Insurance Europe has commented on the proposed directive for Institutions for Occupational Retirement Provision (IORP).
Insurance Europe supports the enhanced governance requirements, which are in line with well-established rules for financial service providers. Insurance Europe also welcomes the aims of increasing transparency, through the information provided to both potential and existing members, and beneficiaries.
It stresses, however, that it should be left up to the member states to decide how to provide the necessary information. The requirements should be sufficiently flexible to cater for different national systems, while ensuring information is provided at the most relevant time for the potential and existing members, and beneficiaries.
The omission of risk-based quantitative requirements raises concerns that members and beneficiaries of occupational pension schemes may not consistently benefit from the highest standards of protection.