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The Commission will now launch its legislative proposal for pillars two and three – which focus on governance and transparency, respectively – in late November or December. The delay is due to the fact the European Commission lacks the data needed to help assess the real impact the new requirements set under the revised IORP Directive could have on European pension funds.
Commenting on the decision made by the Commission to postpone the introduction of its legislative proposal, Matti Leppäla, secretary-general and chief executive at PensionsEurope, said: "The impact assessment we made for the Commission doesn't provide uniform data and, for many countries, no numerical data". "Our German members assessed more than others the costs in euros to different types of IORPs. Thus, it may be that the Commission would like to have similar data on the impact on others as well."
However, it remains unclear at this stage how the Commission is planning to further assess the impact of pillars two and three.
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