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Irish IORP II transposition at ‘advanced stage’; completion expected in ‘coming months’ – DSP

18/02/2021 Posted by IAPF | Comments(0)

The transposition of the IORP II Directive into Irish law is at an “advanced stage” and completion is expected in the “coming months”, although no date can be given, the Department of Social Protection has said.

Ireland is the only remaining country not to have fully completed the transposition of the directive, which had an original deadline of January 2019, and is one of the countries facing infringement proceedings launched by the European Commission due to the delay.

In an update to European Pensions, the DSP said that while many of the provisions of the directive are already transposed into Irish law “the drafting of regulations under the European Communities Act 1972 is necessary to fully transpose the directive”.

“This is a substantial directive and preparation of regulations to transpose it is at an advanced stage,” a DSP spokesperson said.

“The department is, as a matter of priority, continuing its work, in conjunction with the Office of the Parliamentary Counsel, to finalise and settle, as soon as possible, regulations under the European Communities Act 1972 necessary to transpose the IORP II Directive. It is not possible, at this time, to provide a definitive date as to when the transposing regulations will come into force but it is envisaged that it will occur in the coming months.”

The DSP added that many of the provisions contained within the directive will support positive reform of the Irish occupational pension sector. The statement follows the publication of the results of a survey by the Pensions Authority yesterday, 17 February, in which it said it was “disappointed” by the lack of preparation for the directive made by some schemes.

The Pensions Regulator Brendan Kennedy has previously said that there will be no guidance published by the Pensions Authority for schemes until after the transposition of the directive.

Commenting on the update, Irish Association of Pension Funds CEO, Jerry Moriarty, said: “We still await transposition and then the guidance that will follow from the Pensions Authority. It is of interest that while we still wait for the transposition, the European Commission is starting to consider the review of the directive that is due to take place by January 2023.”

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