Thursday 18 November 2021: Today, the Pensions Authority publishes its Code of Practice for trustees of occupational pension schemes and trust RACs. It is also publishing related materials referenced in the Code of Practice.
The Code of Practice was published in draft form on 22 July for public consultation. A total of 38 submissions were received from a wide variety of sources including industry representative organisations, professional bodies, pensions providers, pensions advisors, trustees and large occupational pension schemes.
The Authority has given careful consideration to the points raised in the submissions and has made some changes in response in the Code of Practice. The Authority has also published an accompanying response document on the most important issues raised in the consultation submissions.
The Code of Practice will be updated and adapted over time in response to the findings of the Authority’s supervisory activities and market developments. The latest version of the Code of Practice will be available on the Code of Practice section of the Authority’s website.
The Code of Practice and commentary are available under Related File(s) below.
Master trusts: A chapter on additional requirements for defined contribution master trusts has been added to the Code of Practice. The content of this chapter is based on the Authority’s previous response to the 2019 master trust consultation and the Authority’s findings from its engagements with master trusts in 2020 and 2021.
Defined benefit financial risk measure: The defined benefit financial risk measure referred to in paragraph 101 of the Code of Practice is available from the Defined benefit financial risk measure section of the Authority’s website.
Trustee qualifications: The list of courses which meet the trustee qualification requirement referred to in paragraph 107 of the Code of Practice is available from the Trustee qualifications section of the Authority’s website.
The Authority will publish the following information:
- instructions on outsourcing notification on 1 December 2021,
- guidance for the public and employers about the minimum standards they should expect from master trusts during the week commencing 13 December 2021, and
- a findings report from the Authority’s engagements with master trusts, DB and DC schemes during the week commencing 13 December 2021.
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For further information, contact:
The Pensions Authority
Tel: 01 613 1900
Note to Editors
The Pensions Authority is the statutory body that supervises compliance with the requirements of the Pensions Act, 1990, as amended, by trustees of occupational pension schemes and trust RACs, PRSA providers, registered administrators and employers. The Pensions Authority also provides guidance and information to these stakeholders on their duties and responsibilities and advises the Minister for Social Protection on pension matters. See: www.pensionsauthority.ie