Finance Act 2021

Retirement benefits: removal of 15 year rule

13. Section 772 of the Principal Act is amended in subsection (3D) by the substitution of the following paragraph for paragraph (a):

“(a) a member’s entitlements under the scheme, other than an amount referred to in paragraph (b), may, either on the member’s changing employment or on the scheme being wound up, be transferred to one or more than one PRSA to which that member is the contributor if benefits have not become payable to the member under the scheme,”.