‘IORP II’, as it is known, was finalised in January 2017 and implementation is required by January 2019. It focuses on the governance of pension schemes and their communications with members. The revision is extensive with the number of articles rising from 24 to 67.
Key changes are:
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- A requirement to draw up and maintain a risk assessment; n The appointment of a risk
management function and an internal auditor;
- Documentation of a remuneration policy for key function holders; and
- Revisions to the content of annual pension benefit statements.