Our Process

For our corporate clients, we deliver a simplified but effective process for establishing your Tier 2 and Tier 3 schemes:

Step 1 – Decide on the best trustee structure for your organization. (We will offer you support and advice through this process). See our publication on the available trustee structures.

Step 2 – Sign Trustee contract with Petra Trust and agree on trust documents – trust deed and scheme rules

Step 3 – Register pension scheme with NPRA. (Petra will be responsible for this as your trustee)

Step 4 – Enroll staff and commence operations. (Petra will be responsible for this as your trustee)

Selection of Trustee Type

The new pension structure is a “trustee-based” structure. This means that the most important decision any employer has to make is the selection of the trustees of it scheme. Generally, an employer has four options for setting up its trustee ranging from using a corporate trustee like Petra Trust, using individual trustees to using a master trust. See our article on selecting a trustee type. For most large organizations, we recommend using a trust board with a corporate trustee on the board to provide advice and support services such as fund administration with is the responsibility of trustee. This choice has legal and cost implications for the corporation which must considered carefully. Our article on trustee types discusses these issues.

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