S.I. No. 128/2021 - European Union (Occupational Pension Schemes) Regulations 2021

for the purpose of advising the trustees concerned of the action that is required to be taken to satisfy a requirement referred to in paragraph (a) or provide a remedy to address the weakness or deficiency (or both) referred to in paragraph (b).

• (2) An Advisory Notice shall –

• (a) state the opinion, referred to in paragraph (a), or as the case may be paragraph (b), of subsection (1), of the Pensions Authority,

• (b) specify –

• (i) the requirements, referred to in subsection (1)(a), or

• (ii) the weakness or deficiency (or both), referred to in subsection (1)(b),

• (c) specify the reasons for the opinion referred to in paragraph (a),

• (d) advise the trustees concerned of the action that is required to be taken to –

• (i) satisfy the requirements referred to in paragraph (b)(i), or

• (ii) provide a remedy to address the weakness or deficiency (or both) referred to in paragraph (b)(ii),

• (e) specify a date by which the action referred to in paragraph (d) is to be taken by the trustees concerned, and

• (f) specify a date on which the trustees concerned shall notify the Pensions Authority as to the steps taken by them to carry out the action referred to in paragraph (d) having had regard to the date referred to in paragraph (e).

• (3) Where the Pensions Authority proposes to serve an Advisory Notice, it shall –

• (a) notify the trustees concerned, in writing, of its intention to serve an Advisory Notice,

• (b) inform the trustees, in respect of such proposal, of –

• (i) the opinion required under subsection (1) in respect of which it is proposed to serve the Advisory Notice,

• (ii) the requirements, referred to in subsection(1)(a), that are required to be satisfied, or as the case may be, the weakness or deficiency (or both) referred to in subsection (1)(b),

• (iii) the reasons for that opinion, and

• (iv) the actions which would be required to take as a remedy to ensure the satisfaction of the requirements referred to in subsection (1)(a) or address a weakness or deficiency referred to in subsection (1)(b)(or both), and

• (c) inform the trustees concerned that they may make a submission, in writing, on the matters specified in the notification under this subsection, to the Pensions Authority within 21 days of receipt of the notification under this subsection.

• (4) Where a submission referred to in subsection (3)(c) –

• (a) is made to the Pensions Authority within the period referred to in that subsection, it shall consider the submission and having had regard to all the circumstances of the scheme or trust RAC concerned, it may –

• (i) if it is satisfied that it is reasonable to do so, serve an Advisory Notice on the trustees of the scheme or trust RAC concerned, with or without modification of any matter specified in the notification under subsection (3) and the Advisory Notice may include any matter set out in, or arising from, the submission referred to in subsection (3)(c), or

• (ii) if it is not satisfied that it is reasonable to do so, decide not to serve the Advisory Notice and it shall notify, in writing, the trustees concerned of its decision, or

• (b) has not been made within the period referred to in subsection (3)(c), the absence of the submission shall not operate to prevent the service of the Advisory Notice after that period has elapsed.

• (5) Where the Pensions Authority is of the opinion that the trustees of a scheme or trust RAC, on whom an Advisory Notice has been served, have taken the action specified in the Advisory Notice, it shall withdraw the Advisory Notice and notify the trustees accordingly.

• (6) Nothing in this section shall operate to prevent, after the Advisory Notice has been served, the institution of proceedings (including proceedings under section 3) in respect of a failure to comply with a provision, specified in the Advisory Notice.

• (7) The Advisory Notice and the information, if any, provided by the trustees shall be admissible in evidence in legal proceedings (including proceedings under section 3).

• (8) The trustees of a scheme or trust RAC may appeal an Advisory Notice served on them under this section to the High Court.

Notice to trustees to provide External Report

26N. (1) Where the Pensions Authority is –

• (a) in the course of a supervisory review under section 26J,

• (b) following receipt of a stress-test under section 26L, or

• (c) following receipt of a Part VIB compliance statement under section 26T,

of the opinion that the information provided to it by, or pursuant to, the supervisory review, stress-test or Part VIB compliance statement –

• (i) is not sufficient for it to determine, for the purposes of the prudential supervision of a scheme or trust RAC, that the scheme or trust RAC is, or the trustees of such scheme or trust RAC are, in compliance with one, or more, of the provisions specified in subsection (2), or

• (ii) has given grounds for concern as to whether the scheme or trust RAC is, or the trustees of such scheme or trust RAC are, for the purposes of prudential supervision of a scheme or trust RAC, in compliance with Part VIB,

the Pensions Authority may, by notice in writing given to the trustees of the scheme or trust RAC concerned, require the trustees, within a period specified in the notice, to provide the Pensions Authority with a report on the matters set out in subsection (3) that is prepared by an External Report reviewer (in this Part referred to as ‘External Report’) for the purposes of the prudential supervision of that scheme or trust RAC.

• (2) The External Report shall, for the purposes of prudential supervision, examine the compliance by the scheme or trust RAC concerned or the trustees of such scheme or trust RAC with Part VIB and make a determination of such compliance in respect of one or more provisions of that Part.

• (3) A notice under subsection (1) shall state –

• (a) the date of the notice,

• (b) the period within which the trustees of the scheme or trust RAC concerned shall nominate a person to the Pensions Authority for approval under section 26O,

• (c) the purpose of the External Report,

• (d) the scope of the External Report,

• (e) the timetable for completion of the External Report,

• (f) the matters, referred to in subsection (2), that are required to be reported on,

• (g) whether the External Report is to include recommendations,

• (h) the form of the External Report,

• (i) where appropriate, the methodology to be used in the preparation of the External Report, and

• (j) any other matter relating to a provision of Part VIB, to which the Pensions Authority, having regard to the requirements of the prudential supervision of a scheme or trust RAC under this Part, considers appropriate.

External Report reviewer

26O. (1) An External Report shall be prepared by a person (in this Part referred to as the ‘External Report reviewer’) who is nominated by –

• (a) the trustees of the scheme or trust RAC concerned, within the period specified in the notice given under section 26N(1) and approved under subsection (4), or

• (b) the Pensions Authority, where –

• (i) no person is nominated by the trustees under paragraph (a) within the period specified in the notice given under section 26N(1), or

• (ii) the Pensions Authority is not satisfied with the person nominated under paragraph (a).

• (2) The External Report reviewer shall be a person appearing to the Pensions Authority to have the skills that are necessary to prepare an objective report on the matters concerned and, without prejudice to the generality of the foregoing, may be an auditor, actuary, accountant, investment manager, lawyer or any other person with relevant business, technical or technological skills required for the purpose of preparing the External Report.

• (3) The trustees of a scheme or trust RAC shall nominate a person to be an External Report reviewer and submit that nomination to the Pensions Authority for approval of that nomination and when considering whether to approve a nomination under subsection (4)(a) or make a nomination under subsection (1)(b), the Pensions Authority shall have regard to the circumstances giving rise to the requirement for the External Report and whether the person it proposes to approve or nominate appears to have –

• (a) the competence and capabilities and knowledge necessary to prepare an External Report on the matters concerned,

• (b) the ability to complete the External Report within the period specified by the Pensions Authority in the notice given under section 26N,

• (c) any relevant specialised knowledge, including specialised knowledge of the operation of a scheme or trust RAC and the matters to be reported on, and

• (d) any potential conflict of interest in reviewing the matters to be reported on and has sufficient detachment, having regard to any existing professional or commercial relationships, to give an objective opinion.

• (4) The Pensions Authority may approve a nomination referred to in subsection (1)(a) and where –

• (a) it approves the nomination, or

• (b) makes a nomination under subsection (1)(b),

it shall notify the trustees of the scheme or trust RAC concerned, in writing, as soon as practicable.

Contract with External Report reviewer

26P. (1) Where an External Report reviewer is approved or nominated by the Pensions Authority under section 26O, the trustees of the scheme or trust RAC concerned shall enter into a written contract with the External Report reviewer.

• (2) It shall be a term of the contract referred to in subsection (1) that –

• (a) the External Report reviewer is required to prepare, for the trustees of the scheme or trust RAC concerned, an External Report in accordance with the notice given under section 26N(1) and to provide that External Report to the trustees as soon as practicable after it is completed,

• (b) that any duty owed by the External Report reviewer to the trustees concerned which might limit the provision of information or opinion by those trustees to the External Report reviewer in preparing an External Report under this Part shall be waived,

• (c) that the External Report reviewer is required and permitted to provide to the Pensions Authority the following where the Pensions Authority so requests –

• (i) periodic updates on progress and issues arising,

• (ii) interim reports,

• (iii) documents and working papers,

• (iv) copies of any draft of the External Report given to the trustees concerned, and

• (v) specific information about the planning and progress of the work to be undertaken (which may include project plans, progress reports including the amount of work completed, details of time spent, costs to date and details of any significant findings and conclusions), and

• (d) that the contract is not varied or rescinded in such a way as to extinguish or alter the provisions included in the contract under this subsection.

• (3) If the Pensions Authority considers it appropriate, it may request the trustees of the scheme or trust RAC in respect of which the External Report is being made, to give to the Pensions Authority a copy of the draft contract before it is made with the External Report reviewer and the Pensions Authority may require modifications to be made to the draft contract as it considers appropriate.

Completion of External Report

26Q. (1) When the External Report reviewer has completed the External Report, he or she shall deliver it to the trustees of the scheme or trust RAC concerned.

• (2) The trustees referred to in subsection (1) shall as soon as practicable deliver a copy of the External Report to the Pensions Authority not later than the date specified in the notice given under section 26N(1).

• (3) Where the External Report reviewer is unable to deliver the External Report to the trustees on or before the date referred to in subsection (2), the External Report reviewer shall notify the trustees of the scheme or trust RAC concerned and the Pensions Authority as soon as practicable of the delay and provide an estimate of time required to deliver the External Report.

• (4) The Pensions Authority shall, on receipt of the External Report, have regard to it and examine the information set out in it and consider whether, in respect of one or more provisions set out in the notice referred to in section 26N, the scheme or trust RAC or the trustees of a scheme or trust RAC –

• (a) is, or are, in compliance with those provisions,

• (b) is, or are, not in compliance with those provisions, or

• (c) is, or are, in compliance with some of those provisions and not in compliance with some of them.

External Report: supplemental provisions

26R. (1) The costs of, and any costs incidental to, the preparation of the External Report under this section shall be borne by the scheme or trust RAC.

• (2) The trustees of a scheme or trust RAC in respect of which an External Report is prepared shall give all such assistance to the External Report reviewer as he or she may reasonably require for the purposes of the preparation of an External Report.

Pensions Authority not bound by External Report nor liable for it

26S. (1) The Pensions Authority shall not be bound by the content of an External Report and an External Report shall not be taken to be a decision or opinion of the Pensions Authority for any purpose.

• (2) The Pensions Authority shall not be liable for any acts or omissions of an External Report reviewer.

Chapter 5 Part VIB compliance statement

Part VIB compliance statement

26T. (1) Not later than 31 January of each year, the trustees of a scheme or trust RAC shall prepare a statement in relation to the matters specified in subsection (2) (‘Part VIB compliance statement’) for the immediately preceding year for the purposes of prudential supervision.

• (2) A Part VIB compliance statement shall specify information relating to Part VIB.

• (3) The form of the Part VIB compliance statement shall be specified by the Pensions Authority following consultation with the Minister.

• (4) The trustees referred to in subsection (1) shall submit the Part VIB compliance statement to the Pensions Authority not later than 1 month after that statement is prepared in accordance with subsection (1).

• (5) The trustees referred to in subsection (1) shall certify that the information provided in the Part VIB compliance statement has been reviewed for accuracy and completeness and shall be certified by –

• (a) at least 2 trustees of the scheme or trust RAC, or

• (b) where a body corporate is appointed as the sole trustee of that scheme or trust RAC, at least 2 directors of that body corporate.

• (6) Where the Part VIB compliance statement has been submitted to the Pensions Authority, the Pensions Authority may, by notice in writing, request the trustees of a scheme or trust RAC to furnish the Authority, within a period as is specified in the notice, with information and documentation in respect of any matter specified in the Part VIB compliance statement.

• (7) Where the Pensions Authority has requested further information and documentation under subsection (6), the trustees of the scheme or trust RAC concerned shall provide that information and documentation within the period specified in the notice under subsection (6).

Section 26T: supplemental and transitional provisions

26U. For the purposes of the first Part VIB compliance statement under section 26T –

• (a) where a scheme or trust RAC is registered under section 60 on or before the date of the coming into operation of this section, the first Part VIB compliance statement shall be prepared not later than 31 January 2022 in respect of 2021, or

• (b) where a scheme or trust RAC is registered under section 60 after the day on which this section comes into operation, the first Part VIB compliance statement shall be prepared not later than 31 January immediately following the day on which the scheme or trust RAC is registered in respect of the period from the day on which the scheme or trust RAC is registered to 31 December immediately following that day.

Chapter 6 Information to be provided to Pensions Authority

Information to be provided to Pensions Authority

26V. (1) Without prejudice to any other provision of this Act, the Pensions Authority may require –

• (a) the trustees of a scheme or trust RAC, or

• (b) a person who carries out a key function referred to in Part VIB,

to provide the Pensions Authority, at any time, with information concerning all business matters or to forward all business documents to it for the purposes of prudential supervision and the request shall be made by notice in writing and shall specify the date by which the information is to be provided.

• (2) The trustees referred to in subsection (1)(a) or a person referred to in subsection (1)(b) shall comply with a request under subsection (1) and not later than the date specified in the notice.

• (3) Without prejudice to any other provision of this Act, the Pensions Authority shall supervise relationships between a scheme or trust RAC and –

• (a) a person, or

• (b) another scheme or trust RAC,

when the first-mentioned scheme or trust RAC outsources a key function, or any other activities, to that person or the second-mentioned scheme or trust RAC, and all subsequent re-outsourcing, influencing the financial situation of the scheme or trust RAC or being in a material way relevant for effective supervision.

• (4) Without prejudice to any other provision of this Act, the Pensions Authority may require the trustees of a scheme or trust RAC to provide information to it in relation to the supervision of relationships under subsection (3).

• (5) Without prejudice to any other provision of this Act, the Pensions Authority may request the trustees of a scheme or trust RAC to furnish it with all or any of the following:

• (a) the own-risk assessment;

• (b) the statement of investment policy principles;

• (c) the annual accounts and annual reports;

• (d) any other documents which the Pensions Authority considers are necessary for the purposes of prudential supervision of the scheme or trust RAC concerned under this Part.

• (6) Without prejudice to any other provision of this Act, the Pensions Authority may specify a document that is necessary for the purposes of the performance by it of its functions, under this Part, in relation to prudential supervision and, shall, in any such specification include the following documents –

• (a) internal interim reports,

• (b) actuarial valuations and detailed assumptions,

• (c) asset-liability studies,

• (d) evidence of consistency with the investment-policy principles,

• (e) evidence that contributions have been paid in as planned,

• (f) reports by the persons responsible for auditing the annual accounts referred to in section 56,

and the Pensions Authority shall publish a list of any document it has specified under this subsection.

• (7) Without prejudice to any other provision of this Act, the Pensions Authority may carry out an on-site inspection for the purposes of the prudential supervision of the scheme or trust RAC under this Part –

• (a) at or on any premises in or at which the trustees of a scheme or trust RAC carries on its business, and

• (b) where appropriate, at or on any premises where outsourced and all subsequent re-outsourced activities are carried out,

to check if activities are carried out in accordance with the supervisory rules.

• (8) For the purposes of subsection (7), the Pensions Authority may direct an authorised person to carry out an on-site inspection referred to in subsection (7) and section 18(3) shall apply to the authorised person who carries out the on-site inspection.

• (9) Without prejudice to any other provision of this Act, the Pensions Authority may, at any time, request the trustees of a scheme or trust RAC to provide it with information concerning outsourced activities and any subsequent re-outsourced activities for the purposes of prudential supervision of the scheme or trust RAC under this Part.

Transparency and accountability

26W. (1) Without prejudice to any other provision of this Act, the Pensions Authority shall perform the functions in this Part, Part VIB, sections 10(1A), 50(2C), 59(1E), 59A(1A), 59A(1B), 59AB, 149(1), 151A, 151B and 152(1) in a transparent, independent and accountable manner with due respect for the protection of confidential information.

• (2) Without prejudice to any other provision of this Act, the Pensions Authority shall publish –

• (a) information regarding the supervisory review process under this Part,

• (b) aggregate statistical data on key aspects of the application of the prudential framework on its website,

• (c) the main objective of prudential supervision and information on its main functions and activities, and

• (d) information in relation to the enforcement of this Part, Part VIB and a measure arising from the Directive of 2016.

Chapter 7 Professional secrecy and exchange, and transmission, of information

Professional secrecy and use, and exchange, of confidential information

26X. (1) Without prejudice to the generality of section 24(1) and subject to subsections (2) and (4), a person referred to in section 24 (including a person who is or was at any time, an auditor or expert acting on behalf of the Pensions Authority) is bound by the obligation of professional secrecy, and shall not divulge confidential information received by him or her in the course of his or her duties to any person or authority except in summary or aggregate form ensuring that a scheme or trust RAC cannot be identified other than in accordance with that section.

• (2) Where a scheme or trust RAC is being wound up, subsection (1) shall not operate to prevent the disclosure of information referred to in that subsection under section 24(3) nor in any civil or criminal proceedings.

• (3) Without prejudice to any other provision of this Act and subject to subsections (2) and (4), where the Pensions Authority receives confidential information pursuant to this Part, Part VIB or Part XII or section 150(1), 151A, 151B or 152(2), it shall use that information for the following purposes:

• (a) to check that the conditions for taking up occupational retirement provision business are met by a scheme or trust RAC before it commences its activities;

• (b) to facilitate the monitoring of the activities of a scheme or trust RAC including the monitoring of the technical provisions, the solvency, the system of governance, and the information provided to members and beneficiaries;

• (c) to impose corrective measures;

• (d) where there is a requirement, under any enactment, to publish key performance indicators of all individual schemes or trust RACs, which may assist a member and beneficiary in taking a financial decision regarding his or her pension;

• (e) in an appeal, taken in respect of a decision of the Pensions Authority under this Part or Part VIB or section 50, 59A, 149, 150, 151, 151A, 151B, 152 or 153; and

• (f) in proceedings in respect of a provision of this Act taken where such provision concerns a measure provided for in the Directive or the Directive of 2016.

• (4) Subject to this Part, subsections (1), (2) and (3) shall not operate to prevent the Pensions Authority from –

• (a) exchanging information under section 4(2),

• (b) disclosing information under section 4(3),

• (c) exchanging information between it, in the discharge of its supervisory functions, and another competent authority in the State in the discharge of their supervisory functions and any of the following in the State in respect of such discharge –

• (i) authorities responsible for the supervision of financial sector entities and other financial organisations and the authorities responsible for the supervision of financial markets and without prejudice to the generality of the foregoing includes the Central Bank of Ireland,

• (ii) authorities or bodies charged with responsibility for maintaining the stability of the financial system through the use of macro-prudential rules, and

• (iii) reorganisation bodies or authorities aiming at protecting the stability of the financial system,

• (d) exchanging information with a person who is involved in the winding up of a scheme or trust RAC or other similar procedures,

• (e) exchanging information with a person who is responsible for carrying out a statutory audit of the accounts of a scheme or trust RAC, an insurance undertaking or other financial institution, and

• (f) disclosing information to a person who administers the winding up of a pension scheme where the information is necessary for the performance of such administration.

• (5) A person with, or to, whom information, referred to in subsection (4), is exchanged or disclosed shall be bound by the obligation of professional secrecy and shall not divulge such information received by him or her to any person or authority except in summary or aggregate form ensuring that a scheme or trust RAC cannot be identified other than in accordance with this Part.

• (6) Nothing in subsections (1), (2) and (3) shall operate to prevent an exchange, or disclosure of information between the Pension Authority and any of the following:

• (a) the trustees of a scheme or a trust RAC that is being wound up and other similar procedures;

• (b) a person responsible for the overseeing of the persons responsible for carrying out of a statutory audit of the accounts of a scheme or trust RAC, insurance undertakings and other financial institutions;

• (c) an actuary and the Society of Actuaries of Ireland.

• (7) Subsections (1) to (3) shall be without prejudice to the right of inquiry conferred on the European Parliament by Article 226 of the Treaty on the Functioning of the European Union.

Transmission, by Pensions Authority, of information to Central Bank, and other persons

26Y. (1) Section 26X(1) to 26X(3) shall not operate to prevent the Pensions Authority from transmitting information to all or any of the following:

• (a) the Central Bank of Ireland;

• (b) the European Systemic Risk Board;

• (c) EIOPA;

• (d) the European Supervisory Authority (European Banking Authority);

• (e) the European Supervisory Authority (European Securities and Markets Authority).

• (2) This section, and sections 26X(4), 26X(5), 26X(6), 26Z and 26AA shall not operate to prevent a person, authority or body referred to in subsection (1) from communicating to the Pensions Authority such information as the Pensions Authority may need for the purposes of section 26X(3).

• (3) A person with, or to whom information is exchanged or disclosed pursuant to this section shall be bound by the obligation of professional secrecy and shall not divulge such information received by him or her to any person or authority except in summary or aggregate form ensuring that a scheme or trust RAC cannot be identified other than in accordance with this Part.

Disclosure of information to certain persons: financial requirements

26Z. (1) Sections 26X(1), 26X(3) and 26AA shall not operate to prevent the disclosure of confidential information between the Pensions Authority and the Minister, any other Minister of the Government, a supervisory authority referred to in section 4, a body established under an enactment, a credit institution, financial institution, investment services and insurance undertakings, or where appropriate, an inspector acting on behalf of such persons.

• (2) A disclosure referred to in subsection (1) shall be made only where necessary for reasons of prudential control and prevention and resolution of a failing scheme or trust RAC.

• (3) A person with, or to whom information is exchanged or disclosed pursuant to this section shall not divulge such information received by him or her to any person or authority except in summary or aggregate form ensuring that a scheme or trust RAC cannot be identified other than in accordance with this Part.

• (4) Information received under section 26X(4) and obtained by means of on-site verification may only be disclosed with the express consent of the Pensions Authority, or where appropriate, any other competent authority from which the information originated or, as the case may be, the competent authority of the Member State in which the on-site verification was carried out and without prejudice to the generality of the foregoing such information may be disclosed between the Pensions Authority and the Minister, any other Minister of the Government and a supervisory authority referred to in section 4 with such express consent of the Pensions Authority where it carried out that verification, or the competent authority of the other Member State in which that verification was carried out.

Conditions for exchange of information

26AA.(1) For the purposes of an exchange of information under section 26X(4), a transmission of information under section 26Y and a disclosure of information under section 26Z, the following conditions shall apply:

• (a) the information shall be exchanged, transmitted or disclosed for the purpose of carrying out oversight or supervision;

• (b) a person with, or to whom information is exchanged or disclosed pursuant to this section shall not divulge such information received by him or her to any person or authority except in summary or aggregate form ensuring that a scheme or trust RAC cannot be identified other than in accordance with this Part;

• (c) where it originates from another Member State, it shall not be disclosed without the express agreement of the competent authority from which it originates and, where appropriate, solely for the purposes for which that authority gave its agreement.

• (2) Section 26X(3) shall not operate to prevent the exchange of information between the Pensions Authority and Director of Corporate Enforcement referred to in section 945 of the Companies Act 2014 and for the purposes of such exchange –

• (a) the information exchanged must be intended for the purpose of detection, investigation and scrutiny,

• (b) a person with, or to whom information is exchanged or disclosed pursuant to this section shall be bound by the obligation of professional secrecy and shall not divulge such information received by him or her to any person or authority except in summary or aggregate form ensuring that a scheme or trust RAC cannot be identified other than in accordance with this Part, and

• (c) where it originates from another Member State, it shall not be disclosed without the express agreement of the competent authority from which it originates and, where appropriate, solely for the purposes for which that authority gave its agreement.

Provision of information, etc. to EIOPA

26AB. (1) The Pensions Authority shall, subject to subsection (2), report to EIOPA in respect of the provisions of this Part and 59AB which are –

• (a) of a prudential nature, and

• (b) are not covered by social and labour law on the organisation of pension schemes referred to in Article 11(1) of the Directive of 2016,

in respect of a scheme or trust RAC.

• (2) A report under subsection (1) shall be made at least every 2 years.

• (3) Nothing in subsection (2) shall operate to prevent a report under subsection (1) from being made from time to time as the Pensions Authority considers appropriate.”.

Part 8 Co-operation by Pensions Authority

Co-operation by Pensions Authority

40.

“Part XIII

Co-operation by Pensions Authority

Interpretation

155. A word or an expression that is used in this Part has the same meaning as it has in the Directive of 2016.

Co-operation generally

156. (1) Without prejudice to any other provision of this Act, the Pensions Authority shall collaborate with the Commission in relation to facilitating the supervision of the operation of schemes and trust RACs to which Part IIA applies.

• (2) Without prejudice to any other provision of this Act, or any other enactment, the Pensions Authority shall –

  • (a) co-operate with EIOPA for the purposes of the Directive of 2016 in accordance with Regulation (EU) No. 1094/2010,

  • (b) provide EIOPA, as soon as practicable, with all information required by EIOPA in order for it to carry out its duties under the Directive of 2016 and under Regulation (EU) No. 1094/2010 in accordance with Article 35 of that Regulation, and

  • (c) communicate to EIOPA information from the register referred to in section 60.

• (3) The Pensions Authority may request the trustees of a scheme or trust RAC to provide it with information it requires for the purposes of the provision of information referred to in subsection (2)(b) and may, for that purpose, specify a date on which the information is to be provided to it.

• (4) Where the Pensions Authority makes a request under subsection (3), the trustees of the scheme or trust RAC concerned shall provide the information requested by the date specified for its provision.

• (5) Without prejudice to any other provision of this Act, the Pensions Authority shall exchange best practices with regard to the format and content of the Pension Benefit Statement referred to in Regulation 33 of the European Union (Occupational Pension Schemes) Regulations 2021.”.

Part 9 Amendment of European Union (Insurance and Reinsurance) Regulations 2015

Amendment of European Union (Insurance and Reinsurance) Regulations 2015

41.

• (a) in paragraph (a), by the deletion of “or”,

• (b) in paragraph (b), by the substitution of “as Lloyd’s, or” for “as Lloyd’s;”, and

• (c) by the insertion of the following paragraph after paragraph (b):

• “(c) the provision of cover by a reinsurance undertaking to an institution that falls within the scope of Directive (EU) 2016/2341 of the European Parliament and of the Council¹⁰ ;”.

GIVEN under my Official Seal,

22 April, 2021.

HEATHER HUMPHREYS,

Minister for Social Protection.

EXPLANATORY NOTE

(This is not part of the Statutory Instrument and does not purport to be a legal interpretation.)

These Regulations amend the Pensions Act 1990 (“1990 Act”) to transpose requirements of Directive (EU) 2016/2341 of the European Parliament and of the Council of 14 December 2016 (IORPs)(recast). While many of the provisions of the Directive were already transposed into Irish law, these Regulations transpose additional requirements of the Directive not already provided for in Irish law.

These Regulations amend the 1990 Act to provide for a range of new requirements concerning governance; management standards in schemes; safekeeping of assets; the provision of 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 Pensions Authority for effective supervision of occupational pensions and to provide for exchanges, disclosures or transmission of information.

Footnotes