Resolution of pension products disputes

With effect from 11 May 2022, the Financial Arbitrator shall be competent to decide disputes between a consumer and a pension company or intermediary in connection with offering, providing or mediation of state-contributory supplementary pension insurance, between a consumer and a pension company or intermediary in connection with offering, providing or mediation of supplementary pension savings and between a consumer and a person providing or distributing a pan-European personal pension product in connection with providing or distributing a pan-European personal pension product, as referred to in Section 2(1)(k), (l) and (m) of the Financial Arbitrator Act.

The Financial Arbitrator may decide disputes regarding:

  • validity of a supplementary pension insurance contract, supplementary pension savings contract, pan-European personal pension product contract or the terms of such a contract;
  • validity of withdrawal or termination of a supplementary pension insurance contract, supplementary pension savings contract or pan-European personal pension product contract;
  • fee charged on the account held for a pension product by the entity that concluded the supplementary pension contract, supplementary pension savings contract and pan-European personal pension product contract with a consumer;
  • amount of the state contribution credited and paid;
  • payment of financial benefits from pension products;
  • damages caused by a breach of duties in connection with a mediation of a supplementary pension insurance, supplementary pension savings or pan-European personal pension product.

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