Shane O’Farrell, Director of Products for Irish Life Corporate Business said:
“Many large pension plans and Master Trusts will be in a position to evolve and meet the new requirements relatively easily due to their scale but compliance with the new code may be more difficult for some smaller plans. The enhanced governance standards being introduced through IORP II implementation are designed with the member in mind - to improve member outcomes and provide greater protection. Therefore it will be vital to ensure that the many thousands of existing plan members are not negatively impacted or inconvenienced in any way as the rules are brought in. Particularly when you consider that these are fairly technical ‘under the bonnet’ changes.”
