‘Time to act’ on EU reform for pensions
The pensions industry has warned the government that it is running out of time to implement sweeping EU reforms governing how schemes are run and the information provided to members.
Draft legislation for the EU’s Institutions for Occupational Retirement Provision Directive has yet to be published, even though the new rules are supposed to take effect on January 13.
“The failure to publish the implementing legislation is quite simply unacceptable,” said Peter Fahy in his chairman’s address to the Irish Association of Pension Funds (IAPF) last week.
The pensions regulator Brendan Kennedy told the IAPF event that the EU directive would require more proactive oversight of how schemes were run.
“The Pensions Authority will be required to . . . intervene before any threats to members’ interests materialise,”
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