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#WorkPensions - Revamped rules on occupational pension funds now apply

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The revised Directive on occupational pension funds, known as IORP II, became applicable as of 13 January 2019. Occupational pension funds are financial institutions that manage collective retirement schemes for employers, in order to provide benefits to employees.

The new rules encourage and facilitate access to work pensions, improve and modernize the way pension funds are governed and enhance the clarity of information provided to pension funds members and beneficiaries.

Financial Stability, Financial Services and Capital Markets Union Vice President Valdis Dombrovskis said: “The new rules will increase savers' trust in occupational pension funds, regardless of the EU country they are operating in. This is a positive development as these pension funds play an important role in building a genuine Capital Market Union and following through with the EU's Action Plan for Sustainable Finance.”

The rules, which were adopted by the EU on 14 December 2016, make it easier for pension funds to do cross-border business and to invest in sustainable and long-term assets, strengthening their role in the Capital Markets Union. The funds will also have to consider environmental, social and governments factors in their investment decisions.

The Commission will carefully examine the legislation adopted by the different member states to make sure that they fully deliver the new standards set at the EU level.

The directive can be accessed here.

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