Dáil Éireann Debate, Thursday - 15 January 2026
417. Deputy Naoise Ó Cearúil asked the Minister for Social Protection the reason for proposing restrictions on investment options for self-directed PRSAs and the objectives these changes are intended to achieve. [2921/26]
Amharc ar fhreagra418. Deputy Naoise Ó Cearúil asked the Minister for Social Protection if the proposed changes to PRSA investment options are linked to compliance with EU directives or domestic policy priorities; and to outline the relevant requirements. [2922/26]
Amharc ar fhreagra419. Deputy Naoise Ó Cearúil asked the Minister for Social Protection the evidence or analysis that has informed the decision to review or restrict investment options for self-directed PRSAs. [2923/26]
Amharc ar fhreagra420. Deputy Naoise Ó Cearúil asked the Minister for Social Protection the assessment that has been carried out on the potential impact of the proposed changes on the pension market, including saver choice and competition among providers. [2924/26]
Amharc ar fhreagra421. Deputy Naoise Ó Cearúil asked the Minister for Social Protection if an analysis has been conducted on the potential effect of the proposed restrictions on investment options for self-directed PRSAs on housing supply, particularly in relation to residential property investment by pension schemes. [2925/26]
Amharc ar fhreagra422. Deputy Naoise Ó Cearúil asked the Minister for Social Protection if modelling or forecasting has been undertaken to estimate the number of rental units that could be lost annually as a result of the proposed restrictions on investment options for self-directed PRSAs, and to provide details of that analysis. [2926/26]
Amharc ar fhreagra423. Deputy Naoise Ó Cearúil asked the Minister for Social Protection if his Department has considered the potential impact of the proposed restrictions on investment options for self-directed PRSAs on small business owners and self-employed individuals who rely on self-directed pensions for flexibility and control. [2927/26]
Amharc ar fhreagra424. Deputy Naoise Ó Cearúil asked the Minister for Social Protection the engagement that has taken place with representative bodies for pensions in Ireland regarding the proposed changes to PRSA investment options. [2928/26]
Amharc ar fhreagra425. Deputy Naoise Ó Cearúil asked the Minister for Social Protection if a public consultation process will be undertaken before any legislative changes are introduced for restrictions on investment options for self-directed PRSAs; and the timeline and process for that consultation. [2929/26]
Amharc ar fhreagra426. Deputy Naoise Ó Cearúil asked the Minister for Social Protection if his Department has engaged with stakeholders in the housing sector to assess the potential implications of the proposed restrictions on investment options for self-directed PRSAs changes for housing supply and affordability. [2930/26]
Amharc ar fhreagraI propose to take Questions Nos. 417 to 426, inclusive, together.
Section 10(1) of the Pensions Act 1990 sets out the functions of the Pensions Authority, the independent regulator of occupational pension schemes and PRSAs in Ireland, which include advising me on all matters in relation to pensions generally.
The Pensions Authority decided to conduct a public consultation from 30 September 2025 to 17 November 2025 seeking views on the regulation of Personal Retirement Savings Account (PRSA) investments. In its consultation, the Authority sets out its concerns about the difference between the investment rules of PRSAs and occupational pension schemes and its belief that these rules should be more aligned. In particular, the rules for occupational pension schemes require that pension saving investments are invested in a prudent manner and predominately in regulated markets.
Following the transposition of the EU IORP II Directive into Irish law in 2021, other than a five-year derogation for pre-existing one member arrangements (schemes established solely for one member, who has discretion over how the assets are invested), investment rules apply to all pension schemes regardless of size. In the Authority’s view, it is difficult to justify not extending such safeguarding measures to contributors of all pension saving products, including PRSAs.
As the Deputy will appreciate, this consultation is being conducted by the independent regulator and my Department has had no direct involvement in the consultation process nor are then any proposals currently before the Department for analysis.
My Department and I will await the outcome of the Authority's findings following the consultation and any advice that may be provided to me for my consideration on the investment rules applicable to PRSAs, before making any decisions.
I trust this clarifies the matter for the Deputy.
