(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.