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)
Modified by
- Directive (EU) 2023/2864 of the European Parliament and of the Councilof 13 December 2023amending certain Directives as regards the establishment and functioning of the European single access point(Text with EEA relevance), 32023L2864, December 20, 2023
(a) institutions operating social security schemes which are covered by Regulations (EC) No 883/2004 Regulation (EC) No 883/2004 of the European Parliament and of the Council of 29 April 2004 on the coordination of social security systems (OJ L 166, 30.4.2004, p. 1 ).Regulation (EC) No 987/2009 of the European Parliament and of the Council of 16 September 2009 laying down the procedure for implementing Regulation (EC) No 883/2004 on the coordination of social security systems (OJ L 284, 30.10.2009, p. 1 ).(b) institutions which are covered by Directives 2009/65/EC Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32 ).Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1 ).Directive 2013/36/EU of European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC (OJ L 176, 27.6.2013, p. 338 ).Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349 ).(c) institutions which operate on a pay-as-you-go basis; (d) institutions where employees of the sponsoring undertaking have no legal rights to benefits and where the sponsoring undertaking can redeem the assets at any time and not necessarily meet its obligations for payment of retirement benefits; (e) companies using book-reserve schemes with a view to paying out retirement benefits to their employees.
(1) "institution for occupational retirement provision", or "IORP", means an institution, irrespective of its legal form, operating on a funded basis, established separately from any sponsoring undertaking or trade for the purpose of providing retirement benefits in the context of an occupational activity on the basis of an agreement or a contract agreed: (a) individually or collectively between the employer(s) and the employee(s) or their respective representatives, or (b) with self-employed persons, individually or collectively, in compliance with the law of the home and host Member States,
and which carries out activities directly arising therefrom; (2) "pension scheme" means a contract, an agreement, a trust deed or rules stipulating which retirement benefits are granted and under which conditions; (3) "sponsoring undertaking" means any undertaking or other body, regardless of whether it includes or consists of one or more legal or natural persons, which acts as an employer or in a self-employed capacity or any combination thereof and which offers a pension scheme or pays contributions to an IORP; (4) "retirement benefits" means benefits paid by reference to reaching, or the expectation of reaching, retirement or, where they are supplementary to those benefits and provided on an ancillary basis, in the form of payments on death, disability, or cessation of employment or in the form of support payments or services in case of sickness, indigence or death. In order to facilitate financial security in retirement, these benefits may take the form of payments for life, payments made for a temporary period, a lump sum, or any combination thereof; (5) "member" means a person, other than a beneficiary or a prospective member, whose past or current occupational activities entitle or will entitle him/her to retirement benefits in accordance with the provisions of a pension scheme; (6) "beneficiary" means a person receiving retirement benefits; (7) "prospective member" means a person who is eligible to join a pension scheme; (8) "competent authority" means a national authority designated to carry out the duties provided for in this Directive; (9) "biometric risks" mean risks linked to death, disability and longevity; (10) "home Member State" means the Member State in which the IORP has been registered or authorised and in which its main administration is located in accordance with Article 9; (11) "host Member State" means the Member State whose social and labour law relevant to the field of occupational pension schemes is applicable to the relationship between the sponsoring undertaking and members or beneficiaries; (12) "transferring IORP" means an IORP transferring all or a part of a pension scheme's liabilities, technical provisions, and other obligations and rights, as well as corresponding assets or cash equivalent thereof, to an IORP registered or authorised in another Member State; (13) "receiving IORP" means an IORP receiving all or a part of a pension scheme's liabilities, technical provisions, and other obligations and rights, as well as corresponding assets or cash equivalent thereof, from an IORP registered or authorised in another Member State; (14) "regulated market" means a regulated market as defined in point (21) of Article 4(1) of Directive 2014/65/EU; (15) "multilateral trading facility" or "MTF" means a multilateral trading facility or MTF as defined in point (22) of Article 4(1) of Directive 2014/65/EU; (16) "organised trading facility" or "OTF" means an organised trading facility or OTF as defined in point (23) of Article 4(1) of Directive 2014/65/EU; (17) "durable medium" means an instrument which enables a member or a beneficiary to store information addressed personally to that member or beneficiary in a way that is accessible for future reference and for a period of time adequate for the purposes of the information and which allows the unchanged reproduction of the information stored; (18) "key function", within a system of governance, means a capacity to undertake practical tasks comprising the risk management function, the internal audit function, and the actuarial function; (19) "cross-border activity" means operating a pension scheme where the relationship between the sponsoring undertaking, and the members and beneficiaries concerned, is governed by the social and labour law relevant to the field of occupational pension schemes of a Member State other than the home Member State.
(a) the IORP has implemented properly constituted rules regarding the operation of any pension scheme; (b) where the sponsoring undertaking guarantees the payment of the retirement benefits, it is committed to regular financing.
(a) the name of the host Member State(s), which shall, where applicable, be identified by the sponsoring undertaking; (b) the name and the location of the main administration of the sponsoring undertaking; (c) the main characteristics of the pension scheme to be operated for the sponsoring undertaking.
(a) a majority of members and a majority of the beneficiaries concerned or, where applicable, by a majority of their representatives. The majority shall be defined in accordance with national law. The information on the conditions of the transfer shall be made available to the members and beneficiaries concerned and, where applicable, to their representatives, in a timely manner by the transferring IORP before the application referred to in paragraph 4 is submitted; and (b) the sponsoring undertaking, where applicable.
(a) the written agreement between the transferring and the receiving IORPs setting out the conditions of the transfer; (b) a description of the main characteristics of the pension scheme; (c) a description of the liabilities or technical provisions to be transferred, and other obligations and rights, as well as corresponding assets or cash equivalent thereof; (d) the names and the locations of the main administrations of the transferring and the receiving IORPs and the Member States in which each IORP is registered or authorised; (e) the location of the main administration of the sponsoring undertaking and the name of the sponsoring undertaking; (f) evidence of the prior approval in accordance with paragraph 3; (g) where applicable, the names of the Member States whose social and labour law relevant to the field of occupational pension schemes is applicable to the pension scheme concerned.
(a) all the information referred to in paragraph 5 has been provided by the receiving IORP; (b) the administrative structure, the financial situation of the receiving IORP and the good repute or professional qualifications or experience of the persons running the receiving IORP are compatible with the proposed transfer; (c) the long term interests of the members and beneficiaries of the receiving IORP and the transferred part of the scheme are adequately protected during and after the transfer; (d) the technical provisions of the receiving IORP are fully funded at the date of the transfer, where the transfer results in a cross-border activity; and (e) the assets to be transferred are sufficient and appropriate to cover the liabilities, technical provisions and other obligations and rights to be transferred, in accordance with applicable rules in the home Member State of the receiving IORP.
(a) in the case of a partial transfer of the pension scheme's liabilities, technical provisions, and other obligations and rights, as well as corresponding assets or cash equivalent thereof, the long term interests of the members and beneficiaries of the remaining part of the scheme are adequately protected; (b) the individual entitlements of the members and beneficiaries are at least the same after the transfer; (c) the assets corresponding to the pension scheme to be transferred are sufficient and appropriate to cover the liabilities, technical provisions and other obligations and rights to be transferred, in accordance with the applicable rules in the home Member State of the transferring IORP.
(a) the minimum amount of the technical provisions shall be calculated by a sufficiently prudent actuarial valuation, taking account of all commitments for benefits and for contributions in accordance with the pension arrangements of the IORP. It must be sufficient both for pensions and benefits already in payment to beneficiaries to continue to be paid, and to reflect the commitments which arise out of members' accrued pension rights. The economic and actuarial assumptions chosen for the valuation of the liabilities shall also be chosen prudently taking account, if applicable, of an appropriate margin for adverse deviation; (b) the maximum rates of interest used shall be chosen prudently and determined in accordance with any relevant rules of the home Member State. Those prudent rates of interest shall be determined by taking into account: (i) the yield on the corresponding assets held by the IORP and the projected future investment returns; (ii) the market yields of high-quality bonds, government bonds, European Stability Mechanism bonds, European Investment Bank (EIB) bonds or European Financial Stability Facility bonds, or; (iii) a combination of points (i) and (ii);
(c) the biometric tables used for the calculation of technical provisions shall be based on prudent principles, having regard to the main characteristics of the group of members and the pension schemes, in particular the expected changes in the relevant risks; (d) the method and basis of calculation of technical provisions shall in general remain constant from one financial year to another. However, discontinuities may be justified by a change of legal, demographic or economic circumstances underlying the assumptions.
(a) the IORP shall set up a concrete and realisable plan to re-establish the required amount of assets to cover fully the technical provisions in due time. The plan shall be made available to members or, where applicable, to their representatives and/or shall be subject to approval by the competent authorities of the home Member State; (b) in drawing up the plan, account shall be taken of the specific situation of the IORP, in particular the asset/liability structure, risk profile, liquidity plan, the age profile of the members entitled to receive retirement benefits, start-up schemes and schemes changing from non-funding or partial funding to full funding; (c) in the event of winding up of a pension scheme during the period referred to in the first sentence of this paragraph, the IORP shall inform the competent authorities of the home Member State. The IORP shall establish a procedure in order to transfer the assets and the corresponding liabilities of that scheme to another IORP, an insurance undertaking or other appropriate body. This procedure shall be disclosed to the competent authorities of the home Member State and a general outline of the procedure shall be made available to members or, where applicable, to their representatives in accordance with the principle of confidentiality.
(a) the paid-up share capital or, in the case of an IORP taking the form of a mutual undertaking, the effective initial fund plus any accounts of the members of the mutual undertaking which fulfil the following criteria: (i) the memorandum and articles of association must stipulate that payments may be made from those accounts to members of the mutual undertaking only insofar as this does not cause the available solvency margin to fall below the required level or, after the dissolution of the undertaking, where all the undertaking's other debts have been settled; (ii) the memorandum and articles of association must stipulate, with respect to any payments referred to in point (i) for reasons other than the individual termination of membership in the mutual undertaking, that the competent authorities must be notified at least one month in advance and can prohibit the payment within that period; and (iii) the relevant provisions of the memorandum and articles of association may be amended only after the competent authorities have declared that they have no objection to the amendment, without prejudice to the criteria referred to in points (i) and (ii);
(b) reserves (statutory and free) not corresponding to underwriting liabilities; (c) the profit or loss brought forward after deduction of dividends to be paid; and (d) insofar as authorised under national law, profit reserves appearing in the balance sheet where they may be used to cover any losses which may arise and where they have not been made available for distribution to members and beneficiaries.
(a) cumulative preferential share capital and subordinated loan capital up to 50 % of the lesser of the available solvency margin and the required solvency margin, no more than 25 % of which shall consist of subordinated loans with a fixed maturity, or fixed-term cumulative preferential share capital, provided that binding agreements exist under which, in the event of the bankruptcy or liquidation of the IORP, the subordinated loan capital or preferential share capital ranks after the claims of all other creditors and is not to be repaid until all other debts outstanding at the time have been settled; (b) securities with no specified maturity date and other instruments, including cumulative preferential shares other than those referred to in point (a), to a maximum of 50 % of the available solvency margin, or the required solvency margin, whichever the lesser, for the total of such securities, and the subordinated loan capital referred to in point (a), provided they fulfil the following conditions: (i) they must not be repaid on the initiative of the bearer or without the prior consent of the competent authority; (ii) the contract of issue must enable the IORP to defer the payment of interest on the loan; (iii) the lender's claims on the IORP must rank entirely after those of all non-subordinated creditors; (iv) the documents governing the issue of the securities must provide for the loss-absorption capacity of the debt and unpaid interest, while enabling the IORP to continue its business; and (v) only fully paid-up amounts must be taken into account.
For the purposes of point (a), subordinated loan capital shall also fulfil the following conditions: (i) only fully paid-up funds shall be taken into account; (ii) for loans with a fixed maturity, the original maturity shall be at least five years. No later than one year before the repayment date, the IORP shall submit to the competent authorities for their approval a plan showing how the available solvency margin will be kept at or brought to the required level at maturity, unless the extent to which the loan may rank as a component of the available solvency margin is gradually reduced during at least the five years before the repayment date. The competent authorities may authorise the early repayment of such loans provided application is made by the issuing IORP and its available solvency margin will not fall below the required level; (iii) loans the maturity of which is not fixed shall be repayable only subject to five years' notice unless the loans are no longer considered as a component of the available solvency margin or unless the prior consent of the competent authorities is specifically required for early repayment. In the latter event the IORP shall notify the competent authorities at least six months before the date of the proposed repayment, specifying the available solvency margin and the required solvency margin both before and after that repayment. The competent authorities shall authorise repayment only where the IORP's available solvency margin will not fall below the required level; (iv) the loan agreement shall not include any clause providing that in specified circumstances, other than the winding-up of the IORP, the debt will become repayable before the agreed repayment dates; and (v) the loan agreement may be amended only after the competent authorities have declared that they have no objection to the amendment.
(a) where Zillmerising is not practised or where, if practised, it is less than the loading for acquisition costs included in the premium, the difference between a non-Zillmerised or partially Zillmerised mathematical provision and a mathematical provision Zillmerised at a rate equal to the loading for acquisition costs included in the premium; (b) any hidden net reserves arising out of the valuation of assets, insofar as such hidden net reserves are not of an exceptional nature; (c) one half of the unpaid share capital or initial fund, once the paid-up part amounts to 25 % of that share capital or fund, up to 50 % of the available or required solvency margin, whichever is the lesser.
(a) the first result: a 4 % fraction of the mathematical provisions relating to direct business and reinsurance acceptances gross of reinsurance cessions shall be multiplied by the ratio, which shall not be less than 85 %, for the previous financial year, of the mathematical provisions net of reinsurance cessions to the gross total mathematical provisions; (b) the second result: for policies on which the capital at risk is not a negative figure, a 0,3 % fraction of such capital underwritten by the IORP shall be multiplied by the ratio, which shall not be less than 50 %, for the previous financial year, of the total capital at risk retained as the IORP's liability after reinsurance cessions and retrocessions to the total capital at risk gross of reinsurance. For temporary assurances on death of a maximum term of three years, that fraction shall be 0,1 %. For such assurance of a term of more than three years but not more than five years, that fraction shall be 0,15 %.
(a) insofar as the IORP bears an investment risk, a 4 % fraction of the technical provisions, calculated in compliance with paragraph 2(a); (b) insofar as the IORP bears no investment risk but the allocation to cover management expenses is fixed for a period exceeding five years, a 1 % fraction of the technical provisions, calculated in compliance with paragraph 2(a); (c) insofar as the IORP bears no investment risk and the allocation to cover management expenses is not fixed for a period exceeding five years, an amount equivalent to 25 % of the net administrative expenses of the previous financial year pertaining to such assurances and operations; (d) insofar as the IORP covers a death risk, a 0,3 % fraction of the capital at risk calculated in compliance with paragraph 2(b).
The amounts of claims paid in respect of direct business (without any deduction of claims borne by reinsurers and retrocessionaires) in the periods specified in paragraph 1 shall be aggregated. To that sum there shall be added the amount of claims paid in respect of reinsurances or retrocessions accepted during the same periods and the amount of provisions for claims outstanding established at the end of the previous financial year both for direct business and for reinsurance acceptances. From that sum there shall be deducted the amount of recoveries effected during the periods specified in paragraph 1. From the sum then remaining, there shall be deducted the amount of provisions for claims outstanding established at the commencement of the second financial year preceding the last financial year for which there are accounts, both for direct business and for reinsurance acceptances. One third of the amount so obtained shall be divided into two portions, the first extending up to EUR 35000000 and the second comprising the excess; 26 % of the first portion and 23 % of the second, shall be added together.The sum so obtained shall be multiplied by the ratio existing in respect of the sum of the previous three financial years between the amount of claims remaining to be borne by the IORP after deduction of amounts recoverable under reinsurance and the gross amount of claims. That ratio shall be no less than 50 %.
(a) the assets shall be invested in the best long-term interests of members and beneficiaries as a whole. In the case of a potential conflict of interest, an IORP, or the entity which manages its portfolio, shall ensure that the investment is made in the sole interest of members and beneficiaries; (b) within the prudent person rule, Member States shall allow IORPs to take into account the potential long-term impact of investment decisions on environmental, social, and governance factors; (c) the assets shall be invested in such a manner as to ensure the security, quality, liquidity and profitability of the portfolio as a whole; (d) the assets shall be predominantly invested on regulated markets. Investment in assets which are not admitted to trading on a regulated financial market must in any event be kept to prudent levels; (e) investment in derivative instruments shall be possible insofar as such instruments contribute to a reduction in investment risks or facilitate efficient portfolio management. They must be valued on a prudent basis, taking into account the underlying asset, and included in the valuation of an IORP's assets. IORPs shall also avoid excessive risk exposure to a single counterparty and to other derivative operations; (f) the assets shall be properly diversified in such a way as to avoid excessive reliance on any particular asset, issuer or group of undertakings and accumulations of risk in the portfolio as a whole. Investments in assets issued by the same issuer or by issuers belonging to the same group shall not expose an IORP to excessive risk concentration; (g) investment in the sponsoring undertaking shall be no more than 5 % of the portfolio as a whole and, when the sponsoring undertaking belongs to a group, investment in the undertakings belonging to the same group as the sponsoring undertaking shall not be more than 10 % of the portfolio. Where an IORP is sponsored by a number of undertakings, investment in those sponsoring undertakings shall be made prudently, taking into account the need for proper diversification.
(a) investing up to 70 % of the assets covering the technical provisions or of the whole portfolio for schemes in which the members bear the investment risks in shares, negotiable securities treated as shares and corporate bonds admitted to trading on regulated markets, or through MTFs or OTFs, and deciding on the relative weight of those securities in their investment portfolio. However, provided that it is prudentially justified, Member States may apply a lower limit of no lower than 35 % to IORPs which operate pension schemes with a long-term interest rate guarantee, bear the investment risk and themselves provide for the guarantee; (b) investing up to 30 % of the assets covering technical provisions in assets denominated in currencies other than those in which the liabilities are expressed; (c) investing in instruments that have a long-term investment horizon and are not traded on regulated markets, MTFs or OTFs; (d) investing in instruments that are issued or guaranteed by the EIB provided in the framework of the European Fund for Strategic Investments, European Long-term Investment Funds, European Social Entrepreneurship Funds and European Venture Capital Funds.
(a) the requirement to be fit: (i) for persons who effectively run the IORP, this means their qualifications, knowledge and experience are collectively adequate to enable them to ensure a sound and prudent management of the IORP; (ii) for persons who carry out the actuarial or internal audit key functions this means their professional qualifications, knowledge and experience are adequate to properly carry out their key functions; (iii) for persons who carry out other key functions this means their qualifications, knowledge and experience are adequate to properly carry out their key functions; and
(b) the requirement to be proper: they are of good repute and integrity.
(a) the remuneration policy shall be established, implemented and maintained in line with the activities, risk profile, objectives, and the long-term interest, financial stability and performance of the IORP as a whole, and shall support the sound, prudent and effective management of IORPs; (b) the remuneration policy shall be in line with the long-term interests of members and beneficiaries of pension schemes operated by the IORP; (c) the remuneration policy shall include measures aimed at avoiding conflicts of interest; (d) the remuneration policy shall be consistent with sound and effective risk management and shall not encourage risk-taking which is inconsistent with the risk profiles and rules of the IORP; (e) the remuneration policy shall apply to the IORP and to the service providers referred to in Article 31(1), unless those service providers are covered by the Directives referred to in point (b) of Article 2(2); (f) the IORP shall establish the general principles of the remuneration policy, shall review and update it at least every three years, and shall be responsible for its implementation; (g) there shall be clear, transparent and effective governance with regard to remuneration and its oversight.
(a) where the person or organisational unit carrying out the key function has detected a substantial risk that the IORP will not comply with a materially significant statutory requirement and reported it to the administrative, management or supervisory body of the IORP and where this could have a significant impact on the interests of members and beneficiaries; or (b) where the person or organisational unit carrying out the key function has observed a significant material breach of the laws, regulations or administrative provisions applicable to the IORP and its activities in the context of the key function of that person or organisational unit and reported it to the administrative, management or supervisory body of the IORP.
(a) underwriting and reserving; (b) asset–liability management; (c) investment, in particular derivatives, securitisations and similar commitments; (d) liquidity and concentration risk management; (e) operational risk management; (f) insurance and other risk-mitigation techniques; (g) environmental, social and governance risks relating to the investment portfolio and the management thereof.
(a) coordinate and oversee the calculation of technical provisions; (b) assess the appropriateness of the methodologies and underlying models used in the calculation of technical provisions and the assumptions made for this purpose; (c) assess the sufficiency and quality of the data used in the calculation of technical provisions; (d) compare the assumptions underlying the calculation of the technical provisions with the experience; (e) inform the administrative, management or supervisory body of the IORP of the reliability and adequacy of the calculation of technical provisions; (f) express an opinion on the overall underwriting policy in the event of the IORP having such a policy; (g) express an opinion on the adequacy of insurance arrangements in the event of the IORP having such arrangements; and (h) contribute to the effective implementation of the risk management system.
(a) a description of how own-risk assessment is integrated into the management process and into the decision-making processes of the IORP; (b) an assessment of the effectiveness of the risk-management system; (c) a description of how the IORP prevents conflicts of interest with the sponsoring undertaking, where the IORP outsources key functions to the sponsoring undertaking in accordance with Article 24(3); (d) an assessment of the overall funding needs of the IORP, including a description of the recovery plan where applicable; (e) an assessment of the risks to members and beneficiaries relating to the paying out of their retirement benefits and the effectiveness of any remedial action taking into account, where applicable: (i) indexation mechanisms; (ii) benefit reduction mechanisms, including the extent to which accrued pension benefits can be reduced, under which conditions and by whom;
(f) a qualitative assessment of the mechanisms protecting retirement benefits, including, as applicable, guarantees, covenants or any other type of financial support by the sponsoring undertaking, insurance or reinsurance by an undertaking covered by Directive 2009/138/EC or coverage by a pension protection scheme, in favour of the IORP or the members and beneficiaries; (g) a qualitative assessment of the operational risks; (h) where environmental, social and governance factors are considered in investment decisions, an assessment of new or emerging risks, including risks related to climate change, use of resources and the environment, social risks and risks related to the depreciation of assets due to regulatory change.
(a) impairing the quality of the system of governance of the IORP concerned; (b) unduly increasing the operational risk; (c) impairing the ability of the competent authorities to monitor the compliance of the IORP with its obligations; (d) undermining continuous and satisfactory service to members and beneficiaries.
(a) ensure that financial instruments are subject to due care and protection; (b) keep records that enable the IORP to identify all assets at all times and without delay; (c) take the necessary measures to avoid conflicts of interest in relation to the safe-keeping of assets; (d) inform the competent authorities, upon request, about the manner in which assets are kept.
(a) carry out instructions of the IORP, unless they conflict with national law or the IORP's rules; (b) ensure that in transactions involving the assets of an IORP relating to a pension scheme any consideration is remitted to the IORP within the usual time limits; and (c) ensure that income produced by assets is applied in accordance with the rules of the IORP.
(a) prospective members: at least the information set out in Article 41; (b) members: at least the information set out in Articles 37 to 40, 42 and 44; and (c) beneficiaries: at least the information set out in Articles 37, 43 and 44.
(a) regularly updated; (b) written in a clear manner, using clear, succinct and comprehensible language, avoiding the use of jargon and avoiding technical terms where everyday words can be used instead; (c) not misleading, and consistency shall be ensured in the vocabulary and content; (d) presented in a way that is easy to read; (e) available in an official language of the Member State whose social and labour law relevant to the field of occupational pension schemes is applicable to the pension scheme concerned; and (f) made available to prospective members, members and beneficiaries free of charge through electronic means, including on a durable medium or by means of a website, or on paper.
(a) the name of the IORP, the Member State in which the IORP is registered or authorised and the name of its competent authority; (b) the rights and obligations of the parties involved in the pension scheme; (c) information on the investment profile; (d) the nature of financial risks borne by the members and beneficiaries; (e) the conditions regarding full or partial guarantees under the pension scheme or of a given level of benefits or, where no guarantee is provided under the pension scheme, a statement to that effect; (f) the mechanisms protecting accrued entitlements or the benefit reduction mechanisms, if any; (g) where members bear investment risk or can take investment decisions, information on the past performance of investments related to the pension scheme for a minimum of five years, or for all the years that the scheme has been operating where this is less than five years; (h) the structure of costs borne by members and beneficiaries, for schemes which do not provide for a given level of benefits; (i) the options available to members and beneficiaries in receiving their retirement benefits; (j) in case a member has the right to transfer pension rights, further information about the arrangements relating to such a transfer.
(a) personal details of the member, including a clear indication of the statutory retirement age, the retirement age laid down in the pension scheme or estimated by the IORP, or the retirement age set by the member, as applicable; (b) the name of the IORP and its contact address and identification of the pension scheme of the member; (c) where applicable, information on full or partial guarantees under the pension scheme and if relevant, where further information can be found; (d) information on pension benefit projections based on the retirement age as specified in point (a), and a disclaimer that those projections may differ from the final value of the benefits received. If the pension benefit projections are based on economic scenarios, that information shall also include a best estimate scenario and an unfavourable scenario, taking into consideration the specific nature of the pension scheme; (e) information on the accrued entitlements or accumulated capital taking into consideration the specific nature of the pension scheme; (f) information on the contributions paid by the sponsoring undertaking and the member into the pension scheme, at least over the last 12 months, taking into consideration the specific nature of the pension scheme; (g) a breakdown of the costs deducted by the IORP at least over the last 12 months; (h) information on the funding level of the pension scheme as a whole.
(a) further practical information about the member's options provided under the pension scheme; (b) the information specified in Articles 29 and 30; (c) where applicable, information about the assumptions used for amounts expressed in annuities, in particular with respect to the annuity rate, the type of provider and the duration of the annuity; (d) information on the level of benefits, in case of cessation of employment.
(a) any relevant options available to them including investment options; (b) the relevant features of the pension scheme including the kind of benefits; (c) information on whether and how environmental, climate, social and corporate governance factors are considered in the investment approach; and (d) where further information is available.
(a) any relevant options available to them including investment options; (b) the relevant features of the pension scheme including the kind of benefits; (c) information on whether and how environmental, climate, social and corporate governance factors are considered in the investment approach; and (d) where further information is available.
(a) the annual accounts and the annual reports referred to in Article 29, or where an IORP is responsible for more than one scheme, those accounts and reports relating to their particular pension scheme; (b) the statement of investment policy principles, referred to in Article 30; (c) any further information about the assumptions used to generate the projections referred to in point (d) of Article 39(1).
(a) conditions of operation; (b) technical provisions; (c) funding of technical provisions; (d) regulatory own funds; (e) available solvency margin; (f) required solvency margin; (g) investment rules; (h) investment management; (i) system of governance; and (j) information to be provided to members and beneficiaries.
(a) the IORP has failed to establish sufficient technical provisions in respect of the entire business or has insufficient assets to cover the technical provisions; (b) the IORP has failed to hold the regulatory own funds.
(a) the IORP fails to protect adequately the interests of scheme members and beneficiaries; (b) the IORP no longer fulfils the conditions of operation; (c) the IORP fails seriously in its obligations under the rules to which it is subject; (d) in the case of cross-border activity, the IORP does not respect the requirements of social and labour law of the host Member State relevant to the field of occupational pension schemes.
(a) an assessment of the qualitative requirements relating to the system of governance; (b) an assessment of the risks the IORP faces; (c) an assessment of the ability of the IORP to assess and manage those risks.
(a) require the IORP, the administrative, management or supervisory body of the IORP or the persons who effectively run the IORP or carry out key functions to supply at any time information about all business matters or forward all business documents; (b) supervise relationships between the IORP and other companies or between IORPs, when IORPs outsource key functions or any other activities to those other companies or IORPs and all subsequent re-outsourcing, influencing the financial situation of the IORP or being in a material way relevant for effective supervision; (c) obtain the following documents: the own-risk assessment, the statement of investment-policy principles, the annual accounts and the annual reports, and all other documents necessary for the purposes of supervision; (d) lay down which documents are necessary for the purposes of supervision, including: (i) internal interim reports; (ii) actuarial valuations and detailed assumptions; (iii) asset-liability studies; (iv) evidence of consistency with the investment-policy principles; (v) evidence that contributions have been paid in as planned; (vi) reports by the persons responsible for auditing the annual accounts referred to in Article 29;
(e) carry out on-site inspections at the IORP's premises and, where appropriate, on outsourced and all subsequent re-outsourced activities to check if activities are carried out in accordance with the supervisory rules; (f) request information from IORPs about outsourced and all subsequent re-outsourced activities at any time.
(a) the texts of laws, regulations, administrative rules and general guidance in the field of occupational pension schemes, and information about whether the Member State chooses to apply this Directive in accordance with Articles 4 and 5; (b) information regarding the supervisory review process as set out in Article 49; (c) aggregate statistical data on key aspects of the application of the prudential framework; (d) the main objective of prudential supervision and information on the main functions and activities of the competent authorities; (e) the rules on administrative sanctions and other measures applicable to breaches of national provisions adopted pursuant to this Directive.
(a) to check that the conditions for taking up occupational retirement provision business are met by IORPs before commencing their activities; (b) to facilitate the monitoring of the activities of IORPs, including the monitoring of the technical provisions, the solvency, the system of governance, and the information provided to members and beneficiaries; (c) to impose corrective measures, including administrative sanctions; (d) where permitted by national law, to publish key performance indicators for all individual IORPs, which may assist members and beneficiaries in taking financial decisions regarding their pension; (e) in appeals against decisions of the competent authorities taken in accordance with the provisions transposing this Directive; (f) in court proceedings regarding the provisions transposing this Directive.
(a) the exchange of information between competent authorities in the same Member State in the discharge of their supervisory functions; (b) the exchange of information between competent authorities in different Member States in the discharge of their supervisory functions; (c) the exchange of information, in the discharge of their supervisory functions, between competent authorities and any of the following which are situated in the same Member State: (i) authorities responsible for the supervision of financial sector entities and other financial organisations and the authorities responsible for the supervision of financial markets; (ii) authorities or bodies charged with responsibility for maintaining the stability of the financial system in Member States through the use of macro-prudential rules; (iii) bodies involved in the winding up of a pension scheme and in other similar procedures; (iv) reorganisation bodies or authorities aiming at protecting the stability of the financial system; (v) persons responsible for carrying out statutory audits of the accounts of IORPs, insurance undertakings and other financial institutions;
(d) the disclosure, to bodies which administer the winding up of a pension scheme, of information necessary for the performance of their duties.
(a) the authorities responsible for overseeing the bodies involved in the winding up of pension schemes and other similar procedures; (b) the authorities responsible for overseeing the persons charged with carrying out statutory audits of the accounts of IORPs, insurance undertakings and other financial institutions; (c) independent actuaries of IORPs carrying out supervision of those IORPs and the bodies responsible for overseeing such actuaries.
(a) central banks and other bodies with a similar function in their capacity as monetary authorities; (b) other public authorities responsible for overseeing payment systems, where appropriate; (c) the European Systemic Risk Board, EIOPA, the European Supervisory Authority (European Banking Authority) established by Regulation (EU) No 1093/2010 of the European Parliament and of the Council Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/78/EC (OJ L 331, 15.12.2010, p. 12 ).Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/77/EC (OJ L 331, 15.12.2010, p. 84 ).
(a) the entities have the competence under national law to investigate or scrutinise the actions of authorities responsible for the supervision of IORPs or for laws on such supervision; (b) the information is strictly necessary for fulfilling the competence referred to in point (a); (c) the persons with access to the information are subject to professional secrecy requirements under national law at least equivalent to those set out in this Directive; (d) if the information originates from another Member State, that information is disclosed with the explicit agreement of the originating competent authorities and solely for the purposes for which those authorities gave their agreement.
(a) the information shall be exchanged, transmitted or disclosed for the purpose of carrying out oversight or supervision; (b) the information received shall be subject to the obligation of professional secrecy laid down in Article 52; (c) where the information originates from another Member State, it shall not be disclosed without the express agreement of the competent authority from which it originates and, where appropriate, solely for the purposes for which that authority gave its agreement.
(a) the information must be intended for the purpose of detection, and investigation and scrutiny as referred to in point (a) of Article 57(2); (b) information received must be subject to the obligation of professional secrecy laid down in Article 52; (c) where the information originates from another Member State, it shall not be disclosed without the express agreement of the competent authority from which it originates and, where appropriate, solely for the purposes for which that authority gave its agreement.
(a) the adequacy of this Directive from a prudential and governance point of view; (b) cross-border activity; (c) the experience acquired in applying this Directive and its impact on the stability of IORPs; (d) the Pension Benefit Statement.
(1) in Article 13, point (7) is replaced by the following: "(7) "reinsurance" means one of the following: (a) the activity consisting in accepting risks ceded by an insurance undertaking or third-country insurance undertaking, or by another reinsurance undertaking or third-country reinsurance undertaking; (b) in the case of the association of underwriters known as Lloyd's, the activity consisting in accepting risks, ceded by any member of Lloyd's, by an insurance or reinsurance undertaking other than the association of underwriters known as Lloyd's; or (c) the provision of cover by a reinsurance undertaking to an institution that falls within the scope of Directive (EU) 2016/2341 of the European Parliament and of the Council Directive (EU) 2016/2341 of 14 December 2016 on the activities and supervision of institutions for occupational retirement provision (IORPs) (OJ L 354, 23.12.2016, p. 37 )";
----------------------Directive (EU) 2016/2341 of 14 December 2016 on the activities and supervision of institutions for occupational retirement provision (IORPs) (OJ L 354, 23.12.2016, p. 37 )";(2) in Article 308b, paragraph 15 is replaced by the following: "15. Where, on the entry into force of this Directive, home Member States applied provisions referred to in Article 4 of Directive (EU) 2016/2341, those home Member States may continue to apply the laws, regulations and administrative provisions that had been adopted by them with a view to complying with Articles 1 to 19, Articles 27 to 30, Articles 32 to 35 and Articles 37 to 67 of Directive 2002/83/EC as in force on 31 December 2015 for a transitional period expiring on31 December 2022 .Where a home Member State continues to apply those laws, regulations and administrative provisions, insurance undertakings in that home Member State shall calculate their solvency capital requirement as the sum of the following: (a) a notional solvency capital requirement with respect to their insurance activity, calculated without the occupational retirement provision business under Article 4 of Directive (EU) 2016/2341; (b) the solvency margin with respect to the occupational retirement provision business, calculated in accordance with the laws, regulations and administrative provisions that have been adopted to comply with Article 28 of Directive 2002/83/EC.
By 31 December 2017 , the Commission shall submit a report to the European Parliament and to the Council, on whether the period referred to in the first subparagraph should be extended, taking account of changes to Union or national law resulting from this Directive.".
(a) be submitted in a data extractable format as defined in Article 2, point (3), of Regulation (EU) 2023/2859 or, where required by Union law, in a machine-readable format, as defined in Article 2, point (4), of that Regulation; (b) be accompanied by the following metadata: (i) all the names of the IORP to which the information relates; (ii) the legal entity identifier of the IORP, as specified pursuant to Article 7(4), point (b), of Regulation (EU) 2023/2859; (iii) the size of the IORP by category, as specified pursuant to Article 7(4), point (d), of that Regulation; (iv) the type of information, as classified pursuant to Article 7(4), point (c), of that Regulation; (v) an indication of whether the information contains personal data.
(a) be submitted in a data extractable format as defined in Article 2, point (3), of Regulation (EU) 2023/2859; (b) be accompanied by the following metadata: (i) all the names of the person on whom the administrative sanction or other measure was imposed to which the information relates; (ii) where available, the legal entity identifier of the person on whom the administrative sanction or other measure was imposed, as specified pursuant to Article 7(4), point (b), of Regulation (EU) 2023/2859; (iii) the type of information, as classified pursuant to Article 7(4), point (c), of that Regulation; (iv) an indication of whether the information contains personal data.
(a) any other metadata to accompany the information; (b) the structuring of data in the information; (c) for which information a machine-readable format is required and, in such cases, which machine-readable format is to be used.
| Article 303 only | |
| Article 4 only | |
| Article 62 only | |
| Article 1 only |
| Directive | Time-limit for transposition | Date of application |
|---|---|---|
| 2003/41/EC | ||
| 2009/138/EC | ||
| 2010/78/EU | ||
| 2011/61/EU | ||
| 2013/14/EU |
| Directive 2003/41/EC | This Directive |
|---|---|
| Article 1 | Article 1 |
| Article 2 | Article 2 |
| Article 3 | Article 3 |
| Article 4 | Article 4 |
| Article 5 | Article 5 |
| Article 6(a) | Article 6(1) |
| Article 6(b) | Article 6(2) |
| Article 6(c) | Article 6(3) |
| Article 6(d) | Article 6(4) |
| Article 6(e) | Article 6(5) |
| Article 6(f) | |
| Article 6(g) | Article 6(8) |
| Article 6(h) | Article 6(9) |
| Article 6(i) | Article 6(10) |
| Article 6(j) | |
| Article 7 | Article 7 |
| Article 8 | Article 8 |
| Article 9(1)(a) | Article 9 |
| Article 9(1)(c) | Article 10(1)(a) |
| Article 9(1)(e) | Article 10(1)(b) |
| Article 9(2) | Article 10(2) |
| Articles 20, 9(5) | |
| Article 15(1) to (5) | Article 13(1) to (5) |
| Article 15(6) | |
| Article 16 | Article 14 |
| Article 17 | Article 15 |
| Article 17a(1) to (4) | Article 16(1) to (4) |
| Article 17a(5) | |
| Article 17b | Article 17 |
| Article 17c | |
| Article 17d | Article 18 |
| Article 18 | |
| Article 9(1)(b) | |
| Article 10 | Article 29 |
| Article 12 | Article 30 |
| Article 9(4) | |
| Article 19(1) | Article 32 |
| Article 19(2) second subparagraph | |
| Article 19(2) first subparagraph | Article 33(3) |
| Article 19(3) | |
| Article 9(1)(f) | Article 37(1) |
| Article 11(4)(c) | Article 37(2) |
| Article 11(2)(b) | |
| Article 11(4)(b) | |
| Article 11(5) | Article 43 |
| Article 11(2)(a) | Article 44(a) |
| Article 11(3) | |
| Article 14(1) | Article 48(1) |
| Article 14(2) first subparagraph | |
| Article 14(2) second subparagraph | Article 48(6) |
| Article 14(3) to (5) | |
| Article 13(1) | Article 50 |
| Article 13(2) | |
| Article 20(11) first subparagraph | Article 59(1) |
| Article 20(11) second subparagraph | Article 59(2) |
| Article 20(11) third and fourth subparagraphs | |
| Article 21 | |
| Article 22 |