Law Debenture p l c : How IORP II will change Ireland's pensions landscape

Paul Torsney, Head of Trustee Services in Ireland spoke to Mallowstreet about How IORP II will change Ireland's pensions landscape. Reproduced with permission.

As I write, the pensions industry is abuzz following the long-awaited transposition of the IORP II directive into Irish law. IORP II is also a topical subject in the UK given that the requirements of the directive are reflected in TPR's consultation on the Single Code of Practice which is currently underway.

IORP II heralds the most significant change to the Irish pensions landscape for many years, with reforms in areas as governance, risk management and communication with members. Here, we focus specifically on the new relationship between the Pensions Authority and defined benefit pension trustees.

Although the nitty gritty will not be known until guidance is published as the year progresses, the framework is now in place and we know more about the intended approach from previous PA comments.