Ireland. Bringing order to a fragmented pensions landscape
The transposition into Irish law of the Institutions for Occupational Retirement Provision (IORP) II directive at the end of April represented a game changing event for Irish pensions, says PwC pensions partner Munro O’Dwyer.
Ireland has more than 100,000 pension schemes, the majority of them one-person arrangements, and the net effect of the new rules could be to reduce that number to less than 200.
That rationalisation will be prompted by the increased regulatory obligations and costs imposed on pension schemes.
IORP II provides for EU-wide pension scheme standards including an effective system of governance, covering areas such as fit and proper standards for trustees; the appointment of key function holders for risk management, actuarial and internal audit; a requirement for annual audits for all schemes; and new standards relating to communications with members and potential members.
It also removes the derogation that allowed one-person schemes to invest in unregulated markets such as property and to borrow for the purpose of investment.
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