Where the recent transposition of the legislation gave some element of assurance after such a long period of anticipation, the Pension Authority’s release gave further clarity on 13 May 2021 - in particular around the timelines for compliance - and the sense that there is definite forward momentum.  

A long build up, like the one we’ve seen with IORP II can lead to widespread uncertainty, which can impact the ability of plan sponsors and trustees to fully prepare and plan for the significant change that is coming.

"After the Pension’s Authority release late last week plan sponsors and trustees have a much more tangible timeline to work towards now and, though there are still some key elements that remain somewhat unclear, what is very clear and certain is this: the time to start preparing for the changes ahead is now.", says Shane O'Farrell, Director of Products, Irish Life Corporate Business.

With this in mind we’ve outlined some initial actions you can take to help you start preparing for change today.

For more information check out our IORP II Guide now.

In the meantime Irish Life will keep you informed on all things related to IORP II, sharing email updates and social content as things develop.

You can also contact your account manager for information at any point.