Modernized Rules for Occupational Pension Funds in Europe
On January 12, 2017, the long-awaited IORP II Directive entered into force. This will affect occupational pension schemes across all Member States in the European Economic Area. This Directive is the successor of the IORP I Directive, which dates from 2003, and includes new rules on institutions for occupational retirement provisions (“IORPs” or “pension funds”). The Directive is designed to improve the governance and transparency of IORPs across Europe, increase their use for cross-border activity, and support long-term investment by IORPs. Member states have to implement the IORP II Directive into their local acts and regulations no later than January 13, 2019.
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