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IORP: Implementation and interpretation Amsterdam, 15 March 2005

IORP: Implementation and interpretation Amsterdam, 15 March 2005. Ivo van Es European Commission / DG Markt Insurance and Pensions Unit Ivo.van-Es@cec.eu.int +32-2-298.45.78. Fact sheet IORP Directive. Proposal : 13.11.2000 Adopted: 03.06.2003 (2003/41/EC)

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IORP: Implementation and interpretation Amsterdam, 15 March 2005

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  1. IORP: Implementation and interpretationAmsterdam, 15 March 2005 Ivo van Es European Commission / DG Markt Insurance and Pensions Unit Ivo.van-Es@cec.eu.int +32-2-298.45.78

  2. Fact sheet IORP Directive • Proposal: 13.11.2000 • Adopted: 03.06.2003 (2003/41/EC) • Published: OJ L 235/10 of 23.09.2003 • NATIONAL IMPLEMENTATION • Implementation deadline: 23.09.2005

  3. National implementation Better monitoring of the application of Community law (COM (2002) 725) • Prime responsibility: MS • Cooperation COM-MS is crucial • Expert committee • Prior examination (NOT a green light)

  4. Commission action • Bilateral meetings since the start + • 22.10.2004: 1st Expert meeting • Main conclusions (Markt/2527/04) • http://europa.eu.int/comm/internal_market/pensions/ docs/legislation/markt-2527-04-conclusions_en.pdf • 02.03.2005: Request for questions • 01.04.2005: Deadline for submissions • 19.04.2005: 2nd Expert meeting

  5. Some principles 1 • Internal market Directive: EU + NO, FL, IS • IORP = institution established for the purpose of providing retirement benefits • Single licence, Home State supervision • But: Host State supervision for social/labour law + some information requirements • Investments: Prudent person rule • But: Host State may lay down more detailed rules, provided they are prudentially justified • Cross-border membership: • IORPs may accept sponsorship from abroad • Undertakings may sponsor IORPs abroad

  6. Some principles 2 • Ring-fencing: adapt to the context (Articles 3, 4, 16(3) and 18(7)) • Technical provisions: full funded • Social and labour law • Article 20(5):“Relevant to the field of occupational pensions under which the pension scheme… must be operated” • Article 6(j): “Applicable to the relationship between the sponsoring undertaking and members” • Examples: Recital 37 • Definition and payment of retirement benefits • Conditions for transferability of pension rights

  7. A “simplified” model IORP IORP Directive Asset mgt. Administration IT ALM Relevant Social and labour law Pension scheme Pension scheme Social Partners Social Partners

  8. Next steps • Article 21: Supervisory cooperation • CEIOPS • Multilateral cooperation protocol • 2nd expert meeting 19.04.2005 • Solvency II: to be decided at a later stage • DG EMPL: Directive on portability • DG TAXUD: Infringements

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