A seamless
transition to PRSA

Case studies

The background

We were recommended to provide DC consultancy services to a UK based client who needed to setup individual PRSA policies for the non-office staff based in Ireland within a tight time-frame. This was a specific task designed to guide the employer and staff through the process.

Our solution

LCP was the point of contact for the employer, PRSA provider and each individual member involved. Each member was provided with a professional and efficient service to ensure the process was effortless on their part.

Once all the data was collated, we liaised with the PRSA provider to ensure the PRSAs were established. The employer was provided with timely and informative updates at regular intervals.

The results

We showcased our professionalism and our ability to provide an excellent service to all involved. The employer was extremely satisfied with our conduct and the outcome.

Thank you Emily. I have to say, I’ve been very impressed by LCP’s professionalism and the level of service you have delivered (and patience shown!).

LCP Client

How we can help

Our advice isn’t out-of-the-box; we take an individualised approach to each client to make sure you achieve your unique goals.

Transfers from occupational pension schemes to a PRSA require a certificate of comparison and written statement before they can be implemented.

Defined contribution (DC) schemes are a significant investment, so it’s important to make sure that you get the best value out of your scheme and ensure the best possible outcomes for your members.

Accurate projection of retirement benefits is an important disclosure requirement under PRSA and occupational pension scheme legislation. 

The process of obtaining approval as a PRSA provider is challenging and intensive.

Corporate change can often occur unexpectedly or quickly. For those sponsoring or managing pension schemes, the implications can be significant. DB pension liabilities and future DC pension arrangements, along with associated employee benefits, are a key consideration in any commercial transaction today.

We currently act as PRSA actuarial consultants to 8 PRSA providers. As a result, we have significant experience of conducting compliance reviews for PRSA business.