IORP II Directive
The new EU Directive on the activities and supervision of institutions for occupational retirement provision (the IORP II Directive) was adopted in 2016.
You can view the text of the IORP II Directive here.
The European Union (Occupational Pension Schemes) Regulations, 2021 (the Regulations) were signed into Irish Law on 22 April 2021. The transposing Regulations introduced new requirements and changes to the Pensions Act, 1990, as amended (the Act). The unofficial consolidated version of the Act, taking account of the Regulations, can be viewed here.
On 13 May 2021, the Pensions Authority (the Authority) published an information note for trustees on the Regulations. The purpose of the note is to give trustees of occupational pension schemes and trust RACs an overview of the key provisions of the Regulations. The note also sets out how the Authority will oversee compliance with the Regulations including the effect of derogations and transitional periods.
The Authority recognises that trustees and their advisers need to fully understand their new obligations and the expectations of the Authority. The Authority will continue to communicate on the nature of the IORP II changes and monitor developments so as to ensure adequate information is provided to trustees and their advisers.
The information note is available under the Related File(s) section of this page.