The transposition of the IORP II Directive will result in significant improvements to the regulation and governance of funded occupational pension schemes in Ireland. This Department, supported by the Pensions Authority, is managing the transposition process of the IORP II Directive. The drafting of regulations is at an advanced stage and codes of practice will also be issued by the Pensions Authority following approval of the Minister. The Department is working towards transposing the Directive as early as possible. Primary legislation will not be necessary to transpose the Directive.
To ensure that schemes are informed of their obligations under the Directive, the Pensions Authority will also undertake a communication campaign on the implementation of the Directive. The Authority will engage and consult with industry stakeholders and trustees on implementation of the new regulatory regime and related codes of practice. The emphasis of this engagement will be on providing sufficient support, time and information in order for industry and trustees to plan for and make the changes needed.
I hope this clarifies the matter for the Deputy.