The Commission commissioned two separate studies on pillar one of the revised IORP Directive shortly after it received the preliminary results of the first impact study conducted by EIOPA. the Commission asked the ECB to conduct a thorough analysis of the impact that capital requirements for occupational pensions could have on the broader financial market.
The Commission asked the Joint Research Centre in Italy to conduct a second study in parallel, looking at the impact pillar one could have on IORPs themselves. It was still unclear whether the Commission would decide to proceed with these two impact studies, as it decided late last month to postpone the introduction of the first pillar of the revised IORP Directive.
However, in his announcement, Michel Barnier, the commissioner for internal market and services, stressed that the capital requirements for pensions had only been dropped temporarily. "I have decided first of all to present a legislative proposal focusing on governance, transparency and reporting requirements for occupational pension funds in autumn 2013", he said.
He also pointed to the preliminary results sent by EIOPA on the first impact analysis conducted for the IORP II Directive. "EIOPA has just carried out a study on the solvency of certain pension funds, which highlights the need to deepen our knowledge before taking decisions on any European initiative on solvency of pension funds", he added.
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