These Regulations amend the Pensions Act 1990 to transpose Directive (EU) 2016/2341 (IORP II). They designate the Pensions Authority as competent authority and introduce detailed governance and prudential rules: mandatory systems of governance, specified key functions (risk management, internal audit and, where applicable, actuarial), fit‑and‑proper requirements, outsourcing controls, depositary safekeeping and oversight, a prudent‑person investment rule, remuneration principles, own‑risk assessments and new member disclosure obligations via a Pension Benefit Statement. Transitional measures and phased application for small and one‑member arrangements are provided.

Part IIA establishes a forward‑looking, risk‑based supervisory regime with Advisory Notices, External Reports, stress‑testing, monitoring tools, on‑site inspection and powers to require information. It enables co‑operation and information exchange with EIOPA and domestic authorities, sets enforcement mechanisms, appeal routes to the High Court, offences and sanctions, and contains provisions facilitating cross‑border transfers (sections 151A/151B) and reporting obligations. Costs of certain processes fall on the schemes.