ARTICLE · 19 JULY 2021

Pensions Update: Summer 2021

Arthur Cox

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The domestic implementing regulations for IORP II, the European Union (Occupational Pension Schemes) Regulations, 2021 (the "Regulations")

IrelandEmployment and HR

Michael Shovlin

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TRANSPOSITION OF IORP II

The domestic implementing regulations for IORP II, the European Union (Occupational Pension Schemes) Regulations, 2021 (the "Regulations") were signed into Irish law on 22 April last and, in the main they did not contain anything unexpected. While there has been some initial guidance from the Pensions Authority (the "Authority") on the Regulations, the Authority has indicated that it will issue a draft code of practice on IORP II in the week commencing 19 July for public consultation with the final version to be published in November. This code of practice will supplement the high-level obligations outlined in the Regulations. Until then, trustees and employers should focus on familiarising themselves with the requirements of the Regulations and preparing for the first compliance date (which relates to putting in place a remuneration policy and having a minimum of two trustees effectively running a scheme) of 31 December 2021.

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This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.

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