Pensions regulator offers guidance on IORP

In the new guidance, the Regulator outlines how and when lump sum death benefits can be provided to members of occupational pension schemes, as well as how the benefits can be provided from schemes which are no longer classed as pensions. This is because following the introduction of the European Directive on the activities and supervision of Institutions for Occupational Retirement Provision (IORP), into section 255 of the Pensions Act 2004, group life only schemes are no longer considered to be occupational pension schemes. As under the IORP directive, section 255 limits the activitie...