The Pensions Authority in Ireland has provided an update for master trusts, providing information in relation to the impending 1 July compliance deadline.

The Authority has previously advised it expects all master trusts to be compliant with the new provisions of the Pensions Act, 1990, as amended (the Act) (following the transposition of the IORP II Directive in April 2021) and the Code of Practice for trustees of occupational pension schemes and trust RACs (the Code) by 1 July 2022.

After the deadline has passed, the authority said it will be “actively monitoring” the compliance position of master trusts and “reserves the right to take any action that it deems appropriate in the event of non-compliance.

The update provides information on trustees, capitalisation, continuity plans, charges, marketing of new schemes and reporting to the authority.

The authority plans to publish its findings on master trust compliance as soon as practicable post-July. In addition, it is considering the publication of an up-to-date list on its website of compliant master trusts post-July 2022.

The full update can be read here.

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