In addition, the directive will remove barriers to invest in less-liquid assets. This immediately introduced the successor to the IORP I Directive 2003/41/EC of 3 June 2003 on the activities and supervision of institutions for occupational retirement provision (IORPs or pension funds). It outlines requirements regarding communication between funds and their members through an annual pension benefit statement (PBS). IORP II Provides a Comprehensive Framework for Communications iorp ii On Monday, 10 February 2020 Cyprus has transposed into a national Law -10(Î) of 2020 (herein âLawâ) â the Directive (EU) 2016/2341 of the European Parliament and the Council of the European Union of 14 December 2016 on the activities and supervision of institutions for occupational retirement provision (IORPs). Its scope is broad and includes Environmental, Social and corporate Governance (ESG) factors. These regulations come into force in January 2019 and IORP II is part of the legislation and regulations for pension institutions in the Netherlands. Shortly before Christmas the âIORP IIâ Directive completed its final stages. IORP II entered into force in January 2019. Recitals; Title I General Provisions (arts. Modernized Rules for Occupational Pension Funds in Europe On January 12, 2017, the long-awaited IORP II Directive entered into force. The DWP has confirmed that it intends to implement the requirements of IORP II, notwithstanding the imminence of Brexit. For members of pension schemes, IORP II is designed to deliver benefits including: This briefing presents key considerations related to the implementation of IORP II in a number of major European countries. The IORP II Directive was transposed at the national level for each EU country on 13 January 2019. Matters for pension trustees to consider ahead of the transposition of the IORP II Directive in the coming months. Directive is due to be introduced by Government later in 2018. Revision of the IORP directive. The new IORP II Directive introduces new requirements for governance, own risk assessments and XBRL reporting. However, pension scheme trustees will not be required to make Exit interview: EIOPAâs 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. IORP II is an updated version of the existing IORP directive (implemented back in 2003) that is designed â broadly â to improve the management of pension schemes by implementing stricter rules around governance and communication. Member states (which still include the UK) have until 13 January 2019 to implement the Directive in national law. An EU Directive on occupational pension schemes, called IORPS II, was due to be implemented into Irish law by 13 th January 2019. 1-12) Article 1 Subject matter; Article 2 Scope; Article 3 Application to IORPs operating social security schemes The various supervisory authorities were given the option of adopting additional special measures to allow them to exceed the European regulatory requirements and adapting them to their local conditions. (22) Institutions operating social secur ity schemes which are already coordinated at Union level, should be excluded from the scope of this Directive. This will affect occupational pension schemes across all Member States in the European Economic Area. Member states have 24 months to transpose the Directive into national law. IORP II is the key European regulation for workplace pension funds, replacing the 2003 IORP Directive. IORP â Actions: Any IORP who are now caught by IORP II as a result of the reduction in number of Members should contact the GFSC at the earliest opportunity. 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) (hereinafter referred to as the IORP II Directive ) is a minimum harmonisation Directive and is a recast The implementation deadline for IORP II requirements is looming, and the Department for Work & Pensions (DWP) has a difficult job trying to deliver workable changes to pension law amidst the most uncertain political environment in living memory. The implementation of the Directive. IORP II Directive explained in new LCP guide. IORP II - Model Pension Benefit Statements: More transparent pension communication This article discusses one of the aspects of the new IORP II directive implementation - transparent communication. 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. Part of these requirements include the creation of a new risk management function within IORPs. The amendments to the existing legislation focus on governance and disclosure. Occupational pension funds operating in the EU are regulated by Directive 2003/41/EC, also known as the IORP directive. The wording of the recast Institutions for Occupational Retirement Provision Directive (âIORP IIâ) was finalised at the end of 2016, with a transposition date of 13 January 2019. Benefits of IORP II. In some Member States, self-employed persons cannot join an IORP unless cer tain requirements, including those imposed by social and labour law, are met. The Directive provides for EU wide pension scheme standards including: An effective system of ⦠Publishing a statement alongside The Pensions Authorityâs annual report and accounts, Kennedy said that the transposition will lead to the âmost significant changes in at least a generationâ. IORP II, the European Unionâs sweeping reform of pension fund legislation, came into force on 13 January. One of the latest developments affecting pension schemes operating with the European Economic Area (EEA) is EU Pensions Directive ("IORP II"). Member States have until 13 January 2019 to do this. Firms with schemes that may be caught by this Directive should contact us on iorpsii@gfsc.gi as soon as possible. IORP II: good preparation is crucial. The revised Institutions for Occupational Retirement Provision (IORP II) Directive entered the Official Journal of the European Union on 14 December 2016. Learn more about the technology changes that pension funds must undertake to comply with the heightened governance requirements. The specification for this XBRL reporting is published by EIOPA through a specific Pension Funds Taxonomy. Liz Cole gives an update on how the EU Directive IORP II is likely to affect pension schemes once it becomes implemented into UK law. The IORP II Directive is being transposed into Irish Law in early 2019. Member States now have until 12 January 2019 to implement it. It added 43 new articles to the original IORP directive and put a renewed focus on governance and communication standards. IORP II was finalised in January 2017. Implementation of IORP II Directive An EU Directive on occupational pension schemes, called IORP II, was due to be implemented into Irish law by 13 th January 2019. The previous European Commission originally published its proposal for a new, revised Directive on the activities and supervision of IORPs (IORP II) in March 2014. IORP II will require higher quality and more informative communications with plan holders, coupled with more sophisticated governance and risk management. Irish Life believes that it is appropriate and reasonable to apply the entirety of IORP II ⦠Ireland is expected to transpose the long overdue IORP II Directive by the end of 2020, its Pensions Regulator, Brendan Kennedy, has stated. Implementing IORP II in the UK EU Member States have until 13 January 2019 to implement the IORP II Directive into national law. It reviews the current directive (2003/41/EC) on retirement schemes. The IORP II directive was published in the Official Journal of the European Union on 23 December 2016. IORP II is a directive from the European Union to harmonise the supervision of pension funds. 6 Feb 2019 | Par Olivier Cornet, Director UK & Ireland | Invoke Software Ltd . It becomes EU law on 13 January 2017. 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. On 23 October 2018, the UK Government laid regulations before Parliament which will implement the Directiveâs governance and cross-border provisions. The IORP II Directive is an EU Directive requiring pension schemes to take additional steps to improve governance, risk management, investment strategy and communications to members. Download : FICHE IORP II 27 02 2020 VGB (PDF, 271 Ko) 06/11/2020. The IORP II (Institutions for Occupational Retirement Provision) directive aims to provide a robust risk management framework for institutions for occupational retirement provision (IORPs). In December 2016, the EU adopted a recast version of the IORP directive to encourage long-term investment through occupational pension ⦠IORP II Directive: What you need to know about todayâs impacts and challenges for Irish pension funds. The Directive requires occupational pension providers to evaluate Environmental, Social and The IORP II Directive will become law in January 2019, bringing about widespread impact on pension funds across the EU with regard to risk management and governance. 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 Pensions Authority stated that when the transposition happens, they will provide clear communication on the requirements and timelines that Trustees will be required to adhere to [â¦] Please email authorisations@gfsc.gi. 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.