By Susanna Rust2021-04-29T14:36:00+01:00
The IORP II Directive, the EU’s pension fund legislation, has been transposed into Irish law – more than two years after the intended deadline.
The development was announced by the government on Tuesday, which said that the general principle in respect of the transposition was that ”the requirements of the Directive will apply to all schemes and trust Retirement Annuity Contracts (RACs), including small schemes and one-member arrangements, where possible and as appropriate, in order to ensure that all members and beneficiaries are afforded equal protection irrespective of size”.
Heather Humphreys, minister for social protection, said many of the provisions in the IORP II Directive would support positive reform of the Irish occupational pension sector, in keeping with the government’s plans.