Barnier: Towards a real single market for occupational pensions offering greater choice and better protection for pensioners

01 March 2012

Speaking at the public hearing on IORP, Barnier clarified that he had never said that pension funds could be subject to exactly the same rules as those set out under Solvency II.

Barnier presented the following reasons to revise the IORP Directive:

• First reason: The revision of the Pension Funds Directive can contribute to growth and employment and make better use of the Single Market.
• Second reason: Promoting long-term investment.
• Third reason: The revision of the Directive can contribute to the sustainability of the Member States' public finances.
• Fourth reason: To take better account of the specific characteristics of pension funds.
• The fifth reason: The Directive needs to be revised in order to maintain a level playing field for regulatory competition.

Full speech

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