The Retirement Benefits Authority (RBA) announced a call for proposals and memoranda on a draft Retirement Benefits Procurement Guideline, targeting trustees, sponsors, administrators, fund managers, custodians, service providers, professional bodies, public entities, scheme members and the public.

The consultation follows a Supreme Court judgment delivered on 15 May 2026 that declared Section 2(o) of the Public Procurement and Asset Disposal Act, 2015, unconstitutional insofar as it applied to pension funds of public entities, removing those schemes from the Act’s procurement regime.

The court’s decision created a regulatory gap, leaving public‑entity‑sponsored retirement schemes without a clear procurement framework for acquiring goods, works and services.

To address the gap, the RBA aims to develop a common standard that guides trustees while preserving fiduciary duties under the Retirement Benefits Act, trust instruments and Good Governance Practices Guidelines.

Under the proposed framework, trustees would be required to conduct procurement in a transparent, fair, accountable and competitive manner, ensuring value for money for scheme members.

The RBA noted that the guideline would apply to the procurement of goods, works and services by retirement benefit schemes, offering clearer standards for how scheme funds are spent.

Stakeholders have until 5 pm on Friday, 9 October 2026, to submit written proposals and memoranda to the Authority, after which the RBA will consider the inputs before finalising the guideline and releasing an exposure draft for further public comment.

The consultation follows a recent RBA directive, issued on 22 September, requiring pension scheme trustees and administrators to file audited financial accounts for the fiscal year ending 30 June by 30 September, with penalties for non‑compliance.