UK and Ireland in talks with EU on IORPs
IRELAND – Ireland and the UK are in talks with the European Commission over the recognition of UK/Ireland pension schemes under the pension fund directive.
The Irish Pensions Board said there is a possibility that so-called UK/Ireland schemes come within the scope of Article 20 of the Institutions for Occupational Retirement Provision directive.
But it added that it did not expect the talks to be finalised by September 23, the date by which the directive is required to be implemented into national law.
“We have advised the Commission that Ireland will continue to allow UK/Ireland schemes to operate ‘as is’ and without regard to the provisions of Article 20 of the IORPs directive until we receive concluded advice from the Commission as to whether or not such schemes come within the scope of Article 20,” the Board said.
A UK/Ireland scheme is a scheme registered in Ireland which has members in the UK.
Employers based in Ireland were permitted to have their UK based employees included as members of the Irish registered pension scheme rather than requiring a separate UK scheme to be established for such individuals.
Article 20 of the IORP directive requires schemes which engage in cross-border activities to receive a prior authorisation and to fulfil certain ongoing conditions.