IORP II is here, are you ready?

The arrival of the IORP II regulations means that major pension changes are on the way, so now is the time to map out the road ahead and start preparing. The Pensions Authority released the final code on 18 November, outlining what’s expected from plans to achieve IORP II compliance. IORP II will have major implications for pension plans and trustees across Ireland and at Irish Life, we’re here to help you navigate this change.

Preparing for IORP II Compliance

To help you get started we have curated some handy checklists to guide you on the path ahead.

Requirement Status Checklist

Our Requirement Status Checklist sets out the various regulatory requirements that every plan needs to meet to achieve compliance. This will help you to identify the gaps you need to address.

Documentation checklist

Our Documentation Checklist is designed to help you identify the key documentation deliverables (policies, procedures, assessments, and agreements) and allow you to keep track of your progress.

What does this mean for plan sponsors and trustees?

Plan sponsors and trustees will need to review their current pension arrangements and speak to their pension provider or advisor to prepare their plans for compliance with the new regulations. One alternative to consider is moving to a master trust. In a master trust, multiple non associated employers can subscribe to participate in one plan operating under a single trust. Participating companies can avail of the economies of scale that go with being part of a larger entity and all governance requirements are met centrally by the master trust and its trustees.

Let’s talk master trusts

One of the biggest benefits of a master trust is the ability to meet regulatory requirements centrally, rather than individual plans tackling this aspect as standalone entities. Master trusts have qualified, professional trustees and governance is managed centrally, so moving to a master trust essentially removes this hefty responsibility from the employer, so it’s managed and overseen by the master trust and its trustees.

Master trusts also offer economies of scale, so the costs of compliance with IORP II and the additional governance requirements are more easily absorbed in a master trust than they might be in a traditional, standalone plan.

Discover whether a master trust is the best fit for your company plan by downloading our Master Trust Guide today.

As the largest DC (defined contribution) pension provider in Ireland, Irish Life has a wealth of industry experience and customer knowledge. We’ve used our insights and collaborated with expert advisors to bring you an exceptional master trust solution. Our Irish Life EMPOWER Master Trust has seven stand out features that set it apart. These include a wholly independent trustee board, meaningful member engagement and a unique default investment strategy, which is designed to adapt to each individual member’s circumstances.

Discover more about the Irish Life EMPOWER Master Trust today by downloading our brochure. 

We’re here to help. You can...

All group pension plans in Ireland will have to make changes and adjustments to meet the IORP II regulations. However, Irish Life has solutions in place that will work for everyone, so it’s just a matter of finding the best solution for your plan. Reach out to your relationship manager or email our team of IORP II experts at askusaboutiorpii@irishlife.ie with any queries.