Group of Nine broadly welcomes new rules for EU Pension Funds

Group of Nine published today a joint statement and broadly welcomed new rules for EU pension funds. Employer, worker and industry representatives from nine European umbrella organisations state that the IORP II Directive should help to reach the overall goal of the European Commission of facilitating the development of occupational retirement savings, promoting the integration within the Internal Market of the IORPs’ activities e.g. by clarifying the current rules, and providing the conditions for provision of sustainable and adequate occupational pensions to European workers.

The final plenary vote of the EP on the IORP II Directive has been scheduled for Thursday 24 November. Afterwards the Council of the EU still has to approve the new legislation before it is finally approved and published in the Official Journal of the European Union (probably at the beginning of 2017). The IORP II Directive shall enter into force on the twentieth day following that of its publication in the Official Journal. Member States shall bring into force the laws, regulations and administrative provisions necessary to comply with the IORP II Directive by 24 months after the entry into force of the Directive.