Part of the UK's implementation of the second
European Pensions Directive (IORP II) involves a new governance
code of practice. Other EU states have implemented the
Directive's governance provisions in a variety of
ways.
Background
The second European Pensions Directive ('IORP II') came
into force in January 2017, with the aim of improving governance
and accountability in relation to 'IORPs' (broadly,
occupational pension schemes).
Under this Directive, occupational pension schemes were (amongst
other things) required to put in place an 'effective system of
governance' and to carry out an 'own-risk assessment'
at least every three years and 'without delay' following a
significant change in their risk profile.
