Directive 2016/2341 - Activities and supervision of institutions for occupational retirement provision (IORPs) (recast) - Main contents
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Directive (EU) 2016/2341 of the European Parliament and of the Council of 14 December 2016 on the activities and supervision of institutions for occupational retirement provision (IORPs) (recast)| Legal instrument | Directive |
|---|---|
| Number legal act | Directive 2016/2341 |
| Original proposal | COM(2014)167  |
| CELEX number i | 32016L2341 |
| Document | 14-12-2016; Date of signature |
|---|---|
| Publication in Official Journal | 23-12-2016; OJ L 354 p. 37-85 |
| Signature | 14-12-2016 |
| Effect | 12-01-2017; Entry into force Date pub. +20 See Art 66 |
| Deadline | 13-01-2023; Review See Art 62.1 |
| End of validity | 31-12-9999 |
| Transposition | 13-01-2019; See Art 64.1 |
23.12.2016 |
EN |
Official Journal of the European Union |
L 354/37 |
DIRECTIVE (EU) 2016/2341 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
of 14 December 2016
on the activities and supervision of institutions for occupational retirement provision (IORPs)
(recast)
(Text with EEA relevance)
THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty on the Functioning of the European Union, and in particular Article 53, Article 62 and Article 114(1) thereof,
Having regard to the proposal from the European Commission,
After transmission of the draft legislative act to the national parliaments,
Having regard to the opinion of the European Economic and Social Committee (1),
Acting in accordance with the ordinary legislative procedure (2),
Whereas:
(1) |
Directive 2003/41/EC of the European Parliament and of the Council (3) has been substantially amended several times (4). Since further amendments are to be made, that Directive should be recast in the interests of clarity. |
(2) |
In the internal market, institutions for occupational retirement provision (IORPs) should have the possibility to operate in other Member States while ensuring a high level of protection and security for members and beneficiaries of occupational pension schemes. |
(3) |
This Directive is aimed at minimum harmonisation and therefore should not preclude Member States from maintaining or introducing further provisions in order to protect members and beneficiaries of occupational pension schemes, provided that such provisions are consistent with Member States' obligations under Union law. This Directive does not concern issues of national social, labour, tax or contract law, or the adequacy of pension provision in Member States. |
(4) |
In order to facilitate further the mobility of workers between Member States, this Directive aims to ensure good governance, the provision of information to scheme members and the transparency and safety of occupational retirement provision. |
(5) |
The way in which IORPs are organised and regulated varies significantly between Member States. Both IORPs and life insurance undertakings manage occupational pension schemes. It is not appropriate, therefore, to adopt a ‘one-size-fits-all’ approach to IORPs. The Commission and the European Supervisory Authority (European Insurance and Occupational Pensions Authority) (EIOPA) established by Regulation (EU) No 1094/2010 of the European Parliament and of the Council (5) should have regard to the various traditions of Member States in their activities and should act without prejudice to national social and labour law in determining the organisation of IORPs. |
(6) |
Directive 2003/41/EC represented a first legislative step on the way to an internal market for occupational retirement provision organised on a Union scale. A genuine internal market for occupational retirement provision remains crucial for economic growth and job creation in the Union and for tackling the challenge of an ageing society. That Directive, dating from 2003, has not been substantially amended to introduce a modern risk-based governance system for IORPs. Appropriate regulation and supervision at Union and national level remain important for the development of safe and secure occupational retirement provision across all Member States. |
(7) |
As a general principle, IORPs should, where relevant, take into account the objective of ensuring the intergenerational balance of occupational pension schemes, by aiming to have an equitable spread of risks and benefits between generations in occupational retirement provision. |
(8) |
Appropriate action is needed to further improve complementary private retirement savings such as occupational pension schemes. This is important since... |
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