“Fitness” means that the trustees as a group, and each person appointed as a KFH, has the necessary qualifications, skills and experience to perform the duties of that position. First published on. IORP II entered into force in January 2019. The IORP II (Institutions for Occupational Retirement Provision) directive aims to provide a robust risk management framework for institutions for occupational retirement provision (IORPs). 10 October 2018 (last update on: 9 November 2020) Author. IORP II is a European Pensions Directive which is due to become law in Ireland on or before 13 January 2019. Telephone: +32 2 289 14 14, G9 - IORP II outcome - joint statement - November 2016.pdf, PensionsEurope welcomes the modernised rules for EU pension funds - September 2016.pdf, Legal Commentary on the Pension Funds Directive [dir. 10 However, infringement proceedings have been enacted against three Member States. 10 key points on the IORP Directive Mk II . The new EU Directive on the activities and supervision of institutions for occupational retirement provision (IORP II) was adopted in 2016. There has been a lot of talk in the industry about the IORP (Institutions for Occupational Retirement Provision) II Directive. Traditionally, employers establishing pension schemes do so through life companies or pension consultancies. The original Pensions Directive (also known as “IORP I”) introduced a number of new rules for “IORPs” (broadly, occupational pension schemes). On 23 October 2018, the UK Government laid regulations before Parliament which will implement the Directive’s governance and cross-border provisions. 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. 11 The Directive also applies to the European Economic Area (EEA). Where, in accordance with national law, institutions for occupational retirement provision do not have legal personality, Member States shall apply this Directive either to those institutions or, subject to paragraph 2, to those authorised entities responsible for managing them and acting on their behalf. IORP II Directive Ireland • Data governance, compliance, XBRL taxonomy ... Institutions for Occupational Retirement Provision). The Articles of the Directive require IORPs to: ■ Invest in accordance with the Prudent Person Principle. 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. All material should be retained and available for inspection and audit by the Authority. In this section, … Its scope is broad and includes Environmental, Social and corporate Governance (ESG) factors. The original Directive was released in 2003, and was replaced in … However, … Member States have until 13 January 2019 to do this. Risk Management: IORP II requirements. The Authority expects trustees to have conducted and documented its own due The Directive requires that trustees and KFHs meet fit and proper criteria. This information is provided to assist trustees in preparing for what the potential impact might be and what actions they should consider now. The EFRP followed its troubled prehistory. The Directive clarifies that this means acting in the best long … 2003/41/EC] - October 2004, Policy note 2020/12 - EIOPA Supervisory Statement on practices within the registration or authorisation process of IORPs. The new directive is wide-ranging and contains no less than 67 Articles covering areas such as trustee qualifications (trustees must pass a “fit and proper” test), risk management, auditing and reporting, cross-border activities, solvency, supervision and investment. Powered by pTools Content Management Software, Funding standard and funding standard reserve, Public register of European occupational pension schemes. 9 Formally, all Member States have implemented the Directive. However, pension scheme trustees will not be required to make It includes requirements: • To register and to be run by “persons of good repute”. It transforms the Directive with extensive new requirements on governance and communications. However, there has been a delay in making the required Regulations and so it will be later in Q1 or Q2 2019 before they are likely to be made. The Government's "Roadmap for Pension Reform 2018 - 2023" published earlier this year signalled that legislation to transpose the IORP II Directive (the "Directive") into Irish law would be published before the end of September. The number of Articles rises from 24 to 67. PROPOSED REVISION OF IORP DIRECTIVE actuarial association of europe I 11 Introduction..... IORP I The current IORP Directive passed in 2003 as a first step towards creating an internal market for occupational retirement provision. 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. New EIOPA guidance for national supervisors relating to ESG-related provisions in IORP II misrepresents the legal framework set by the directive, according to PensionsEurope. Occupational retirement provisions directive (IORP 2) - transposition status; Occupational retirement provisions directive (IORP 2) - transposition status. The new IORP II Directive introduces new requirements for governance, own risk assessments and XBRL reporting. It reviews the current directive (2003/41/EC) on retirement schemes. As IORP II is a directive, it does not have direct effect on schemes but must be implemented into national law by each Member State. Implementing IORP II in the UK EU Member States have until 13 January 2019 to implement the IORP II Directive into national law. • To prepare annual accounts and reports. (11) This Directive respects the fundamental rights and observes the principles recognised by the Charter of Fundamental Rights of the European Union, in particular the right to the protection of personal data, the freedom to conduct a business, the right to property, the right of collective bargaining and action and the right to a high level of consumer protection, in particular by ensuring a higher level of transparency of … IORP II directive in Ireland. 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. 21 November 2018. Financial Stability, Financial Services and Capital Markets Union. The Institutions for Occupational Retirement Provision Directive 2016/2341 is a European Union Directive designed to create an internal market for occupational retirement provision. Exit interview: EIOPA’s Bernardino on industry defensiveness and where to take IORP II 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. Main Goals of IORP II The European Commission (EC) released the revised version of the Institutions for Occupational Retirement Provision Directive (IORP II) in December 2016. Institutions for Occupational Retirement Provision (IORP) Download : FICHE IORP II 27 02 2020 VGB (PDF, 271 Ko) 06/11/2020. An EU Directive on occupational pension schemes, called IORP II, was due to be implemented into Irish law by 13 th January 2019. The EU deadline for transposition was in January 2019. Matters for pension trustees to consider ahead of the transposition of the IORP II Directive in the coming months. 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… The Directive was published in the Official Journal on 23 September 2003, with implementation required on 23 September 2005 at the latest. The specification for this XBRL reporting is published by EIOPA through a specific Pension Funds Taxonomy. It lays down minimum standards on funding pension schemes, the types of investments pensions may make and permits cross-border management of pension plans. This briefing presents key considerations related to the implementation of IORP II in a number of major European countries. Directive 2003/41/EC on the Activities and Supervision of Institutions for Retirement Provision 3 Foreword The IORP Directive took far too long to become European law. The Authority is providing ongoing technical support to the Department of Social Protection in transposing the Directive at the earliest possible date. 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) (recast)1 (hereafter IORP II) is a recast of and supplement to Directive 2003/41/EC of 3 … Our website uses cookies to offer you a better browsing experience, analyse site traffic, personalise content, and serve targeted advertisements. The Authority is providing ongoing technical support to the Department of Social Protection in transposing the Directive at the earliest possible date. The new directive on occupational pension schemes (IORP II) must be implemented in national law by mid-January 2019. The IORP II requirements place significant focus on improving the risk management function in order to ensure that: own-risk assessments are carried out triennially, or after any significant change in risk profile; risk management is integrated into all management processes & decision making The new directive came into effect on January 12, 2017, and member states have to incorporate it … In the following paragraphs I’m going to try to put in broad terms (and in in plain English) what IORP II is, why it is coming about, what some of the fundamental issues around it are from an Irish perspective and why it has culminated in High Court legal proceedings.
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