Featured Product

    EIOPA Publishes Report Related to the IORP II Directive

    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

    EU Agencies Update LCR Rule and Macro-Prudential Policy Recommendation

    The European Commission (EC) published the Delegated Regulation 2022/786 with regard to the liquidity coverage requirements for credit institutions under the Capital Requirements Regulation (CRR).

    May 23, 2022 WebPage Regulatory News
    News

    EBA Publishes Regulatory Standards to Identify Shadow Banking Entities

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying the criteria to identify shadow banking entities for the purposes of reporting large exposures.

    May 23, 2022 WebPage Regulatory News
    News

    OSFI Discusses Benchmark Rate Transition, Sets Out Work Priorities

    The Office of the Superintendent of Financial Institutions (OSFI) published the strategic plan for 2022-2025 and the departmental plan for 2022-23.

    May 17, 2022 WebPage Regulatory News
    News

    EBA Proposes Standards to Support Secondary NPL Markets

    The European Banking Authority (EBA) is consulting, until August 31, 2022, on the draft implementing technical standards specifying requirements for the information that sellers of non-performing loans (NPLs) shall provide to prospective buyers.

    May 17, 2022 WebPage Regulatory News
    News

    EU Confirms Agreement on Rules on Cybersecurity and Banking Resolution

    The European Council and the Parliament reached an agreement on the revised Directive on security of network and information systems (NIS2 Directive).

    May 13, 2022 WebPage Regulatory News
    News

    EBA Issues Standards for Crowdfunding Service Providers Under ECSPR

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying information that crowdfunding service providers shall provide to investors on the calculation of credit scores and prices of crowdfunding offers.

    May 13, 2022 WebPage Regulatory News
    News

    EU to Amend Credit Risk Adjustment Rules; ESAs Submit Queries on SFDR

    The European Council published a draft Commission Delegated Regulation to amend the regulatory technical standards on specification of the calculation of specific and general credit risk adjustments.

    May 13, 2022 WebPage Regulatory News
    News

    EU Confirms Agreement on Rules on Cybersecurity and Banking Resolution

    The European Securities and Markets Authority (ESMA) published a paper that examines the systemic risk posed by increasing use of cloud services, along with the potential policy options to mitigate this risk.

    May 12, 2022 WebPage Regulatory News
    News

    MAS Amends Notice 635 and Issues Second Proposal on Green Taxonomy

    The Monetary Authority of Singapore (MAS) published amendments to Notice 635, which sets out requirements that a bank in Singapore has to comply with when granting an unsecured non-card credit facility to individuals.

    May 12, 2022 WebPage Regulatory News
    News

    EC Consults on PSD2 and Open Finance; EU Reaches Agreement on DORA

    The European Commission (EC) published a public consultation on the review of revised payment services directive (PSD2) and open finance.

    May 11, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8201