Institutions for Occupational Retirement Provision Directive
Institutions for Occupational Retirement Provision Directive 2003/41/EC is a European Union Directive designed to create an internal market for occupational retirement provision. It lays down minimum standards on funding pension schemes, the types of investments pensions may make and permits cross-border management of pension plans.
Overview
- art 2, scope
- art 3, application to social security schemes, covered by Regulations (EEC) No 1408/71 and (EEC) No 574/72, insofar as they run non-compulsory occupational plans
- art 4, member states can apply this to insurance companies that do retirement, which are already covered by Directive 2002/83/EC, in which case they must ring fence their assets.
- art 5, exemption for schemes under 100 members
- art 6, definitions
- art 7, institutions activities should be limited to retirement benefits, not other things
- art 8, there must be legal separation between sponsoring institutions and retirement funds so assets are safeguarded on insolvency
- art 9, conditions of operation are that institutions should be in a national register, run by people with professional qualifications, members sufficiently informed, etc
- art 10, annual accounts and reports from every institution
- art 11, members and beneficiaries must receive annual accounts and reports on request and changes in rules, levels of benefits, etc
- art 12, each 3 years every fund should produce a statement of investment policy principles
- art 13, authorities should be able to get information from funds
- art 14, authorities should ensure proper accounting and internal controls in each institution
- art 15, technical provisions, biometric risk…
- art 16, sufficient assets to fund technical provisions
- art 17, extra buffer if a fund insures itself
- art 18, investment rules
- art 19, no restrictions on overseas investment management by member states
- art 20, cross border activities
See also
Notes
References
External links