Pension funds play an important role in ensuring the adequacy of people’s pensions and the sustainability of multi-pillar pension systems. To best serve the interests of their members and beneficiaries, pension funds need a sound and well-functioning legislative framework. PensionsEurope defends the interests of its members at all levels and ensure that European regulation supports workplace pensions and other employment related retirement provisions, which allows to deliver adequate, safe and affordable pensions and retirement provisions to European people. We engage with policymakers in all the debates that affect pension provision, including: the upcoming review of the Institutions for Occupational Retirement Provision (IORP II) Directive, the implementation of the pan-European personal pension product (PEPP), the recommendations of the EC High-Level Expert Group on pensions, the EC Green Paper on ageing, and the Capital Markets Union actions on pensions.
PensionsEurope shares the goal of the Directive 2016/2341 on the Institutions for Occupational Retirement Provision (IORP Directive) to facilitate the development of occupational retirement savings and to provide sustainable and adequate occupational pensions to the European citizens.
The IORP Directive sets common standards ensuring the soundness of occupational pensions and adequately protecting pension scheme members and beneficiaries. The 2016 review of the Directive significantly increased these minimum harmonization standards, by means of introducing, among others: (i) new governance requirements, (ii) new rules on IORPs’ own risk assessment, (iii) new information requirements, including the introduction of an annual Pension Benefit Statement, and (iv) enhanced powers for supervisors.
By 13 January 2023, the Commission should, after consulting EIOPA, review the IORP II Directive and report on its implementation and effectiveness. However, in view of the delay in the transposition process in some countries, the Commission services considered that a meaningful and well-substantiated review of the Directive was not feasible within such a short deadline and decided to postpone the timeline of work. On 16 June 2022, the European Commission (EC) sent to EIOPA the Call for Advice (CfA) on the evaluation and review of the IORP II Directive. The EC is requesting EIOPA to deliver its technical advice by 1 July 2023. This implies that the legislative process is delayed and there will not be any legislative proposal tabled by this Commission (mandate ending in 2024). The EC is inviting EIOPA to consult widely within the available timeframe.
PensionsEurope look forward to engaging with EU policymakers in all the debates on this important matter.
