In July, 2016, the European Commission issued the final text of a revised Institutions for Occupational Retirement Provision (IORP), known as “IORP II”. An update to the 2014 version, IORP II will take a few years to be fully implemented. It is notable for its effort to nudge cross border pensions a little further down the road by clarifying their manner of regulation, as well as some other items which have been included, such as social investing (environmental, social and governance, or “ESG”), or specifically not included, such as EU-level funding rules.
Please see the attached memo for further information.