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IORP Directive Implementation and Interpretation by Ivo van Es

Learn about the implementation and interpretation of the IORP Directive by Ivo van Es from the European Commission. This fact sheet covers key principles, national implementation deadlines, supervision, investments, and more.

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IORP Directive Implementation and Interpretation by Ivo van Es

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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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