Information on supervisory review process
6 December 2023: Today, the Pensions Authority publishes information on the supervisory review process (SRP) provided for under the Pensions Act, following the transposition of the IORP II Directive.
Supervisory review process
Section 26J of the Pensions Act requires the Authority to conduct SRPs in relation to the strategies, processes and reporting procedures established by the trustees of pension schemes. The SRP consists of an assessment by the Authority of a scheme’s system of governance, the risks that the scheme faces and the ability of the scheme to manage those risks.
The Authority will commence its SRP programme in 2024, focusing on master trusts and large defined contribution and defined benefit schemes. Schemes selected for the SRP will be provided with information on the SRP process in advance. The schemes selected for SRP in 2024 will be formally notified early in the new year.
As part of its forward-looking risk-based supervisory agenda, the Authority will continue to monitor all schemes through a wide range of supervisory activities, such as desk-based inspections, on-site inspections, thematic reviews and engagement meetings.
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For further information, contact:
The Pensions Authority
Tel: 01 613 1900