Directive (EU) 2016/2341 on the activities and supervision of institutions for occupational retirement provision (IORP II) entered into force on 12 January 2017. An IORP is an “Institution for Occupational Retirement Provision” and most occupational pension schemes in Ireland are IORPs.
IORP II introduces a number of changes for IORPs including:
- The operation and authorisation of cross-border IORPs
- The types of investments an IORP can make
- Collective qualification requirements for those who run an IORP (e.g. pension trustees) in additional to other governance provisions
- The information that must be provided to members
- A strengthening of the powers of supervising competent authorities (e.g. the Pensions Authority)
Member States are obliged to transpose the Directive into national law by 13 January 2019. It is likely that an amendment will be made to the Pensions Act 1990 in the near future to transpose IORP II.
We will keep you updated of all developments.
Contributed by Jane Barrett & Ciara McLoughlin
