Proposal for a new European Pensions Directive (IORP II)
On 27 March 2014, the European Commission issued a proposal for a recast of the EU Pensions Directive (also known as the IORP Directive or, to give it its full title, the directive on the activities and supervision of institutions for occupational retirement provision). If passed into law, it is to be implemented by 31 December 2016.
As expected, following previous consultations, the proposal makes changes to the governance and disclosure requirements for pension schemes but not to the capital requirements. Proposals to impose solvency capital requirements copied from the insurance directive (Solvency II) have been shelved, at least for now.
IORP II has a dual legislative basis: completion of the internal market in financial services and consumer protection. It is intended to protect scheme members and beneficiaries, facilitate safe and efficient cross-border pension provision and reduce financial stability risks linked to large pension funds (IORPs)…
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