March 26, 2019

EIOPA published a report that analyzes certain national practices existing prior to implementation of the Directive 2016/2341 on the activities and supervision of institutions for occupational retirement provision (IORP II). IORP II is the updated EU legislative framework for workplace pensions and the EU member states had to transpose these new rules into their national law by January 13, 2019. The report concerns disclosure documents to be given to prospective members and members in the pre-retirement and pay-out phases.

The report first covers the design of information documents that need to be provided to prospective members and members at pre-retirement and pay-out phases. It also covers information to be given to prospective members and provides an analysis of past performance, drawing on general principles on information standards, comparability, and cost considerations. Then, it focuses on the pre-retirement information and analyzes the reference to the "due time before retirement age" stated in the Directive and proposes a step-by-step approach to the information to be provided to the member, starting five years before the retirement until the retirement date. The next chapter on pay-out information analyzes the frequency, the communication channels to be used, and the content of this document, both from the legal requirements view point and beyond.

Finally, based on the analyses, EIOPA, along with the national supervisory authorities, determined principles and guidance important for the consistent implementation of the IORP II requirements, which are as follows:

  • The calculation and presentation of past performance in the information to be provided to prospective members
  • The presentation of retirement options in the pre-retirement phase
  • The timing of issuance of documents during the pre-retirement phase
  • The communication channels used for the provision of information during the pre retirement and the pay-out phase

 

Related Links

Keywords: Europe, EU, Pension Funds, IORP II Directive, IORP, EIOPA

Related Articles
News

ESAs Amend Technical Standards on Mapping of ECAIs Under CRR

ESAs published a second amendment to the implementing technical standards on the mapping of credit assessments of External Credit Assessment Institutions (ECAIs) for credit risk under the Capital Requirements Regulation (CRR).

May 20, 2019 WebPage Regulatory News
News

OCC Consults on Information Collection for Home Mortgage Disclosures

OCC is soliciting comment on the revision of the information collection titled “Regulation C—Home Mortgage Disclosure.” OCC also notes that it has sent the collection to OMB for review.

May 20, 2019 WebPage Regulatory News
News

EIOPA Updates Q&A on Regulations in May 2019

EIOPA published additional questions and answers (Q&A) on guidelines, directives, and regulations applicable to insurers in Europe.

May 17, 2019 WebPage Regulatory News
News

FSB Publishes Update on Meeting of RCG for Americas

FSB published a summary of the meeting of its Regional Consultative Group (RCG) in Americas.

May 17, 2019 WebPage Regulatory News
News

IASB Issues Work Plan and Meeting Updates for May 2019

IASB published an updated work plan, along with the update of its meeting in May 2019.

May 17, 2019 WebPage Regulatory News
News

FCA Publishes Its Business Plan for the Coming Year

FCA published its Business Plan, which sets out the main areas of focus and priorities for 2019/20.

May 17, 2019 WebPage Regulatory News
News

CFTC Proposes to Amend Derivatives Clearing Organization Regulations

CFTC proposed amendments to certain regulations applicable to registered derivatives clearing organizations (DCOs) under Part 30 of the CFTC regulations.

May 16, 2019 WebPage Regulatory News
News

APRA Licenses Societe Generale As Foreign Deposit-Taking Institution

APRA granted Societe Generale a license to operate as a foreign authorized deposit-taking institution under the Banking Act of 1959.

May 16, 2019 WebPage Regulatory News
News

EBA Provides Updates on Its Work on Basel III Impact Assessment in EU

EBA is working to finalize the impact assessment on implementation of Basel III standards, in response to the EC call for advice, which was received on May 04, 2018.

May 16, 2019 WebPage Regulatory News
News

ISDA Publishes Two Consultations on Benchmark Fallbacks

ISDA published two consultations on benchmark fallbacks, the comment periods for which expire on July 12, 2019.

May 16, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 3097