Clare Daly
Question:266. Deputy Clare Daly asked the Minister for Employment Affairs and Social Protection the legislation that will need to be amended in order to transpose IORP II; and the timeline for transposition. [49696/18]
View answerWednesday, 28 November 2018
Questions (266)
Written answers
The over-arching objective of IORP II Directive is to facilitate the development of occupational retirement savings in the EU. Many of the provisions contained within the directive will support positive reform of the Irish occupational pension sector. The directive provides for a range of new requirements concerning governance, management standards in schemes, safekeeping of assets, the need for clear and relevant information to members, the removal of obstacles to cross-border provision of pension services and the facilitation of cross border transfer of schemes. There are also provisions that will enhance the powers of the Pensions Authority for effective supervision of occupational pensions. The deadline for transposition is 13 January 2019.
My Department, supported by the Pensions Authority, is managing the transposition process of the IORP II Directive. Regulations under the Pensions Act 1990, as amended, are being drafted to transpose the directive into Irish law. Primary legislation will not be necessary to transpose the directive. Codes of practice will also be issued by the Pensions Authority following approval of the Minister. The codes will expand on requirements, policies and principles prescribed in the transposing regulations. They will explain in practical detail what the Authority will expect from trustees to demonstrate their commitment to serving the best interests of members, deferred members and other beneficiaries.
I hope this clarifies the matter for the Deputy.