Brussels, 30/06/2016 (Agence Europe) - At a meeting of the Permanent Representatives of the Member States to the EU (Coreper) on Thursday 30 June, the member states approved the provisional agreement reached with the European Parliament on the revision of the 'Institutions for Occupational Retirement Provision (IORP II).
The proposed revision of the IORP II directive, which was presented in March 2014 by the European Commission in the framework of an initiative to promote the long-term financing of the economy, affects the governance and transparency of the activities of occupational pension institutions.
In the event of the cross-border transfer of an occupational pension scheme, the green light of the majority of members and beneficiaries will be necessary, and that of the regulators of the two member states concerned, on the basis of a strict list of criteria. If the two regulators disagree, the proposal provides for the European Insurance and Occupational Pensions Authority (EIOPA) to mediate. These procedures will create certainty for industries wishing to establish cross-border regimes, said the rapporteur of the European Parliament on this dossier, Brian Hayes (EPP, Ireland).
The inter-institutional negotiations did not lead to European requirements in terms of solvency in this directive, the EP explains in a press release; this would be unrealistic and ineffective, given the wide range of occupational pension institutions in the EU. The reporter also explained that the directive would help to set in place a more flexible financing regime, recognising that cross-border funds could not be fully financed at all times.
The European Parliament is expected to approve the text at its October plenary, Hayes added. (Original version in French by Élodie Lamer)