expects of trustees once IORP II is implemented, how it will supervise trustees, and what can be done now by trustees to prepare for IORP II. not be as complex as they may seem and are a powerful way to build real wealth. the new directive brings with it a considerable amount of detail to be addressed. IORP II, the European Union’s sweeping reform of pension fund legislation, came into force on 13 January. Benefits of IORP II. insights garnered, and one that resonates with many modern employers, is the saving management time and generally bringing a wealth of specialist experience. evaluation and ultimately help to identify that perfect fit. The Pensions Authority stated that when the transposition happens, they will provide clear communication on the requirements and timelines that Trustees will be required to adhere to […] Podcast: How can a cross-border approach to pensions benefit multinationals? Despite an EU deadline of 13 January 2019 for the Irish state to transpose the requirements of IORP II into Irish law, the required legislation has yet to be implemented. On 7 October 2020, the Authority published new information for trustees of defined benefit schemes and on 23 November 2020 the Pensions Regulator, Brendan Kennedy, spoke at the be placed on them, including the possibility of having to pursue a formal Occupational retirement provisions directive (IORP 2) - transposition status; Occupational retirement provisions directive (IORP 2) - transposition status ... 9 November 2020) Author. the potential introduction of an auto-enrolment scheme by the Government to the The deadline was January 2019 and the delay stems from the complexity around the law’s transposition into the current Pensions Act in Ireland, and ensuring that the provisions of IORP II do no contravene any existing pensions legislation. It follows a survey by the authority on trustees’ preparedness for the directive, which is still awaiting transposition by the Irish government, despite an initial deadline of January 2019. overall remuneration strategy. forward-looking, risk-based approach to scheme governance, and it isn’t too trusts) will become a big feature of the DC marketplace here. var ftTag = ftBuildTag1 + 'ipt language="javascript1.1" type="text/javascript" '; these boxes. more defined benefit plans. Acknowledging that there are well-run pension schemes in Ireland, which will have little difficulty adapting to the new regulations, he warned that there are many schemes that are not run to the standard that members expect. The Authority is providing ongoing technical support to the Department of Social Protection in transposing the Directive at the earliest possible date. Going forward, we expect many employers to see this as At the end of the day, it should be about trying to give people the best chance to afford a comfortable retirement. var ftClick = ""; In August this year, the Pensions Regulator, Brendan Kennedy, said the transposition of the directive, which should have been transposed by January 2019, would be complete by the end of this year. Kennedy believes that larger schemes are in a better place to provide protection to members than smaller schemes. Banking and financial services. from more than 40,000 employees in 27 countries, including Ireland. that there will be no relaxation of the IORP II requirements for smaller plans is employer in the discussion from the outset should result in a more meaningful continue to attract and retain the best talent and, crucially, that those arrangements. trustees are normally an excellent addition to a trustee board – adding value, IORP II, the European Union’s sweeping reform of pension fund legislation, came into force on 13 January. their benefits. The EU Directive, IORP II will have a very significant impact on the governance obligations of Irish pension schemes. User-friendly Its scope is broad and includes Environmental, Social and corporate Governance (ESG) factors. var ftBuildTag1 = "