Today, the European Insurance and Occupational Pensions Authority (EIOPA) published its 10th Report on Market Developments with regard to Occupational Pensions and Cross-border Activities of Institutions for Occupational Retirement Provisions (IORPs).
The report provides a comprehensive overview of the European occupational pensions landscape, giving a detailed insight into IORPs active nationally and those operating on a cross-border basis.
The results of the report show that during the reporting period the number of active cross-border IORPs rose from 76 to 79. There are currently eight home countries for IORPs with cross-border activities in 17 Member States.
Out of total IORPs' and Article 4 IORP Directive ring-fenced funds' assets under management (EUR 3,83 trillion), less than 1.65% are related to cross-border activities, which slightly increased compared to the 2015 market development report. This proportion demonstrates that further progress in promoting cross-border schemes in the European Union is needed to create a true single European market for occupational pensions.
Click here to access the Report.
Home country is the Member State in which the IORP has its registered office and its main administration or, main administration only. In this year's report, Austria, Belgium, Germany, Ireland, Liechtenstein, Luxemburg, Malta and the UK have been identified as home countries.
Host country is the Member State whose social and labour law relevant to the field of occupational pension schemes is applicable to the relationship between the sponsoring undertaking and members. In this year's report, Austria, Belgium, Cyprus, Czech Republic, France, Germany, Hungary, Ireland, Liechtenstein, Lithuania, Luxemburg, Malta, Netherlands, Norway, Spain, Sweden and the UK have been identified as host countries.
Article 4 IORP Directive ring-fenced funds refer to insurance undertakings that, through ring-fencing of assets and liabilities, operate (part of) their occupational retirement provision business under Article 4 of Directive 2003/41/EC (IORP Directive).