Written answers

Tuesday, 29 May 2018

Department of Employment Affairs and Social Protection

Pension Provisions

Photo of Clare DalyClare Daly (Dublin Fingal, Independent)
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596. To ask the Minister for Employment Affairs and Social Protection the consultation process that is to take place with current occupational and future pensioners regarding the EU IORP II directive. [23252/18]

Photo of Regina DohertyRegina Doherty (Meath East, Fine Gael)
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The over-arching objective of IORP II is to facilitate the development of occupational retirement savings in the EU. Many of the provisions contained within the IORP II directive will also support positive reform of the Irish occupational pension sector. The directive provides for a range of new requirements concerning governance, management standards in schemes, safekeeping of assets, the need for clear and relevant information to members, the removal of obstacles to cross-border provision of pension services and the facilitation of cross border transfer of schemes. There are also provisions that will enhance the powers of the pension regulators for effective supervision of IORP.

My Department held a number of consultation processes prior to the agreement and publication of the new IORP II directive. Discussions between EU Member States and the Commission regarding the proposals in the new directive were extensive and submissions received during these consultations helped to inform this process and ensure the views of all Irish stakeholders were considered and understood.

In 2010 European Commission published its Green Paper towards adequate, sustainable and safe European pension system. The purpose of the Green Paper was to launch a European debate through extensive and early consultation on the key challenges facing pension systems and how the EU can support Member State efforts to deliver adequate and sustainable pensions. As part of this work my Department conducted a consultation process to help in its responses to the green paper.

In 2014 following the publishing of a proposal for an updated IORP Directive a further public consultation was held by my Department and organisations and individuals were invited to submit comments and observations on the Directive. The purpose of this consultation was to obtain views from all stakeholders on the content of the Directive and on the implications (including cost implications). The relevant stakeholders included the groups representing older people, employer and employee representatives, and the pensions industry.

In 2016 the Pensions Authority held a consultation process including a public forum on the reform and simplification of supplementary funded private pensions and this consultation specifically referenced IORP II requirements.

In tandem with the above officials of my Department briefed the relevant Oireachtas Committee on a number of occasions.

Following its publication in the Official Journal of the European Union in December 2016, the directive will have to be transposed into Irish law by 13 January 2019. My Department, along with the Pensions Authority, is currently working on ensuring that the directive will be transposed by this date.

I hope this clarifies the matter for the Deputy.

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