This article reflects our current understanding of the position. One-member schemes are currently exempted from most of the Investment Regulations applying to all other pension schemes. 18/55 . Sweden’s IORP II implementation bill (2019) allows life insurance companies and workplaces pension savings institutions to convert to occupational pension companies governed by IORP II. First published on. This briefing presents key considerations related to the implementation of IORP II in a number of major European countries. EU Member States must have transposed the new rules into their national law by 13 January 2019. It allows national governments considerable latitude how to embed these into national legislation. Aon Italy estimates the implementation of IORP II could cost Italian pension funds about €100,000 each, depending on their specific situation. 4 0 obj ���� JFIF H H �� NExif MM * >Q Q Q �� ��� C The implementation of the IORP II Directive into law in 2019 will see the current wide investment freedoms of one-member schemes curtailed. Ireland has indeed left it late to act on IORP II (the deadline for implementation was actually in mid-January) but it seems the government is now ready to act. 3. The FSMA intends in the course of 2019 to set out its expectations regarding the implementation of the new or amended legal requirements in the form of circulars. <> <> The Government has recently published the Governance Regulations which achieves ‘implementation’ in accordance with the EU’s timescales but practical implementation will then take place through Implementation of the IORP II Directive: Governance and risk assessment 8.2. Full transposition status: 26 Member States. <>/XObject<>/Font<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 960 540] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> National regulator the FMSA is understood to be preparing the publication of several “circulars” to provide further explanation and guidance about IORP II implementation, some of which are due out this quarter. The Governance Regulations implement the new governance requirements of the Archived IORP II Directive into UK law, which includes placing a new duty on the trustees or managers of occupational pension schemes under the Pensions Act 2004, s 249A (subject to limited exceptions) to establish an effective system of governance, building on the previous requirement for trustees to … endobj <> It reviews the current directive (2003/41/EC) on retirement schemes. The amendments entered into force on 13 January 2019. %PDF-1.5 The EU deadline for transposition was in January 2019. 5 0 obj Familiarise new OPSG members with planned work Provide information on OPSG engagement process early next year What is expected from the OPSG? Financial Stability, Financial Services and Capital Markets Union. Banking and financial services. 2 0 obj IORP II is the key European regulation for workplace pension funds, replacing the 2003 IORP Directive. The new EU Directive on the activities and supervision of institutions for occupational retirement provision (IORP II) was adopted in 2016. The report presents the outcomes of national competent authorities’ (NCAs) exchanges of views and assessments of current practices for the implementation of the IORP II PBS requirement conducted by EIOPA from Q2 2017 to Q2 2018. The latest Directive (also referred to as “IORP II”) was nearly three years in the making, with the EU Commission’s initial proposalfor a new Directive having been published in Ma… endobj The wording of the recast Institutions for Occupational Retirement Provision Directive (‘IORP II’) was finalised at the end of 2016, with a transposition date of 13 January 2019. Transposition deadline: 13 January 2019. $.' IORP II entered into force in January 2019. By Regulatory News. IORP II is set to have a positive impact on Austrian Pensionskassen as the country has done away with quantitative caps on how much funds can invest in different asset classes. However, … IORP II4. implementation of the Institutions for Occupational Retirement Provisions - the IORP II Directive. Download : FICHE IORP II 27 02 2020 VGB (PDF, 271 Ko) 06/11/2020. EIOPA Publishes Opinions on Implementation of IORP II Directive. The IORP shall establish a procedure in order to transfer the assets and the corresponding liabilities of that scheme to another IORP, an insurance undertaking or other appropriate body. If you would like to know more about the new directive, please contact your Davy adviser for more information. The biggest issue for Belgian funds, according to Lut Sommerijns, partner at law fir… ^U�����Z���ei4��C���ap9�g��A��R���dG��}�D=��2�HW�>(����ܥ�E�E���X�=��&��������R�F�~��z�H���6y�� DzVj�߁^Uiq��$z��O]C��۫V{Ph��)�?ۑ)���ҁ�>�Āǘ�]�c���+Y߯���7.m�=h]����9&{��4��F�d�u However, pension scheme trustees will not be required to make IORP II sets several new minimum standards for IORPs, including new rules for the governance and risk assessment of IORPs. x���MO�@����F�f��[!$B 2R����CՃk6�%��m��wׄ�B"%'ۣ���λ���NO��d����&�P�HF��@e��� a��$,�0����L%\���8 �/a ���WM�H����a���^z�3[���:]Z�vW'�(xj9��s�)���3L�����t�0���=ˣ�h�a֜���h,t�M��\Ǎ�p���l�ÖtˁMON�����`�]Q`�/�m NCAs had identified core areas where guidance drawn from existing practices would be beneficial for a significant number of Member States in order to implement the IORP II … On 23 October 2018, the UK Government laid regulations before Parliament which will implement the Directive’s governance and cross-border provisions. endobj The practice will ensure that both the specific information requirements of the social partners model and those of the IORP II Implementation Act are met efficiently and comprehensibly. 3 0 obj July 10, 2019 EIOPA published four opinions to assist national competent authorities in the implementation of the Institutions for Occupational Retirement Provisions (IORP) II Directive. Retirement Provision (‘IORP II’) into UK legislation. endobj The IORP II Directive will improve the way IORPs are governed, make it easier for IORPs to conduct crossborder business and provide clearer information - to pension scheme members and beneficiaries. 10 key points on the IORP Directive Mk II . The IORP II Directive sets common standards ensuring the soundness of occupational pensions and better protects pension scheme members and beneficiaries, by means of among others: (i) new governance requirements, (ii) new rules on IORPs’ own risk assessment, (iii) new requirements to use a depositary, and (iv) enhanced powers for supervisors. The Authority is providing ongoing technical support to the Department of Social Protection in transposing the Directive at the earliest possible date. ",#(7),01444'9=82. This is much more than a revision. stream The European Insurance and Occupational Pensions Authority (EIOPA) has created two model Pension Benefit Statements to provide practical guidance on how to implement the annual information document that IORPs are required to send to their members following the implementation of the IORP II... Model Pension Benefit Statements It transforms the Directive with extensive new requirements on governance and communications. European guidelines for Retirement Pension Institutions The new IORP II Directive (Institutions for Occupational Retirement Provision) entered into force on 13 January 2017, but has only been applied since 13 January 2019, in order to allow time for Member States to transpose the new rules into their respective national legislations. 2 Overview Why is the topic on the agenda? <>>> Implemented in the UK through the Pensions Act 2004, these new rules included the statutory funding objective and enhanced supervisory powers for the new regulator, TPR, from 6 April 2005. endobj A new European pensions directive on the activities and supervision of institutions for occupational retirement provision (IORPs)), commonly known as ‘IORP II’, came into force in January 2017. Directive 2016/2341 (IORPII) concerning the activities and monitoring of the Institutions for Occupational Retirement Provisions (IORP). The role of EIOPA in relation to the implementation of IORP II was a subject of significant discussion during the trilogue negotiations and it is the OPSG [s view that EIOPA should, and we trust it will, respect the relatively constrained role which EIOPA has been granted within the final text, reflecting At the end of March, with his successor as yet unannounced, Gabriel Bernardino will step down as chair of the Frankfurt-based European insurance and occupational pensions supervisor after 10 years in office. As with much of the financial sector legislation to emerge from the financial crisis of 2008, the Implementation of IORP II: Report on the Pension Benefit Statement: guidance and principles based on current practices . IORP II focuses on the governance of pension schemes and on their communications with individual members. <> Circular on the Implementation of the IORP II Directive 1.0 Introduction 1.1 Directive (EU) 2016/2341 of the European Parliament and of the Council of 14 December 2016 on the activities and supervision of institutions for occupational retirement provision (IORPs) endstream A judicial challenge has been launched to one aspect of it, which is the proposed application of IORP II investment rules to one member pension schemes, which were exempted from the IORP I investment rules in Ireland. The original Pensions Directive (also known as “IORP I”) introduced a number of new rules for “IORPs” (broadly, occupational pension schemes). Example: pension projections in France In France, prior to the IORP II implementation for insurance-based pension products, according to the article L.132-22 of the Insurance Code, the insurance company must communicate to the member each year an estimation of the amount of the annuity based on his individual rights already acquired at this time. To complete the transposition of IORP II, a number of implementing measures of the LIRP/WIBP have yet to be adjusted5. Current investment choices. The DWP has been considering its implementation approach, including roundtable discussions with industry representatives, culminating in some regulations being laid in Parliament on 23 October 2018 transposing IORP II relating to scheme governance and to the EU’s cross-border authorisation framework. Directive: 2016/2341/EU. IORP II - A Sponsor's Point of View 01 March, 2021 The Irish pension landscape is changing with the introduction of IORP II , a comprehensive and wide-ranging European Directive that seeks to enhance and harmonise the governance and management of pension schemes across the European Union. The resignation of Belgium’s prime minister Charles Michel in December threatened to derail the legislation implementing IORP II, but it was passedby the country’s caretaker government on 20 December. IORP II has not yet been implemented in Ireland. %���� Adverse scenario would wipe off almost one quarter of the investment assets' values in the sample, totalling EUR 270 billion Market risks under the adverse scenario would lead to substantial benefit reductions and increase of sponsor support Extended cash flow analysis shows timing of expected... Insurance and reinsurance stakeholder group, Pan-European Personal Pension Product (PEPP), Westhafenplatz 1, 60327 Frankfurt am Main. 6 0 obj Its scope is broad and includes Environmental, Social and corporate Governance (ESG) factors. La directive IORP II (UE) 2016/2341 du Parlement européen et du Conseil concernant les activités et la surveillance des institutions de retraite professionnelle prévoit, comme l’IORP I, un certain nombre de standards communs qui s’appliquent en sus des règles de droit national. Legal consequences of a breach of the duty to provide information. The implementation of the IORPS II Directive into law in 2019 will see the current wide investment freedoms of one-member schemes curtailed. IORP II is due to be implemented in EU member states by the 13 January 2019. Current investment choices. The number of Articles rises from 24 to 67. Implementation of the IORP II Directive is ensured by two key European regulations according to the type of requirement: The supervisory requirement is managed by the EIOPA (European Insurance and Occupational Pensions Authority) and described in decision EIOPA-BoS/18–114, ratified on 19 April 2018. OPSG members should ensure they have clarity on the planned process seeking to gather their views by Q1 2019 What are the next … 1 0 obj Topics. IORP II – national implementation Austria. 10 October 2018 (last update on: 9 November 2020) Author. Implementing IORP II in the UK EU Member States have until 13 January 2019 to implement the IORP II Directive into national law. The IORP II Implementation Act has also introduced a few new rules specifically for multi-employer pension funds that do not belong to the same group of undertakings. This procedure shall be disclosed to the competent authorities of the home Member State and a general outline of the procedure shall be made available to members or, where applicable, to their representatives in … EU Directive 2016/2341 (commonly known as “IORP II”) became European Union law at the beginning of 2017 and the UK Government is required to implement it into UK law by 13 January 2019. 1I�����d�� ��fM�h?w��c�P��{�Q�h+g�@i��qٮQr*�6��1�P�� Ty}��_Z���u{�: _>����߉�h�f �ɰqHS֢�v����N����E�w6���2�H�|��"5f;��^�b Additional statistical information may be collected from eligible IORPs. The existing circulars, such as those stream One-member schemes are currently exempted from most of the Investment Regulations applying to all other pension schemes.
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