IORP II - new investment rules

New investments by one-member schemes may invest no more than 49% in unregulated markets, with property being the main investment class impacted.
Property investments made before April 2021 may continue.
No more than 49% of ongoing regular contributions to one-member schemes may be directed toward property funds.
The property investment restriction includes a look-through to property elements within managed or multi-asset funds. Although these funds don’t have fixed allocation ranges, in practice, the property allocation in Irish Life managed or multi-asset funds does not exceed 10%.
No new borrowing may be undertaken by one-member schemes.
Borrowing made before 22nd April 2021 may continue in line with existing borrowing agreements.

Schemes set up before 22nd April 2021:

If the scheme already exceeds 49% in property, that investment may continue as is. Future contributions, new transfers or future fund switches may not be invested in property until the amount invested in property drops below 49% of the plan value.
If the scheme does not invest in property or less than 49% is invested in property, then new contributions, new transfers and new switches may invest in property, provided the property element is kept below 49%.

Schemes set up from 22nd April 2021:

The value of the property investment in new schemes must kept to a maximum of 49% of the plan value.

The property restrictions apply to occupational pension schemes only; that is company pensions, executive pensions, group company pension schemes, master trusts and SSAPs.
The property restrictions do not apply to investments in personal pensions, PRSAs, PRBs or ARFs.