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Occupational pensions: Revision of the Institutions for Occupational Retirement Provision Directive (IORP II) [EU Legislation in Progress]

Written by David Eatock (4th edition),

Retirement Fund

© woodsy / Fotolia

In 2014, the European Commission proposed a revision (‘IORP II’) of the existing Institutions for Occupational Retirement Provision (IORP) Directive of 2003, which covers certain occupational pension savings. These are overwhelmingly in the United Kingdom (55.9% of IORP assets) and the Netherlands (30.7%). The proposed revision aims to improve the governance, risk management, transparency and information provision of IORPs and help increase cross-border IORP activity.

Stakeholders generally welcomed the focus of the proposal and the lack of new prudential rules, but felt the revision was overly detailed and prescriptive and did not respect national competences, nor reflect the variety of IORPs and their position as social (not just financial) entities. Following trilogue discussions, the compromise text was adopted at first reading in the European Parliament’s plenary on 24 November, and then adopted by the Council on 8 December. It came into effect on 12 January 2017 and Member States have two years from then to transpose it into national law.

Versions

 

Proposal for a Directive of the European Parliament and of the Council on the activities and supervision of institutions for occupational retirement provision (recast)
Committee responsible:
Rapporteur:
Economic and Monetary Affairs (ECON)

Brian Hayes (EPP, Ireland)

COM(2014) 0167 of 27.03.2014

procedure ref.: 2014/0091(COD)

Ordinary legislative procedure

Procedure completed Directive (EU) 2016/2341

OJ L 354, 23.12.2016, p. 37

Stage: procedure completed

 

 

Discussion

One thought on “Occupational pensions: Revision of the Institutions for Occupational Retirement Provision Directive (IORP II) [EU Legislation in Progress]

  1. Very comprehensive and helpful briefing document

    Like

    Posted by David Yeandle | January 25, 2016, 15:49

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The content of all documents (and articles) contained in this blog is the sole responsibility of the author and any opinions expressed therein do not necessarily represent the official position of the European Parliament. It is addressed to the Members and staff of the EP for their parliamentary work. Reproduction and translation for non-commercial purposes are authorised, provided the source is acknowledged and the European Parliament is given prior notice and sent a copy. Copyright © European Union, 2014. All rights reserved

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