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
Related Links
Keywords: Europe, EU, Pension Funds, IORP II Directive, IORP, EIOPA
Previous Article
BoE Extends Notification Period for TPR Under BrexitRelated Articles
EBA Finalizes Remuneration Standards for Investment Firms in EU
EBA finalized the two sets of draft regulatory technical standards on the identification of material risk-takers and on the classes of instruments used for remuneration under the Investment Firms Directive (IFD).
ECA Recommends Actions to Enhance Resolution Planning for Banks
EC published, in the Official Journal of the European Union, a notification that the European Court of Auditors (ECA) has published a special report on resolution planning in the Single Resolution Mechanism.
BoE Publishes Key Elements of the 2021 Stress Testing for Banks in UK
BoE published a scenario against which it will be stress testing banks in 2021, in addition to setting out the key elements of the 2021 stress test, guidance on the 2021 stress test, and the variable paths for the 2021 stress test.
PRA Proposes Rules on Identity Verification of Depositor Protection
PRA published a consultation paper (CP3/21) proposes rules regarding the timing of identity verification required for eligibility of depositor protection under the Financial Services Compensation Scheme (FSCS).
FSB Publishes Work Program for 2021
FSB published the work program for 2021, which reflects a strategic shift in priorities in the COVID-19 environment.
FCA Issues Update on Move to New Data Collection Platform
FCA announced that 50% firms have started using the new data collection platform RegData, which is slated to replace the existing platform known Gabriel.
Bundesbank Publishes Derivation Rules for Reporting by Banks
Bundesbank published Version 5.0 of the derivation rules for completeness check at the form level, with respect to the data quality of the European harmonized reporting system.
FED Revises Capital Planning and Stress Testing Requirements for Banks
FED finalized a rule that updates capital planning requirements to reflect the new framework from 2019 that sorts large banks into categories, with requirements that are tailored to the risks of each category.
ECB Releases Results of Bank Lending Survey for Fourth Quarter of 2020
ECB published results of the quarterly lending survey conducted on 143 banks in the euro area.
ESAs Publish Reporting Templates for Financial Conglomerates
ESAs published the final draft implementing technical standards on reporting of intra-group transactions and risk concentration of financial conglomerates subject to the supplementary supervision in EU.