Though noting that occupational pension schemes must meet the new rules from January 1st next, the Pensions Authority added: “However, if a formal commitment is made before January 1st to wind-up a group pension scheme and transfer the assets of the scheme to a master trust or to PRSAs, trustees will not be required to meet the new IORP II requirements provided that the transfer will be completed, and the scheme wound up, by the end of 2023.
He argued that forcing companies over the line at a time when they are already contending with a difficult business environment, rising costs and labour shortages, would only lead to “suboptimal” decisions being made. The regulator has stated previously that it considers significant consolidation of Irish pension schemes as the “only practical means of achieving high standards of management, good value for money and effective supervision”.
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