Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

That is correct. At the moment, one-member arrangements are exempt from borrowing investment requirements under a derogation from the institutions for occupational retirement provision, IORP, I directive. This means they can borrow and invest funds with a large degree of discretion. One-member arrangements must comply with the requirements. This sets minimum standards for the management and supervision of pension schemes. This imposes significantly higher standards and requirements on Irish pension schemes in order to ensure that all members and beneficiaries are afforded equal protection, irrespective of size.

The change that is being made here follows on from recommendations that have been made to me by the interdepartmental pensions and taxation reform group, and that has guided the changes we have made here. I have published the report in regard to the matter.