Ireland: Legislative Update: Retirement: EU Directive IORP II Adoption Delayed

Ireland: Legislative Update: Retirement: EU Directive IORP II Adoption Delayed Article courtesy of Glennon, Asinta’s Partner in Ireland.

The EU Directive, IORP II which is designed to broaden pension scheme standards, is delayed being written into Irish law. The deadline was January 2019 and the delay stems from the complexity around the law’s transposition into the current Pensions Act in Ireland, and ensuring that the provisions of IORP II do no contravene any existing pensions legislation. There is also no final decision on the government’s option to exempt provisions from existing and future pension schemes that are below a certain number of members.

Pension trustees with responsibilities in Ireland can read this report from Ireland’s Pension Authority to better understand the IORP II legislation.