Ireland: Master Trust Developments 2021
Ireland is home to around half of the IORPs in the European Union, despite only having 1% of its population. The Pensions Authority, which regulates Irish pensions, believes that a smaller number of larger schemes would better serve pension savers.
The Pension Authority’s medium term goal is to reduce the number of Irish pension schemes from approximately 160,000 to 100-150. This will require the expansion of multi-employer pension schemes, or master trusts.
The transposition of the IORP II Directive into Irish law took place on 22nd April 2021. It is expected to have a significant impact on the large number of small DC schemes within the Irish market. For those schemes that will struggle with the requirements of IORPS II and its
associated costs, it will be important that there are clear alternatives available.
Read the full article at Byrne Actuaries: https://www.byrneactuary.com/pension-and-actuarial-consulting/master-trust-developments-2021/