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ARTICLE · 07 DECEMBER 2021

IORP II – The Pensions Authority Publishes Final Code Of Practice

William Fry LLP
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The Pensions Authority (Authority) has now published its finalised Code of Practice (Code) detailing expectations for pension trustees' compliance with applicable obligations under the European Union...

European UnionEmployment and HR
Ian Devlin
Ian Devlin
Ciara McLoughlin
Ciara McLoughlin
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The Pensions Authority (Authority) has now published its finalised Code of Practice (Code) detailing expectations for pension trustees' compliance with applicable obligations under the European Union (Occupational Pension Schemes) Regulations 2021 (Regulations).  The Code represents critical, outstanding guidance which will facilitate pension trustees' progression and finalisation of IORP II compliance plans.  

The Code makes several changes to the Authority's draft code published in July (discussed here), key of which are set out below.

1. Proportionality 

One of the principal concerns with the draft code was its framing as the Authority's minimum expectations for all schemes regardless of their size, without any dilution of requirements on proportionality grounds.  Apart from excluding death benefit only, pay-as-you-go and single member schemes (until 2026), the Code does not provide for proportionate compliance with the minimum expectations and instead

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