IORP II: internal audit of pension funds

20 August 2020 – All pension funds must have established the key function for the internal audit by 1 September 2020, including an independent key function holder (SFH). Based on IORP II legislation, pension funds are required from 2019 to establish key functions for actuarial, risk management and internal audit in order to further strengthen governance. Where risk management has already been further developed within the sector in recent years, the internal audit function is still in its infancy.