To ask the Secretary of State for Work and Pensions, when she plans to hold a consultation on the implementation of the IORP2 Directive on occupational retirement savings.
The UK was a strong and influential voice during the negotiations that produced the EU Directive 2016/2341 known as IORP II. Stakeholder and Government representatives worked together to negotiate a final text which supports the UK’s direction of travel on pensions policy. Consequently, many of the key elements of IORP II are already required within UK law and / or the Pensions Regulator’s existing Codes of Practice. Therefore, DWP does not intend to undertake a formal consultation exercise. However, we have consulted informally and extensively with industry, the Pensions Regulator and other stakeholders to explore which parts of the Directive to transpose into UK law and how this is best achieved.