IORP II (DIRECTIVE (EU) 2016/2341) ("IORP II")
The deadline for transposition and implementation of IORP II was
13 January 2019. The Government has indicated that IORP II will be
implemented in Ireland through secondary legislation and Codes of
Practice to be published by the Pensions Authority (the
"PA"). The transposition has been delayed not least by
judicial review proceedings relating to single member schemes.
While the Department is working towards transposition as early as
possible it would appear that there will be further delay in
implementation.
The European Insurance and Occupational Pensions Authority
("EIOPA") has published a report (available here) that provides some helpful guidance on
the implementation of IORP II in the absence of domestic
implementing legislation and Codes of Practice. The report
considers some of the practicalities required under IORP II, such
as the design of information documents, and seeks to promote
consistent practices
