The Irish Pensions Authority has confirmed that its supervisory review process (SRPs) will begin in 2024, focusing on master trusts and large defined contribution (DC) and defined benefit (DB) schemes.
Section 26 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 includes 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.
In line with this, the authority has now confirmed that it plans to 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, with schemes selected for SRP in 2024 to be formally notified early in the new year.
As part of its forward-looking risk-based supervisory agenda, the authority will also 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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