Post on 30-Dec-2015
description
Slide 1
IORP: Implementation and interpretation
Amsterdam, 15 March 2005
Ivo van EsEuropean Commission / DG Markt
Insurance and Pensions UnitIvo.van-Es@cec.eu.int +32-2-298.45.78
Slide 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
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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)
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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
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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
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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
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Pension schemePension scheme
A “simplified” model
Social Partners Social Partners
RelevantSocial andlabour law
IORPDirective
IORP
IT ALM
AdministrationAsset mgt.
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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