How to manage: Legal changes bring major reform to pension schemes
Employers and pension trustees in Ireland will need to adapt to the new rules or face the risk of non-compliance
30th May, 2021
Under new pension rules, there will be an obligation to put in place a range of written policies including remuneration and outsourcing policies. Picture: Getty
The Irish pensions landscape has been undergoing considerable change in recent years, but many employers may be unaware of the most significant reform in three decades.
Last month, Heather Humphreys, the Minister for Social Protection, signed the European Union (Occupational Pension Schemes) Regulations 2021. These regulations give effect to the EU’s IORP II Pensions Directive and will fundamentally alter the future of defined benefit (DB) and defined contribution (DC) pension schemes.