary in total goes into your account initially, rising to 8% total by 2030). This can supplement your State pension with an extra private income when you retire. For those already close to retirement or over 60, the direct impact is limited – you may retire before AE kicks in or before contributions accumulate – but the broader aim is to ensure future retirees are far less likely to be solely dependent on the State pension.

The government emphasizes that automatic enrolment will foster a culture of retirement saving and “protect our workers, particularly our young people, in their retirement years” gov.ie . In short, people planning to retire in the next five years should be aware of AE as a new source of retirement savings (if eligible), and employers will need to prepare for their role in the scheme. Overall, this reform should improve the adequacy of pensions over time and is a cornerstone of Ireland’s pension policy going forward

Reference: GOV.IE