This report complements EIOPA's first report "Implementation of IORP II: Report on the Pension Benefit Statement: guidance and principles based on current practices", published on 13 November 2018.
It analyses national practices existing prior to the implementation of the IORP II Directive on the activities and supervision of institutions for occupational retirement provision (IORPs). It addresses in particular documents for obligatory disclosure to prospective members and members in the pre-retirement and pay-out phase.
Based on the analyses EIOPA together with the national supervisory authorities (NCAs) determined principles and guidance important for the consistent implementation of the IORP II requirements, which are as follows:
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The calculation and presentation of past performance in the information to be provided to prospective members
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The presentation of retirement options in the pre-retirement phase
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The timing of issuance of documents during the pre-retirement phase
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The communication channels used for the provision of information during the preretirement and the pay-out phase
The provision of clear and easy accessible information put in appropriate layers is key for prospective and pre-retirement members to plan and make informed decisions for retirement. Equally important is the right sequence of timing of the provision of information as well as the communication channels including the use of digital communication tools such as on-line tutorials, short videos and on line calculators.
As regards the presentation of the information EIOPA advices to conduct consumer testing to learn about the needs of consumers. To raise awareness the pension members should be informed following a systematic approach, i.e. starting five years prior to retirement.
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