EU Pensions – New IORP Directive Overview of the proposals
Jun 29, 2015
EU Pensions – New IORP Directive Overview of the proposals
June 2014
The new EU Pensions (‘IORP’) Directive
On 27 March 2014, the European Commission issued its proposals for a new directive on the activities and supervisions of Institutions for Occupational Retirement Provisions (IORPs). This will affect occupational pension schemes across all Member States in the European Economic Area. The new directive will replace the previous IORP Directive which was adopted in 2003.
The Commission’s general objective is to facilitate the development of occupational retirement savings, and to reinforce IORPs’ role as institutional investors in the EU’s economy.
The proposal has four specific objectives:
Remove remaining barriers for cross-border IORPs Ensure good governance and risk management Provide clear and relevant information to members and
beneficiaries Ensure that supervisors have the necessary tools to effectively
supervise IORPs
This document summarises the main contents of the new proposals
Contents
Executive Summary 1
1. Financing & solvency requirements 2
2. Governance 3
3. Information for members, prospective members and beneficiaries 5
4. Cross-border IORPs 6
5. Prudential regulation and supervision 7
Contact 8