European institutions have yet to agree a final stance on key measures proposed in the revised IORP Directive, according to MEP Brian Hayes, with disagreements remaining on matters of cross-border funding and the use of depositories.
The Irish MEP – who, as IORP II rapporteur, is representing the European Parliament in closed-door trialogue negotiations with the European Commission and EU member states – said the ongoing discussions were “very intensive”.
While speaking at the launch of the business plan for a European pension-tracing service by the TTYPE Consortium, Hayes said he was hopeful IORP II discussions would conclude before the end of the Dutch presidency of the Council of the EU at the end of June. “We have made progress in a number of key areas, but it’s fair to say quite a number of outstanding issues remain,” he said.
The MEP said the “whole question” of whether cross-border pension funds should be fully funded at all times remained unresolved, as did the cross-border transfer of pension assets.
Hayes also threw his support behind the creation of a pension-tracking system, which the European Commission has agreed to support with a €2.5m grant covering the majority of the estimated €3.3m start-up costs associated with the venture. He said the pilot of the venture was a “no-brainer” and that there was a necessity for tracking systems, including in his native Ireland.
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