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ARTICLE · 13 NOVEMBER 2018

The Pensions Brief - October 2018

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Two sets of regulations will come into force on 13 January 2019 that implement the requirements of the EU IORP II Directive into UK law.

United KingdomEmployment and HR
Richard Goldstein
Richard Goldstein
Katherine Carter
Katherine Carter
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ISSUES AFFECTING ALL SCHEMES

IORP II Directive – implementation

Two sets of regulations will come into force on 13 January 2019 that implement the requirements of the EU IORP II Directive into UK law.

One set of regulations replaces the requirement for schemes to operate internal controls with a requirement for schemes to operate "an effective system of governance including internal controls" that is proportionate to the size, nature and scale of the scheme's activities. Authorised master trusts will be exempt from the requirement. The regulations also set out a list of matters to be included in a code of practice that the Pensions Regulator must produce in relation to the effective governance system duty. Based on this list, it appears that schemes will need to produce written policies on various matters including key scheme functions, outsourcing of activities, and remuneration.

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