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Irish Life the largest life and pensions group and fund manager in Ireland, employing 2,000 people and servicing one million customers.
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Managing assets in excess 39bn, ILIM manages money on behalf of multinational corporations, charities and domestics.

IORP II: New Pension Regulations Delayed

New pensions regulations required under an EU Directive IORP (Institutions for Occupational Retirement Provision) II were due to come into force on 13 January. However, the Department of Employment Affairs and Social Protection have advised that they are working towards transposition into Irish law later this quarter.

The Department have also advised that codes of practice will be issued by the Pensions Authority. The codes will explain in detail what the Authority will expect from Trustees.  

The Department have further advised as follows,

“To ensure that schemes are informed of their obligations under the Directive, the Pensions Authority will also undertake a communication campaign on the implementation of the Directive.  The Authority will engage and consult with industry stakeholders and trustees on implementation of the new regulatory regime and related codes of practice.  The emphasis of this engagement will be on providing sufficient support, time and information in order for industry and trustees to plan for and make the changes needed.”

We welcome the commitment that the Pensions Authority will undertake a communication campaign with an emphasis on providing sufficient time, support and information.

We understand from the Department that:

”While the Directive allows Member States the discretion not to apply some of the provisions to smaller schemes, the general principle being followed in the transposition into Irish law is that all schemes should be subject to sound protections for pensions and consumers.”

Therefore it is expected that the new regulations will apply to all schemes including very small schemes.

It is expected that the new regulations will require an internal audit function for each trust. This and other new requirements will result in increased costs for Pension Funds.

We will issue a further update as soon as the regulations have been issued.

 

If you have any questions please contact your Irish Life account manager.