Information for group pension schemes on 1 January 2023 compliance deadline
The Pensions Authority have published new information on IORP II Directive.
Group pension schemes that are subject to the 1 January 2023 compliance deadline must meet the full requirements of the Pensions Act, 1990, as amended, including the new requirements of the IORP II Directive, from 1 January 2023 onwards. However, if a formal commitment is made before 1 January 2023 to wind-up a group pension scheme and transfer the assets of the scheme to a master trust or to PRSAs, trustees will not be required to meet the new IORP II requirements provided that the transfer will be completed, and the scheme wound up, by the end of 2023.
A formal commitment to wind-up a scheme would include a written instruction from the employer to the trustees to wind-up the scheme or a notification from the trustees to the members notifying them of their intention to wind-up the scheme.
The Authority will monitor the compliance position post 1 January 2023 and enforcement action will be considered if warranted. Trustees should ensure that the Authority’s Pensions Data Register (PDR) is updated to reflect a decision to wind-up a pension scheme as soon as possible but in any event no later than 12 weeks after that decision is made.
For queries on this issue please email email@example.com.