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June 30, 2016 Type of Information: Regulation The Permanent Representatives Committee has approved an agreement with the European Parliament on institutions for occupational retirement provision (IORPs). The draft directive is aimed at facilitating the development of IORPs and better protecting pension scheme members and beneficiaries. The directive will improve the governance and transparency of IORPs and facilitate their cross-border activity. It revises directive 2003/41/EC on the activities and supervision of IORPs. IORPs manage collective schemes for employers that provide retirement benefits for their employees. The revision of directive 2003/41/EC will reinforce their role as institutional investors and help channel long-term savings to growth-enhancing investments. The directive has four objectives:
  • Clarifying cross-border activities of IORPs
  • Ensuring good governance and risk management
  • Providing clear and relevant information to members and beneficiaries
  • Ensuring that supervisors have the necessary tools to effectively supervise IORPs

The member states will have two years to transpose the directive into their national laws and regulations. Provisional agreement with the European Parliament was reached on June 15, 2016. The directive is expected to be approved by the Parliament at first reading. It will then be submitted to the Council for adoption. The compliance date is two years post the effective date. Comments Due Date: N/A Effective Date: [EU OJ Date+20 Days] First Reporting Date: N/A Links: Press Release , Directive on IORP