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). Directive 2016/2341/EU - IORP II Directive. The new IORP II Directive introduces new requirements for governance, own risk assessments and XBRL reporting. Member States have until 13 January 2019 to do this. The revised Institutions for Occupational Retirement Provision (IORP II) Directive entered the Official Journal of the European Union on 14 December 2016. 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. IORP II Directive: What you need to know about today’s impacts and challenges for Irish pension funds. Member states (which still include the UK) have until 13 January 2019 to implement the Directive in national law. Member states have 24 months to transpose the Directive into national law. 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 Irish Life believes that it is appropriate and reasonable to apply the entirety of IORP II … Please email authorisations@gfsc.gi. Revision of the IORP directive. 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 IORP II Directive was transposed at the national level for each EU country on 13 January 2019. Directive 2016/2341 (IORPII) concerning the activities and monitoring of the Institutions for Occupational Retirement Provisions (IORP). The implementation of the Directive. 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. The DWP has confirmed that it intends to implement the requirements of IORP II, notwithstanding the imminence of Brexit. An EU Directive on occupational pension schemes, called IORPS II, was due to be implemented into Irish law by 13 th January 2019. In addition, the directive will remove barriers to invest in less-liquid assets. 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. The specification for this XBRL reporting is published by EIOPA through a specific Pension Funds Taxonomy. 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. Occupational pension funds operating in the EU are regulated by Directive 2003/41/EC, also known as the IORP directive. It outlines requirements regarding communication between funds and their members through an annual pension benefit statement (PBS). One of the latest developments affecting pension schemes operating with the European Economic Area (EEA) is EU Pensions Directive ("IORP II"). This will affect occupational pension schemes across all Member States in the European Economic Area. The Directive requires occupational pension providers to evaluate Environmental, Social and It added 43 new articles to the original IORP directive and put a renewed focus on governance and communication standards. Firms with schemes that may be caught by this Directive should contact us on iorpsii@gfsc.gi as soon as possible. IORP II is the key European regulation for workplace pension funds, replacing the 2003 IORP Directive. IORP II, the European Union’s sweeping reform of pension fund legislation, came into force on 13 January. IORP II is a directive from the European Union to harmonise the supervision of pension funds. This briefing presents key considerations related to the implementation of IORP II in a number of major European countries. The IORP II Directive is being transposed into Irish Law in early 2019. 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. Matters for pension trustees to consider ahead of the transposition of the IORP II Directive in the coming months. IORP II will require higher quality and more informative communications with plan holders, coupled with more sophisticated governance and risk management. 6 Feb 2019 | Par Olivier Cornet, Director UK & Ireland | Invoke Software Ltd . IORP II Directive explained in new LCP guide. It reviews the current directive (2003/41/EC) on retirement schemes. 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. On 23 October 2018, the UK Government laid regulations before Parliament which will implement the Directive’s governance and cross-border provisions. 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. 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. 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. The Directive provides for EU wide pension scheme standards including: An effective system of … The IORP II directive was published in the Official Journal of the European Union on 23 December 2016. IORP II is an updated version of the existing IORP directive (implemented back in 2003) that is designed – broadly – to improve the management of pension schemes by implementing stricter rules around governance and communication. 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. Its scope is broad and includes Environmental, Social and corporate Governance (ESG) factors. IORP II applies to all the 14,358 registered EU pension funds, among which 160 have cross-border activities. iorp ii On Monday, 10 February 2020 Cyprus has transposed into a national Law -10(Ι) of 2020 (herein “Law”) – 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). 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. Implementing IORP II in the UK EU Member States have until 13 January 2019 to implement the IORP II Directive into national law. However, pension scheme trustees will not be required to make Ireland is expected to transpose the long overdue IORP II Directive by the end of 2020, its Pensions Regulator, Brendan Kennedy, has stated. In December 2016, the EU adopted a recast version of the IORP directive to encourage long-term investment through occupational pension … Member States (EU countries) have until January 13, 2019 to transpose IORP II into their national law, which was published early January in the Official Journal of the European Union. IORP II: good preparation is crucial. 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. IORP – 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. Recitals; Title I General Provisions (arts. Brokers Ireland recently met with the Pensions Authority to discuss the transition of IORP II. For members of pension schemes, IORP II is designed to deliver benefits including: Member States now have until 12 January 2019 to implement it. 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. IORP II was finalised in January 2017. Background The IORP II Directive must be transposed into Irish law, and the laws of all EU Member States, by 13 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). Modernized Rules for Occupational Pension Funds in Europe On January 12, 2017, the long-awaited IORP II Directive entered into force. 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 […] 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. 1-12) Article 1 Subject matter; Article 2 Scope; Article 3 Application to IORPs operating social security schemes Publishing a statement alongside The Pensions Authority’s annual report and accounts, Kennedy said that the transposition will lead to the “most significant changes in at least a generation”. Benefits of IORP II. These regulations come into force in January 2019 and IORP II is part of the legislation and regulations for pension institutions in the Netherlands. Directive is due to be introduced by Government later in 2018. (22) Institutions operating social secur ity schemes which are already coordinated at Union level, should be excluded from the scope of this Directive.
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