A new pensions directive
The European Commission has embarked upon a review of the IORP Directive, the current directive on the activities and supervision of institutions for occupational retirement provision, and issued a “Call for Advice” to EIOPA asking how and to what extent provisions of Solvency II could be applied or might need amending in their application to IORPs. Solvency II is the directive on the taking up and pursuit of the business of insurance and reinsurance.
This is causing controversy. There have been rumblings as to whether Solvency II should apply to IORPs almost since Solvency II was first enacted.
In this paper, originally presented at the Association of Pension Lawyers' conference 2012, Camilla Barry examines the proposals.