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Thursday, August 11, 2022

Pension trustees risk prosecution if regulator does not budge on deadline

Earlier this month, the Pension Authority reaffirmed its commitment that no new one-person company pension scheme, usually set up by business owners, can be set up after July 1.

After a stern warning, life insurers stopped setting up new plans on July 8. It was expected that the Pension Authority would put the execution on hold in view of the Social Security Department’s failure to provide changes to the Individual Retirement Savings Account (PRSA). ) It is necessary for business owners to convert to one person company pension plans.

World Nation News Desk
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