Directive (EU) 2016/2341 on the activities and supervision of institutions for occupational retirement provision (IORP II) had to be transposed into national law by 13 January 2019. The new version of the directive lays down detailed requirements in the area of governance, extends the information obligations towards pension beneficiaries and facilitates cross-border activities. IORP II, pursuing the goal of minimum harmonization, provides the supervisory framework without explicitly modifying the national legal framework.
Solvency II (Directive 2009/138/EC), which is decisive for insurance undertakings, does not apply to pension funds; however, IORP II is very similar in content to Solvency II (e.g. XBRL-based reporting, predefined validation rules, quarterly and annual submissions).
The regulations and requirements of IORP II can be divided into four areas:
Overall, the IORP II Directive has been significantly extended compared to its predecessor. In particular, the qualitative specifications/requirements as well as the information and reporting obligations, which include the performance of an operational risk assessment (ORA), have been supplemented.
Given the parallels to Solvency II, BearingPoint RegTech implemented its new module for pension funds on the platform of its well-established ABACUS/Solvency II product. As the functional scope of the software has thus been significantly extended, the product has been renamed Abacus Insurance.
With our Abacus Insurance solution, we cover the specific needs of the pension industry in line with the new reporting requirements set by EIOPA and the ECB.Find out more