The landscape for Irish occupational pension schemes is changing with the introduction of IORP II, a comprehensive and wide-ranging European Directive that seeks to enhance and harmonise the governance and management of schemes across the European Union. In doing so, it introduces a number of new requirements, in particular covering the areas of governance, risk management and member communications.
The responsibility for implementing IORP II will fall on trustees and it will be important that all trustees understand what will be required and what the scheme will need to do. Equally, it will also be important that scheme sponsors understand the Directive’s implications and what potential actions they might take. The two papers below look at these issues in more detail and what trustees and sponsors might consider in terms of preparedness actions.