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The CEA welcomes the European Commission’s decision to review the 2003 Institutions for Occupational Retirement Provision (IORP) Directive, with the aim of creating a true European Union market for occupational pension provision.
Occupational pension providers — whether they are life insurers, IORPs or mutual funds offering guaranteed benefits — are often in competition to provide consumers with pension solutions. Consequently, it is important to apply similar rules to products with similar risks.
“Occupational pension products should be regulated not on the basis of the legal vehicle through which products are provided, but according to the risks those products present to the provider, members and beneficiaries”, said CEA director general, Michaela Koller. “Consistent and appropriate regulation of all occupational pension providers is key to guaranteeing the protection of consumers and the continued viability and stability of the sector.”