Consultation on regulation of defined contribution (DC) master trusts – July 2018
Thursday 26 July 2018: The Pensions Authority has today published a consultation paper on the regulation of DC master trusts. The closing date for submissions to the consultation process is 5 October 2018.
The Authority believes that the number of DC master trusts and their membership is likely to increase due to additional obligations on trustees resulting from the transposition of the IORP II Directive and from the need for consolidation in DC schemes. The Authority is now considering what additional obligations should be placed on such schemes to reflect the particular risks that apply in comparison to traditional single employer schemes.
This consultation document sets out the Authority’s view of obligations appropriate for master trusts, over and above those that will apply to traditional single employer schemes under IORP II. The Authority is now seeking views on these proposed obligations which will inform our approach to the regulation of master trusts and any subsequent advice to the Department of Employment Affairs and Social Protection in relation to legislative changes required. The consultation document is available under ‘Related File(s)’ below.
Views are being sought from all stakeholders on the issues set out in the consultation paper and the direction of regulation for master trusts. Submissions can be sent to the Authority by post or by emailing email@example.com.
The closing date for submissions is Friday, 5 October 2018.
Note to Editors
The Pensions Authority is the statutory body established by the Pensions Act to regulate occupational pension schemes, trust based RACs and Personal Retirement Savings Accounts and to advise the Minister for Employment Affairs and Social Protection on overall pension policy development. See www.pensionsauthority.ie