The directive will improve the governance and transparency of IORPs and facilitate their cross-border activities. Safer and more efficient occupational pensions will enhance the contribution of complementary savings to retirement incomes.
IORPs manage collective schemes for employers that provide retirement benefits for their employees. The directive will also strengthen their role as institutional investorsand help channel long-term savings to growth-enhancing investment. It revises directive 2003/41/EC on the activities and supervision of IORPs.
Objectives
The directive has four specific objectives:
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clarifying cross-border activities of IORPs;
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ensuring good governance and risk management;
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providing clear and relevant information to members and beneficiaries;
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ensuring that supervisors have the necessary tools to effectively supervise IORPs.
Agreement
The directive was adopted without discussion at a meeting of the Employment, Social Policy, Health and Consumer Affairs Council.
Agreement was reached with the European Parliament on 15 June 2016. The Parliament approved the agreed text at first reading on 24 November 2016.
Member states will have two years to transpose it into their national laws and regulations.
December 2016 directive on institutions for occupational retirement provision
© European Council
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