I propose to take Questions Nos. 317, 326, 361 and 376 together.
IORP II sets out minimum standards for the management and supervision of pension schemes, with the objective of ensuring the soundness of occupational pensions and better protections for scheme members and beneficiaries across the European Union. IORP II requirements were transposed into Irish law by way of the European Union (Occupational Pension Schemes) Regulations 2021 (S.I. No. 128 of 2021) which came into force on 22nd April 2021.
Implementation of IORP II and related policy which seeks to improve the governance and supervision of occupation schemes, ultimately benefiting pension savers, is a matter for the Pension Authority, an independent statutory body which is the Regulator for pensions in Ireland, and the Department of Social Protection, as the policy lead department in relation to such matters.
Accordingly, it would be inappropriate for the Minister for Finance to interfere in the supervision of compliance with the provisions of the 1990 Pensions Act or to direct the Pensions Authority to extend any IORP II related compliance deadline. Furthermore, IORP II requires Member States to ensure that competent authorities, such as the Pensions Authority, conduct their tasks in a transparent, independent and accountable manner.
Separately, the Report of the Interdepartmental Pensions Reform and Taxation Group (IDPRTG) published in late 2020 set out a number of measures to aid in the harmonisation and simplification of supplemental pensions. One of these relates to the abolition of the differential treatment of PRSAs for funding purposes, and the BIK treatment of employer contributions to PRSAs.
This Group comprising officials from the relevant Departments and organisations reconvened in 2021 to consider implementation of the various recommendations. A package of tax-related measures were enacted in the Finance Act 2021.
The Group continues its work to bring about further reforms of the supplemental pension landscape. Accordingly, a number of proposals from the Report are currently being worked on, some of which are technical in nature and others which have wider policy implications necessitating careful consideration through the normal policy channels. As you will be aware, any measures requiring legislative change would be subject to Government's and subsequently parliamentary approval, and there can be no guarantees until the relevant Bill is signed into law and enacted.
