The Pensions Authority in Ireland has published a draft code of practice in relation to the newly introduced regulations since the transposition of the European Union’s IORP II Directive.

The draft code sets out the authority’s expectations of trustees of occupational pension schemes and trust RACs to meet their obligations under the European Union (Occupational Pension Schemes) Regulations 2021 (the Regulations).

The code sets out in detail a wide range of expectations from governance and general scheme management to conflicts of interest, outsourcing and administration, among other areas.

“This code sets out the authority’s minimum expectations for all schemes in the areas covered by the code. Depending on the size, nature, scale, and complexity of a scheme, trustees may consider it appropriate to implement additional measures above and beyond what is specified in this code. Trustees should always remain mindful of their fundamental duty to act in the members’ best interests,” the draft states.

The guidance comes following the transposition of the directive in April this year, two years after the original deadline set by the EU.

A final code of practice on what the authority expects from regulated entities to meet their obligations under the Pensions Act, 1990, as amended, will be published in the week commencing 15 November 2021.

Guidance for the public and employers about the minimum standards they should expect from master trust vehicles will be published in the week commencing 13 December 2021.

The authority welcomes views on the draft code of practice. The closing date for the receipt of submissions is Thursday 16 September 2021.

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