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APT appointed as registered administrator for Irish Permanent windup

APT secures the appointment to wind up the defined benefit scheme following a tender process undertaken by the Trustees.

Following a tender process undertaken by the Trustees of the Irish Permanent Staff Pension Scheme, Allied Pension Trustees Limited (APT) have been appointed to undertake the winding up of the scheme.


Change in priority order for DB schemes in wind up

Joan Burton announced a series of changes which include a change to the priority order for defined benefit schemes on wind up, together will a less tolerant approach for schemes which fail to meet a minimum level of solvency.

Apart from the cases of double insolvency, the change in priority order will have limited impact on the majority of schemes.

The APT Personal Retirement Bond (PRB) is a contract approved by the Revenue Commissioners under Part 30 Chapter 2 Taxes Consolidation Act 1997, which can accept a transfer value from an occupational pension scheme of which you were previously a member. This allows you take ownership of your retirement money and make important decisions in relation to where your money is invested and at what stage you can start accessing your funds

Who May Invest in the APT PRB?

Anyone with money in a previous employer’s pension scheme may transfer the APT PRB. This will generally afford you more flexibility on key issues such as the investment of your money and the stage at which you may start drawing benefits

You may also transfer from an existing PRB, if you are unhappy with the range of options offered

Investment Choice

The APT bond offers you the choice to invest your money over a range of different managers, within the one policy, issued in your name, the most common of whom are:

  • Irish life Investment Managers
  • Merion Investment Managers
  • State Street Global Advisors (SSgA)
  • Zurich Investment Managers

The Advantages of Multiple Managers

The performance of funds can vary over time and indeed between managers and funds. The APT bond allows you to switch funds without penalty between managers, thereby allowing you freedom to move your money if you become unhappy with the performance of one particular manager or investment fund

Access to Funds

Generally speaking, you may access your transfer value after age 50. In such circumstances, a portion of your transfer value may be taken as a tax free cash lump sum, and the balance, if any, used to provide you with a monthly income or transferred to an Approved Retirement Fund

Click here for APT PRB brochure

Client Assets Key Information Document (CAKID)