On 8 December 2016, the Council adopted a directive on institutions for occupational retirement provision (IORP 2), aimed at facilitating their cross-border development. According to the European Commission, these rules will make it easier for pension funds to invest in long-term assets, by the inclusion of CSR criteria.
After that, it will be published in the Official Journal and will officially enter into force. Member States will have 24 months to transpose the text into their national legislation.
The new directive contains :
– Enhanced cross-border rules: the Directive will introduce a new procedure for the cross-border transfer of pension scheme portfolios with a role given to both countries’ supervisory authorities based on a list of criteria.
– Improved governance: the key functions of pension funds such a
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