- 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.
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. The Report from the Commission on these key aspects has been adopted on 30 April 2009 with a view to fulfilling this reporting obligation.
Directive 2003/41/EC on the activities and supervision of institutions for occupational retirement provision (IORP Directive) had to be implemented before 23 September 2005. As of 2007 all Member States had notified their implementation measures, although two infringement procedures for incorrect implementation are still open.
Since the adoption of the Directive two meetings have been held with Member States to help them implement the Directive. To that end the discussions focused on issues identified by Member States and other stakeholders as a potential source of difficulty for transposition and that may give rise to a diverging interpretation by the Member States.
The main conclusions of the transposition meeting on 22 October 2004 and on 19 April 2005 have been made available. It is the Commission's intention to further update this document when new information becomes available. This will help opinions to converge and facilitate implementation and interpretation. The Commission recognises that the document does not necessarily reflect individual Member States’ opinions.
- Main conclusions of the Meetings on 22 October 2004 and 19 April 2005 on the transposition of the IORP Directive – Markt/2520/05
- Working document of the Meeting on 19 April 2005 on the transposition of the IORP Directive – Markt/2510/05
- Main conclusions of the Meeting on 22 October 2004 on the transposition of the IORP Directive – 2003/41/EC
- Activities and supervision of institutions for occupational retirement provision (IORPs) – 2003/41/EC