Ssap + iorps II

Iorps II regulations state that property cannot form more than 50% of a pension.

But I see that a single member ssap has until 2026 to comply with this.

I have just opened a single member ssap and in the process of transferring various pensions into it. I also have an opportunity to purchase a really good property that would be approx 90% of current total pension value.

Am I right to think that I can still do the property purchase and have until 2026 to have at least 50% in regulated funds.

No, you can't buy a property. The rule for any non regulated assets is effective from 22 April 2021.

The 2026 exemption is on reporting functions on existing plans. If your pension was set up after 22 April 2022, the exemptions don't apply to you.

IORPS II has a huge impact on trustee rules and obligations, basically moving trusteeship to a professional basis, so the days where the company is the trustee will be gone. There will probably be a cost to this too in the future.

Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)

you can still buy the property. the rules don't apply to all pension products