EIOPA Publishes Report Related to the IORP II Directive
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
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Keywords: Europe, EU, Pension Funds, IORP II Directive, IORP, EIOPA
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