A review of the Directive 2003/41/EC on activities and supervision of institutions for occupational retirement provision (IORP Directive) has been initiated and is expected to be the largest part of the work of the European Insurance and Occupational Pensions Authority (EIOPA) in the occupational pensions area in 2012.
The Directive lays down rules for the taking-up and pursuit of activities carried out by institutions for occupational retirement provision. It provides strict prudential rules to protect the beneficiaries and members of IORPs, investment rules adapted to the characteristics of IORPs which invest on a long-term basis and have to diversify their assets and rules permitting cross-border management of occupational pension schemes.
The European Commission has already issued a Call for Advice to EIOPA on the review of the IORP Directive. EIOPA compiled a “Draft Response to Call for Advice” and is inviting market participants and occupational pensions stakeholders to provide their comments namely on the quantitative requirements that should apply to IORPs and how should these be measured; the qualitative requirements, particularly in respect of the governance of IORPs and the information that should be provided in respect of IORPs to members and beneficiaries and to supervisory authorities.
