- On 27 March 2014 the European Commission adopted a legislative proposal for new rules on occupational pension funds (IORPs). The proposal aims at improving governance and transparency of these funds in Europe, promoting cross-border activity, and helping long-term investment.
2003 IORP Directive
Implementing technical standards
On 16 June 2014, the Commission adopted Implementing Regulation 643/2014 laying down implementing technical standards with regard to the reporting of national provisions of prudential nature relevant to the field of occupational pension schemes according to Directive 2003/41/EC of the European Parliament and of the Council.
Commission report on some key aspects concerning the IORP Directive
The IORP Directive explicitly sets out reporting requirements for the Commission on four key aspects. Article 15(6) requires a regular report on the rules regarding the calculation of technical provisions. Article 21(4) requires a one-off report on the application of investment rules, progress achieved in the adaptation of national supervisory systems and cross-border custodianship. A Report from the Commission on these key aspects was adopted on 30 April 2009 with a view to fulfilling this reporting obligation.
Text of the directive
Directive 2003/41/EC of the European Parliament and of the Council of 3 June 2003 on the activities and supervision of institutions for occupational retirement provision (IORPs).
- Survey on administrative burden from Pensions Europe (18 July 2013)
- Results of the Quantitative Impact Study (QIS) on Institutions for Occupational Retirement Provision
- EIOPA advice on the review of Directive 2003/41/EC (February 2012)
- Quantitative Impact Study (QIS) on Institutions for Occupational Retirement Provision
The QIS is conducted by the European Insurance and Occupational Pensions Authority (EIOPA) on behalf of the European Commission. For participation in the QIS, please consult: https://eiopa.europa.eu/
- Public Hearing on the Revision of the Directive on Institutions for Occupational Retirement Provision (IORP II proposal)
- Call for advice from EIOPA for the review of Directive 2003/41/EC & Annex (April 2011)
- White Paper – An Agenda for Adequate, Safe and Sustainable Pensions
- Green Paper – towards adequate, sustainable and safe European pension systems (June 2010)
- Public hearing on the harmonisation of solvency rules applicable to IORPs (May 2009) in Brussels:
- Public consultation on the harmonisation of solvency rules applicable to IORPs (September 2008)
Green paper on supplementary pensions in the single market (1997)
- Overview of responses (1998)