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Janwillem Bouma, chair of PensionsEurope, said: “I would like to warmly congratulate the EU member states, the European Parliament and the European Commission for finding an agreement on the modernised rules for pension funds.”
“In particular, PensionsEurope is pleased that the updated legislation does not contain new solvency capital requirements for IORPs,” Bouma said.
Such requirements could have significant negative effects on IORPs, sponsors and members, he said.
“Considering the diversity of occupational pension systems across the EU and the central role played by national social and labour law, we are happy the member states retain flexibility to implement the IORP II Directive,” he said.
PensionsEurope was also glad the delegated acts, which would pass many regulatory competences to EU level, were not included the legislation, Bouma said.
“PensionsEurope is happy that the new rules are more principles-based than the European Commission’s original proposal, and therefore, they take better into account the diversity of occupational pension systems across the EU,” Matti Leppälä, the association’s secretary general and chief executive, said.