Tuesday, 28 May 2019

Questions (462, 463)

John Curran

Question:

462. Deputy John Curran asked the Minister for Employment Affairs and Social Protection further to Parliamentary Question No. 157 of 9 May 2019, if the timeline by which schemes of one to 14 members and 15 to 100 members, respectively, will be required to be in compliance with the provisions of the IORP II directive; her plans to introduce legislation in this regard; and if she will make a statement on the matter. [22493/19]

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John Curran

Question:

463. Deputy John Curran asked the Minister for Employment Affairs and Social Protection the consultation with pension scheme representatives and other industry bodies her Department has undertaken in respect of the transposition of IORP II into law; her plans for further such meetings; and if she will make a statement on the matter. [22494/19]

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Written answers (Question to Employment)

I propose to take Questions Nos. 462 and 463 together.

The transposition of the IORP II Directive will result in significant improvements to the regulation and governance of funded occupational pension schemes in Ireland. Officials in my Department, supported by the Pensions Authority, are managing the transposition process of the IORP II Directive. This is a substantial Directive and preparation of regulations to transpose it is at an advanced stage.

In 2014, the Department undertook an open public consultation on the IORP II Directive. Further to that, the Pensions Authority undertook a consultation process on the reform and simplification of supplementary funded private pensions in 2016. In addition, officials of my Department have engaged on the provisions of the Directive with numerous representatives and stakeholders over a number of years.

As previously stated in my reply to Parliamentary Question No. 157 of 9 May 2019, an application has been granted for a judicial review for a set of reliefs and a stay in relation to the transposition into Irish law of the IORP II Directive. As such, it would not be appropriate for me to comment on matters that are currently before the Courts.

I hope this clarifies the matter for the Deputy.