The draft directive's aim is to facilitate the development of occupational retirement savings and better protect pension scheme members and beneficiaries.
The draft directive revises an existing directive on the activities and supervision of institutions for occupational retirement provision (IORPs). It will improve the governance and transparency of these institutions and facilitate their cross-border activity, thereby strengthening the internal market. The agreement enables negotiations with the European Parliament, with the aim of adopting the directive at first reading.
The proposed revision of the directive would reinforce IORPs' role as institutional investors in the EU economy and thereby help channel long-term savings to growth enhancing investments. The proposal has four objectives:
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Removing remaining prudential barriers for cross-border IORPs
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Ensuring good governance and risk management
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Providing clear and relevant information to members and beneficiaries
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Ensuring that supervisors have the necessary tools to effectively supervise IORPs
Under the Council's general approach, member states would have two years to transpose the directive into their national laws and regulations.
Full press release
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