On Jan. 31, 2025, IRE PEN published the revised personal retirement savings account (PRSA) code of conduct, following the previous consultation on the proposed changes.
Under Pensions Act, IRE PEN is required to prepare, and amend a code of conduct (the code) with respect to producing, marketing and selling products, by PRSA providers.
IRE PEN has revised the code, which is relevant for all PRSA providers, and it includes new sections on conflict of interest, risk warning, product oversight, and governance.
All PRSA providers must comply with terms of the updated code, from Aug. 1, 2025.
IRE PEN published a draft revised code of conduct for personal retirement savings account (PRSA) providers for consultation, with an accompanying cover note,
Raises standard required of PRSA providers when facilitating unregulated investments.
Revised Code
Under section 94(5) of the Pensions act 1990, as amended (PA 1990 (IRE)), IRE PEN is required to prepare, and amend from time to time, a code of conduct with respect to the producing, marketing and selling of PRSA products by PRSA providers.
Under S. 94(6)(a), (b) of PA 1990 (IRE), in preparing the code, the IRE PEN must have regard to the need to provide for the protection of PRSA contributors and the need to provide for effective supervision of producing, marketing and selling of PRSA products.
IRE PEN believes it is timely to amend the code and developed revisions in this regard.
Aims to better inform PRSA contributors about the risks of unregulated investments.
Next Steps
After submissions have been reviewed, a final version of the revised code will be published and it is anticipated that a final revised code will be published in Q1/2025.
The revised code will come into effect six months after its publication date.
Effectiveness
The closing date for submissions to the consultation process is Nov. 1, 2024.
Jan. 2025 Revised Code Published
On Jan. 31, 2025, IRE PEN published the revised personal retirement savings account (PRSA) code of conduct, following the previous consultation on the proposed changes.
Under Pensions Act, IRE PEN is required to prepare, and amend a code of conduct (the code) with respect to producing, marketing and selling products, by PRSA providers.
IRE PEN has revised the code, which is relevant for all PRSA providers, and it includes new sections on conflict of interest, risk warning, product oversight, and governance.
All PRSA providers must comply with terms of the updated code, from Aug. 1, 2025.
Regulators
IRE PEN
Entity Types
Pension
Reference
RF, PR 1/31/2025; PR 9/20/2024; PA 1990 (IRE); ESG
