As an EU Directive, The European Union (Occupational Pension Schemes) Regulations 2021 was signed into Irish legislation in April 2021. This significant update means pension providers in Ireland are now legally required to have a plan in place outlining how they will issue annual statements to all members of SSAPS and Group Pension Plans by the end of January 2022, with the programme of communication to be implemented by the end of 2022. Such a plan will need to include the provision to contact every member of a pension scheme - including deferred members - to establish a preferred method of communication of the annual benefits statement.
Hibernian Legal, a Dye & Durham Company has extended its tracing, asset and lifestyle investigations service to pension providers to help ensure compliance in relation to IORP II legislation and tracing deferred pension members.
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