Occupational Pensions

Department for Work and Pensions written question – answered on 18th October 2018.

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Photo of Jack Dromey Jack Dromey Shadow Minister (Work and Pensions) (Pensions)

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.

Photo of Guy Opperman Guy Opperman The Parliamentary Under-Secretary of State for Work and Pensions

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.

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