Initially, Commissioner Michel Barnier wanted to include such a solvency framework in the review of the IORP
directive, but he dropped the idea last May.
Thus, some of the tools employed by the EU, such as the creation of the IORP
, could be utilized to achieve stronger harmonization.
There are currently two legislative texts related to the second pillar: the directive on pension funds (IORPs
) and the framework directive on the financial situation of insurance companies (Solvency II).
It takes a negative view of the future revision of Directive 2003/41/Ec on the activities and supervision of institutions for occupational retirement provision (IORP
It will revise Directive 2003/41/EC on the activities and supervision of institutions for occupational retirement provision (IORP
) to ensure equal treatment relative to the Solvency II Directive and to promote cross-border operations in this area.
Whatever funding targets may be introduced to replace those in the institutions for occupational retirement provision (IORP
) directive (2003/41/EC), the regulation of the industry must adopt a long-term perspective in relation to the monitoring of the performance and position of individual schemes.