United Kingdom

Governance: IORP II requirements

The IORP II requirements reflect the five measures of best practice for the governance of the financing and operations of retirement plans:

  • access to information to support decision making
  • insights from individuals (or providers) with specialist knowledge and experience
  • clear policies covering the key functions and activities
  • a control framework for disciplined execution
  • ongoing monitoring and reporting
  Access to information Insights from specialists Clear policies Control framework Monitoring & reporting
IORP II requirement Disclosure to supervisory authorities on request.
Some publicly available (marked in bold)
Professional qualifications, knowledge & experience.
Also good repute & integrity.
Review triennially or after significant changes. Continuity and regularity of performance.
Avoid inappropriate behaviours.
Adequate & effective controls. Policies adhered to & suitable.
Information for decision making.
Financing Report & accounts
Investment principles

Valuation reports
Asset-liability studies
Investment holdings
Independent Actuarial Actuarial activities
Strategic asset allocation
ESG* factors
Accounting procedures
Investment risk processes
Asset depositary
Technical provisions
Liability experience
Investment performance
Deficit recovery plans
Insurance arrangements
Underwriting policy
Operations Contribution tracking
Outsourcing roles
Policies & procedures
Internal audit report
Business documents
Management (>1)
Independent Internal Audit
Internal audit
Outsourced activities
Administrative procedures
Contingency plans
Outsourced activities
Roles & responsibilities
Conflict management
Free to inform authorities
Performance regularity
Internal controls
Governance system
Outsourced activities

* ESG = Environmental, social and governance

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Read more on the IORP requirements around risk management and member communication.