The European Union (Occupational Pension Schemes) Regulations,
2021 (SI No 128 of 2021) (the "Regulations") were signed
into law on 22 April 2021, fully transposing the requirements of
the IORP II Directive into Irish law.
The Regulations introduce increased governance, investment and
disclosure requirements for trustees of occupational pension
schemes (and trust RACs) and significantly increase the oversight
and intervention powers of the Pensions Authority. The Regulations
also remove some obstacles to cross-border provision of pension
services and facilitating the cross-border transfer of schemes.
The Regulations apply to most funded pension schemes immediately
with an obligation to provide an annual compliance statement (in a
form to be prescribed by the Pensions Authority), the first of
which is to be provided by 31 January 2022 in respect of compliance
in 2021.
