The Pensions Authority has published an information note (iorp_ii_regulations_-_information_for_trustees), the purpose of which is to give trustees of occupational pension schemes and trust RACs an overview of the key provisions of the recently transposed Directive (EU) 2016/2341 (the IORP II Directive). The note also sets out how the Authority will oversee compliance with the Regulations including the effect of derogations and transitional periods.
The Authority recognises that trustees and their advisers need to fully understand their new obligations and the expectations of the Authority. The Authority will continue to communicate on the nature of the IORP II changes and monitor developments so as to ensure adequate information is provided to trustees and their advisers.