Tuesday, 17 September 2019

Ceisteanna (645)

John McGuinness

Ceist:

645. Deputy John McGuinness asked the Minister for Employment Affairs and Social Protection if she will consult widely with the stakeholders involved in relation to the IORPS II directive before introducing same; if her attention has been drawn to or if she has considered the opinion of the industry that the directive is not the appropriate way to regulate single member pension schemes; and the details of her approach to these schemes. [37345/19]

Amharc ar fhreagra

Freagraí scríofa (Ceist ar Employment)

The IORP II Directive is a substantial Directive, the transposition of which 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 this transposition process. 

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 the Deputy may be aware, 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 further on matters that are currently before the Courts.

I hope this clarifies the matter for the Deputy.