Pension governance and disclosure is changing | KPMG | UK
close
Share with your friends

Pension governance and disclosure is changing

Pension governance and disclosure is changing

Before formally exiting the EU in March 2019, the UK will need to implement the latest EU pensions directive which will impact the way UK pension schemes operate. Although the changes are not imminent, scheme trustees and company representatives should be aware of what is coming and reflect this in upcoming activities and strategic planning.

1000

Director, Pensions

KPMG in the UK

Contact

Also on KPMG.com

Pension governance and disclosure is changing, Illustration of two people working at a desk

Are you ready for IORP II?

IORP II is the name commonly given to an EU directive that came into force on 12 January 2017. It prescribes requirements on the financing, governance and supervision of IORPs (Institutions for Occupational Retirement Provision). 

Who does it affect?

The directive applies to all IORPs based in EU. IORP is a term used by the EU and its agencies, and it refers to “an institution, irrespective of its legal form, operating on a funded basis, established separately from any sponsoring undertaking or trade for the purpose of providing retirement benefits in the context of an occupational activity on the basis of an agreement or a contract….””

In a UK context, IORPs are funded occupational defined benefit and defined contribution schemes, but not personal pension schemes. 

Read our report 'Pension governance and disclosure is changing' to find out more about IORP ll, how it will be implemented and a timeline for implementation. 

 

Connect with us

 

Request for proposal

 

Submit