Brussels, 10/12/2014 (Agence Europe) - At a meeting of member states' representatives to the EU (Coreper) on Wednesday 10 December, the member states reached broad agreement on the review of the EU directive on occupational pensions institutions (IORPs II).
The draft legislation has four objectives: (1) removing remaining prudential barriers for cross-border IORPs; (2) ensuring good governance and risk management; (3) providing clear and relevant information to members and beneficiaries; and (4) ensuring that supervisors have the necessary tools to effectively supervise IORPs.
A Council of the EU press release says that the agreement paves the way for interinstitutional talks with the European Parliament with the aim of reaching agreement in principle in first reading.
The PensionsEurope organisation immediately welcomed the agreement, and said that it “will continue working closely on this topic to support IORPs in providing adequate, safe and sustainable pensions for the people of Europe.” (MB)