1. IORP II (DIRECTIVE (EU) 2016/2341) (“IORP II” OR “DIRECTIVE”)
IORP II is the name given to a revised EU pensions directive which will a ect certain Irish pension schemes falling within the definition of an institution for occupational retirement provisions (IORP). These schemes are, broadly, funded employer sponsored pension schemes established separately from the employer. Most Irish group pension schemes fall within the definition of IORP, however, Member States may exclude schemes with less than 100 members from many of the Directive’s provisions and many of its requirements are to be implemented in a manner which is proportionate to the size, nature, scale and complexity of activity of a scheme.
IORP II aims to improve pensions governance, risk management, transparency and information provision and seeks to facilitate EU cross-border IORP activity. The Directive does not seek to increase funding requirements although, notably, it does provide that the Pensions Authority “shall have the necessary powers to require schemes to remedy weaknesses or deficiencies identified in the supervisory review process”.
Member States are obliged to transpose IORP II into national law by 13 January…
