Complaints about your pension

What if I have a complaint about my pension?

Any action that you may take depends on whether your complaint is about an occupational pension scheme, a Personal Retirement Savings Account (PRSA), the State Pension, a Retirement Annuity Contract (RAC), or an Approved Retirement Fund/Approved Minimum Retirement Fund (ARF/AMRF).

Please click on the links below for further information:

 

Occupational Pension Schemes (or company pension plans)

What if I have a complaint about my Occupational Pension Scheme?

If you have a complaint about your occupational pension scheme you can contact your employer, the administrator of the scheme or the trustees of the scheme. The trustees of the scheme  are obliged to have an internal dispute resolution procedure in place for certain types of complaints. You can also contact The Pensions Board and the Office of The Pensions Ombudsman.

How do I know who to contact?

Your employer : Initially you should contact the person in your company that deals with the scheme. This may be a contact in your personnel or human resources department who can try and resolve your complaint on your behalf.

The trustees: If you are unhappy with the response to your complaint you can contact the trustee or trustees of your scheme. Details of the trustee or trustees will be set out in the trustees annual report (produced annually) which you can request from your employer. You should note however that the trustees may refer your complaint back to the employer and/or administrator to resolve.

The administrator: You can contact the administrator of the occupational pension scheme directly. This may be an insurance company or a separate company that administers the scheme on behalf of your employer and the trustees. You can find out who the administrator is by asking your employer or getting a copy of the trustees annual report from your employer (as the administrator will be listed in this report).

The Pensions Board: If you fail to resolve your complaint with your employer or the administrator/trustees of the scheme, you can contact The Pensions Board. The Board can act on behalf of pension scheme members who are concerned about their schemes; it can investigate the state and conduct of occupational pension scheme; it has the power to prosecute for breaches of the Pensions Acts and to take court action against trustees for the protection of members and their rights.

Office of The Pensions Ombudsman: You can also refer your case to The Pensions Ombudsman who investigates and decides complaints and disputes concerning occupational pension scheme. The Pensions Ombudsman is completely independent and acts as an impartial adjudicator. The Office of The Pensions Ombudsman was established, and his powers are provided, under the Pensions Act.

The Pensions Ombudsman investigates complaints that allege maladministration by those responsible for the management of company pension schemes. The complaint may be against trustees, managers, employers, former employers and administrators.

The Pensions Ombudsman also investigates disputes of fact or law with trustees or managers or employers concerning occupational pension schemes.

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Personal Retirement Savings Accounts

What if I have a complaint about my PRSA?

Depending on the type of complaint you have there are a number of authorities available to help. You can contact the PRSA provider, The Pensions Board, the Office of The Pensions Ombudsman, the Financial Services Ombudsman Bureau or the Irish Financial Services Regulatory Authority.

How do I know who to contact?

PRSA Provider: If you have a complaint about the management of your PRSA you should initially contact the PRSA provider and try and resolve it directly between you.

The Pensions Board: As the Regulator of all approved PRSA products if you are unsuccessful or unable to resolve the issue with your PRSA provider you should contact The Pensions Board who can assist you further in resolving the complaint.

Office of The Pensions Ombudsman: The Pensions Ombudsman has powers in relation to a PRSA to investigate and determine

  • a complaint made by or on behalf of an “actual or potential beneficiary” of a PRSA who alleges that he or she has sustained a financial loss occasioned by an act of maladministration done by or on behalf of “a person responsible for the management of a PRSA”,
  • any dispute of fact or law that arises in relation to an act done by or on behalf of a person responsible for the management of a PRSA and that is referred to The Pensions Ombudsman by or on behalf of an actual or potential beneficiary.

Financial Services Ombudsman's Bureau: As many PRSA contracts are insurance policies you can also refer your complaint to the Financial Services Ombudsman's Bureau.

The Financial Regulator:As the Authority responsible for the regulation of all aspects of the financial services sector you can contact the Financial Regulator if you have a complaint about the sales process undergone in providing you with a PRSA or if you feel you have been mis-sold a financial product.

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State Pension

What if I have a complaint about my State Pension?

Should you have a complaint or problem in respect of your State Pension entitlement there are a number of bodies you can contact. You can contact the Social Welfare Office dealing with your benefits, the Social Welfare Appeals Office or the Ombudsman’s Office.

How do I know who to contact?

Social Welfare Office: You should initially contact the Social Welfare Office dealing with your benefits to try to resolve any complaint directly. The staff there will try to resolve your complaint. However if you are still not satisfied with the response you can have your complaint referred to the Local Manager/Section Manager/ Officer designated to handle complaints. Details of how to complain are set out in leaflet SW104.

Social Welfare Appeals Office “SWAO”: If you disagree with the decision of your local Social Welfare Office regarding your claim you should contact the section involved to have it reviewed. Subsequently if you are still unhappy with the outcome, you have a right of appeal to the SWAO. The SWAO operates independently of the Department of Social and Family Affairs and is headed by the Chief Appeals Officer. Details of the SWAO and the appeals process are set out in leaflet SW56.

The Ombudsman’s Office: If you are not satisfied with the outcome of your complaint or the manner in which it was handled you may bring the matter to the attention of the Ombudsman who will conduct an investigation. Before the Ombudsman can examine your complaint you must avail of any right of appeal open to you, for example the SWAO.

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Personal Pension (or RAC – retirement annuity contract)

What if I have a complaint about my RAC?

You can contact your RAC provider or the Insurance Ombudsman of Ireland or the Irish Financial Services Regulatory Authority.

How do I know who to contact?

RAC Provider: If you have a complaint about the management of your RAC you should initially contact the RAC provider and try and resolve it directly between you.

Financial Services Ombudsman’s Bureau: RAC contracts are insurance policies and you can also refer your complaint to the Financial Services Ombudsman’s Bureau.

The Financial Regulator: As the Authority responsible for the regulation of all aspects of the financial services sector you can contact the Financial Regulator if you have a complaint about the sales process undergone in providing you with an RAC or if you feel you have been mis-sold a financial product.

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Approved Retirement Funds (ARF)/Approved Minimum Retirement Funds (AMRF)

What if I have a complaint about my ARF/AMRF?

You can contact your ARF/AMRF provider, the Financial Regulatory or the Insurance Ombudsman of Ireland.

How do I know who to contact?

ARF/AMRF Provider: If you have a complaint about the management of your ARF/AMRF you should initially contact the ARF/AMRF provider and try and resolve it directly between you.

The Financial Regulator: Approved Retirement Funds (ARFs) and Approved Minimum Retirement Funds (AMRFs) are not pension schemes – even though the investments they represent have come from pension schemes in the first place. If you have a complaint involving an ARF or AMRF that is not invested with an insurance company, you should get in contact with the Financial Regulator.

Financial Services Ombudsman’s Bureau: If you have an ARF or AMRF that is invested with an insurance company, then any complaint about the product should be submitted to the Financial Services Ombudsman’s Bureau.

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Pensions Board
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

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