The IORP II Directive has been transposed into Irish law. The
European Union (Occupational Pension Schemes) Regulations, 2021 (SI
No 128 of 2021) were signed into law by Heather Humphreys TD, the
Minister for Social Protection on 27 April 2021.
The Minister has indicated that, in keeping with the
Government's Roadmap for Pensions Reform, the requirements of
the IORP II directive will apply to all funded occupational pension
schemes and trust RACs, including small schemes (albeit with a 5
year lead in for one-member arrangements) –
"pay-as-you-go" unfunded public sector arrangements are
excluded from the scope of the regulations (as the IORP II
Directive does not apply to them).
The Regulations introduce increased governance, investment and
disclosure requirements for trustees of pension schemes and
significantly increased oversight and intervention powers for the
Pensions Authority. The Regulations also remove some obstacles to
cross-border provision of pension
