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IORP II: what does it mean for UK pensions?

11 September 2018

The new directive on occupational pension schemes (IORP II) must be implemented in national law by mid-January 2019. UK pension schemes are already subject to most of the requirements under existing UK legislation. However, there are a few areas where schemes are likely to need to make changes, in particular:

  • pension benefit statements, which will have to be sent annually to all active and deferred members;
  • obligations for all schemes to have "key functions" in place, including internal audit and risk management;
  • requirements to adopt written policies on various matters, including risk management, internal audit and outsourcing;
  • a requirement to have a remuneration policy and to disclose publically relevant information about their policy;
  • greater supervision by national regulators (in the UK, the Pensions Regulator) of certain activities, including outsourcing, plus an obligation to notify the Regulator before certain functions are outsourced; and
  • a requirement that all schemes make their statement of investment principles (SIP) publically available on a website. This note considers some of these changes in more detail.

Click here to read the full briefing.


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