Action Needed Before April 2026
Company directors with company pensions face a major legislative change before April 2026. New rules, known as IROPS 2, will require non-compliant company pension schemes to close and transfer into an approved alternative pension structure.
Failure to act before the deadline could lead to penalties and higher pension costs. Many pension providers have already contacted company directors about this change, and these notices should not be ignored.
Your Main Transfer Options
Most transfers will be into one of the following alternative Pension structures:
- PRSA (Personal Retirement Savings Account)
- Master Trust Pension
- Personal Retirement Bond
Although Master Trusts will be the common default option, they don’t suit every situation.
Why The Default Master Trust Option May Not Suit You?
A Master Trust may limit the following:
- Future early access options
- Investment choice and flexibility
- Favourable Inheritance and estate planning outcomes
Choosing the wrong pension structure now could restrict your options later and impact your family’s financial security.
Why Take Advice Before Deciding?
This is not a one-size-fits-all change. The right solution depends on your retirement plans, investment preferences, and estate planning goals.
I would strongly recommend speaking with a qualified financial advisor before making a decision.
An informed conversation now will confirm whether you need to take any action and will give you peace of mind.
If you’re unsure how these changes affect you, now is the time to act.
You are welcome to get in touch with any questions. Email: info@guardianwealth.ie or call 01 5267770 or 053 9110380.
Michael Coburn from Guardian Wealth explains in this short video how Company directors with company pensions face a major legislative change before April 2026. New rules, known as IROPS 2, will require non-compliant company pension schemes to close and transfer into an approved alternative pension structure.
