PROPOSAL FOR A DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL ON THE ACTIVITIES AND SUPERVISION OF INSTITUTIONS FOR OCCUPATIONAL RETIREMENT PROVSION COMMISSION STAFF WORKING DOCUMENT EXECUTIVE SUMMARY OF THE IMPACT ASSESSMENT ACCOMPANYING THE DOCUMENT PROPOSAL FOR A DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL AMENDING DIRECTIVE 2003/41/EC ON THE ACTIVITIES AND SUPERVISION OF INSTITUTIONS FOR OCCUPATIONAL RETIREMENT PROVISION IORP II

Institutions for Occupational Retirement Provision, or IORPs, are collective schemes which manage financial assets on behalf of employers in order to provide retirement benefits for their employees. They are more commonly known as occupational pension funds. There are around 125,000 such schemes operating within the EU managing assets of around £2 trillion (€2.5 trillion) for around 75 million beneficiaries. The vast majority of these schemes are located in just four Member States: Germany, the Republic of Ireland, the Netherlands and the United Kingdom. Occupational pension funds do not play a significant part in pension provision outside of these four Member States. A Directive on Occupational Pension Funds adopted in 2003 - Directive 2003/41/EC (also known as the IORP Directive) – sets out a minimum harmonisation framework for occupational pension schemes and their supervision, including rules which oblige occupational pension funds to invest their assets prudently, in the best interest of members and beneficiaries. . Since 2011, the Commission has reviewed these arrangements with the stated intention of introducing a maximum harmonisation regime based on that being developed for insurers in the Solvency II Directive. Central to this review has been the question of how solvency rules developed for insurers could be applied to occupational pension schemes. It is possible that the Commission will produce further proposals once EIOPA has published its technical advice.

Topic  EU Funds 
Department  HMT 
Council Reference  8633/14 
COM Reference  COM(14)167 
SEC Reference   
PE Cons   
JOIN   
SWD  SWD(14)103 
C Reference   

Search by reference numbers or topic