IORP II applies to all the 14,358 registered EU pension funds, among which 160 have cross-border activities. 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. Brokers Ireland recently met with the Pensions Authority to discuss the transition of IORP II. IORP II Provides a Comprehensive Framework for Communications Member states (which still include the UK) have until 13 January 2019 to implement the Directive in national law. For members of pension schemes, IORP II is designed to deliver benefits including: 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. Member States have until 13 January 2019 to do this. 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. Firms with schemes that may be caught by this Directive should contact us on iorpsii@gfsc.gi as soon as possible. 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. 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. 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. Matters for pension trustees to consider ahead of the transposition of the IORP II Directive in the coming months. 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 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). One of the latest developments affecting pension schemes operating with the European Economic Area (EEA) is EU Pensions Directive ("IORP II"). Implementing IORP II in the UK EU Member States have until 13 January 2019 to implement the IORP II Directive into national law. Shortly before Christmas the “IORP II” Directive completed its final stages. The Directive requires occupational pension providers to evaluate Environmental, Social and IORP II Directive explained in new LCP guide. The implementation of the Directive. It outlines requirements regarding communication between funds and their members through an annual pension benefit statement (PBS). The DWP has confirmed that it intends to implement the requirements of IORP II, notwithstanding the imminence of Brexit. 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. Download : FICHE IORP II 27 02 2020 VGB (PDF, 271 Ko) 06/11/2020. It becomes EU law on 13 January 2017. Irish Life believes that it is appropriate and reasonable to apply the entirety of IORP II … (22) Institutions operating social secur ity schemes which are already coordinated at Union level, should be excluded from the scope of this 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 (Institutions for Occupational Retirement Provision) directive aims to provide a robust risk management framework for institutions for occupational retirement provision (IORPs). This briefing presents key considerations related to the implementation of IORP II in a number of major European countries. 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. IORP II, the European Union’s sweeping reform of pension fund legislation, came into force on 13 January. Please email authorisations@gfsc.gi. 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 […] IORP II: good preparation is crucial. It added 43 new articles to the original IORP directive and put a renewed focus on governance and communication standards. Directive is due to be introduced by Government later in 2018. Recitals; Title I General Provisions (arts. 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. 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. In addition, the directive will remove barriers to invest in less-liquid assets. An EU Directive on occupational pension schemes, called IORPS II, was due to be implemented into Irish law by 13 th January 2019. Member states have 24 months to transpose the Directive into national law. 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 2016/2341/EU - IORP II Directive. The IORP II directive was published in the Official Journal of the European Union on 23 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. 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. Benefits of IORP II. Occupational pension funds operating in the EU are regulated by Directive 2003/41/EC, also known as the IORP directive. The IORP II Directive was transposed at the national level for each EU country on 13 January 2019. 1-12) Article 1 Subject matter; Article 2 Scope; Article 3 Application to IORPs operating social security schemes 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. The new IORP II Directive introduces new requirements for governance, own risk assessments and XBRL reporting. Revision of the IORP directive. However, pension scheme trustees will not be required to make 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 is being transposed into Irish Law in early 2019. It reviews the current directive (2003/41/EC) on retirement schemes. IORP II entered into force in January 2019. IORP II will require higher quality and more informative communications with plan holders, coupled with more sophisticated governance and risk management. Part of these requirements include the creation of a new risk management function within IORPs. Member States now have until 12 January 2019 to implement it. IORP II is the key European regulation for workplace pension funds, replacing the 2003 IORP Directive. The revised Institutions for Occupational Retirement Provision (IORP II) Directive entered the Official Journal of the European Union on 14 December 2016. 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 In December 2016, the EU adopted a recast version of the IORP directive to encourage long-term investment through occupational pension … The amendments to the existing legislation focus on governance and disclosure. IORP II was finalised in January 2017. 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. 6 Feb 2019 | Par Olivier Cornet, Director UK & Ireland | Invoke Software Ltd . 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. 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). IORP II is a directive from the European Union to harmonise the supervision of pension funds. IORP II Directive: What you need to know about today’s impacts and challenges for Irish pension funds. Ireland is expected to transpose the long overdue IORP II Directive by the end of 2020, its Pensions Regulator, Brendan Kennedy, has stated. This will affect occupational pension schemes across all Member States in the European Economic Area. The Directive provides for EU wide pension scheme standards including: An effective system of … Its scope is broad and includes Environmental, Social and corporate Governance (ESG) factors. Modernized Rules for Occupational Pension Funds in Europe On January 12, 2017, the long-awaited IORP II Directive entered into force. Directive 2016/2341 (IORPII) concerning the activities and monitoring of the Institutions for Occupational Retirement Provisions (IORP). 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. 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”. 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. Background The IORP II Directive must be transposed into Irish law, and the laws of all EU Member States, by 13 January 2019. 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.