Following the introduction of IORP II regulation, the Irish Life EMPOWER Master Trust (Empower) was established as an independent entity by Ireland’s largest defined contribution (DC) provider, Irish Life. By the end of 2023, it is anticipated that more than 1,900 schemes, 100,000 members and €5bn in assets under management will have transitioned over to the new entity.

Empower recognises the need for all members to have equal access to high-quality pension education. It offers member engagement programmes that aim to educate and empower members throughout their retirement journey. A series of webinars has demonstrated the success of this ‘equal access’ approach, as 81% of attendees are members from smaller schemes.

A multi-channel engagement ‘ecosystem’ facilitates education, financial management tools and one-to-one support throughout their savings journey. This allows members to have an in-depth understanding of their status and options at the point of retirement. In addition, a team of more than 30 financial planning experts are on hand to support members on a one-to-one basis.

Empower has a €10m annual cybersecurity budget, part of the fund’s ethos to progress innovation in digital technology. It has also committed to investing over €20m a year into IT infrastructure to keep it secure and allow for data to be continuously enhanced.

On the investment side, ESG considerations are fully incorporated into the trust’s underlying investment funds and meet high ESG standards that the fund has committed to continuously enhance in the future. Of the 10 funds that are currently available, seven are categorised as Article 8 under SFDR.

Key functions are overseen by two leading independent professional services firms, which provides a level of independent oversight that is unique in Ireland at the moment. The governance structure also compares favourably to international best practice.