You may be aware of recent pensions legislation introduced as a result of a European Directive on the activities and supervision of Institutions for Occupational Retirement Provision (the IORP II Directive). This Directive promotes higher standards in pension plan governance to increase member protection and aims to deliver better outcomes for pension plan members across the EU.
In Ireland, the implementation of the Directive has prompted significant consolidation of smaller pension plans into larger arrangements known as “master trusts” designed to meet these higher governance standards. Master trusts are a type of pension scheme, managed by professional trustees, under which multiple employers can participate.
Last year, Cornmarket established a master trust specifically designed to accommodate employers operating pension schemes across the Civil and Public Sectors. This master trust is known as the Civil and Public Sector Master Trust.