The Pensions Authority is publishing information on the launch of independent research commissioned by European Insurance and Occupational Pensions Authority (EIOPA) on the implementation of the IORP II Directive in Ireland.
EIOPA and the European Commission are supporting the Authority in the implementation of forward-looking risk-based supervision in Ireland.
As part of this work, EIOPA has commissioned independent research of a representative sample of Irish trustees, employers and other pensions industry stakeholders.
The purpose of the research is to gather information on the challenges faced by Irish pensions stakeholders on the implementation of the IORP II Directive.
“The Authority strongly encourages all those who are selected to avail of the opportunity to provide their views,” it said.
The information collected as part of this research will be summarised in an anonymised format and will inform EIOPA recommendations to the Authority on its future supervisory activities and its implementation of forward-looking risk-based supervision in Ireland.
Last Friday EIOPA launched a public consultation on its draft technical advice to the European Commission on the upcoming review of the IORP II Directive.
The draft advice is given in response to a request from the European Commission last summer, in which the Commission asked that EIOPA’s advice on the future of the EU’s pension fund law include an exploration of ways to strengthen the sustainability aspects of fiduciary duties and stewardship rules and of the need to reflect the shift from defined benefit (DB) to defined contribution (DC) schemes.
EIOPA will provide its final advice in October 2023.
The consultation covers the following areas:
- governance and prudential standards;
- cross-border activities and transfers;
- information to members and beneficiaries and other business conduct requirements;
- shift from DB to DC;
- sustainability; and
- diversity and inclusion.
The draft advice set out in the consultation paper aims to ensure that the regulatory framework is updated where necessary to embrace the future such as the shift from DB to DC and the challenges of climate change.
At the same time, the draft advice aims to protect the legacy, for example by addressing topics like risk assessment and liquidity risks.
Stakeholders are invited to provide feedback to EIOPA’s consultation paper by responding to the questions in the online survey by 25 May 2023.
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