The Irish Pensions Authority is set to share its 2025-2029 pension strategy in the "coming weeks", pensions regulator, Brendan Kennedy, has announced, although he confirmed that it will not involve any "significant change in direction".

Speaking at the Irish Association of Pension Funds (IAPF) summer conference, Kennedy confirmed that the Pensions Authority would continue following the priorities and objectives in its 2022-2024 strategy in the 2025-2029 strategy.

In particular, Kennedy highlighted ongoing work around authorisation, welcoming the news that legislation for a system of authorisation for pension schemes is set to be published later this year.

"Once the Oireachtas has enacted legislation, our priority will be to implement it quickly," Kennedy claimed.

In addition to this, Kennedy said that the Pensions Authority would continue on the path towards scheme consolidation.

"Work is ongoing within the pensions sector to address the number of schemes
who are not yet compliant with their IORP II obligations," he added.

"In addition, it is less than a year until the derogation for older single-member schemes expires in April 2026."

Given this, he confirmed that the Pensions Authority will continue to liaise closely with administrators to monitor progress and to identify any obstacles that arise.

More broadly, Kennedy also confirmed that the authority will continue itsmix of themed and scheme-specific reviews in the coming years,

"In due course, we will integrate authorisation and our supervisory review process," he stated, suggesting that the "significant increase" in the numbers of personal retirement savings accounts (PRSAs) will also be reflected in these supervisory activities

Forward-looking risk-based supervision will also continue to be a "fundamental part" of the authority's oversight of pension schemes more broadly, as Kennedy emphasised the need for the industry to improve its data.

As risk-based supervision relies on data, scheme trustees will be obliged to provide considerably more information to the Pensions Authority in the future.

He also highlighted the importance of Europe for future strategy, noting that the Pensions Authority and pension schemes have been working to meet the Digital Operational Resilience Act (DORA)'s requirements.

"Looking ahead, the Sustainable Finance Disclosure Regulation (SFDR) and related European obligations are on the horizon, and there will undoubtedly be further developments in European legislation after that," he continued.

"The European Union (EU) will be a major influence on the Irish pensions landscape in the coming years," Kennedy stated.

Later in his speech, the chief executive highlighted governance and risk management processes, administration and IT, costs and value for money, investment, and communications with members as key priorities for trustees.

"Since 2021, trustees have been working to implement the obligations arising from IORP II and responding to the changes in legislation - this phase should be over," argued Kennedy.

"Over the coming five years and beyond, trustees' objective should be to address the needs of their members and not just seek to achieve minimum compliance," he continued.

"There will always be regulatory changes to respond to, especially related to European developments.

"Trustees must consciously aim to be proactive, to be frontrunning national and international developments in the interests of their members," Kennedy concluded.

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