Dáil Éireann Debate, Tuesday - 22 January 2019
648. Deputy Clare Daly asked the Minister for Employment Affairs and Social Protection the reason the legislation necessary to transpose IORP II into law was not passed by 13 January 2019; and when the legislation necessary for transposition will be passed. [2868/19]
Amharc ar fhreagraThe 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 IORPS Directive was the result of almost three years of discussion and negotiation and came into force on 12 January 2017. 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 the Directive are at an advanced stage. It is expected that transposition into Irish law will be achieved later this quarter. This timeframe is in keeping with many other EU countries. It should be noted that from enquiries made, the Department is aware of only one country which has transposed the Directive to date.
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.
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.
