Under the Regulation establishing EIOPA, one of EIOPA's main tasks is to contribute to a sound, effective and consistent level of regulation and supervision of institutions for occupational retirement provision (IORPs) and to ensure that risks related to IORPs activities are appropriately regulated and supervised.
Since early 2011 the most high profile part of EIOPA's work in the occupational pensions area has been its contribution to the review of the Directive on the activities and supervision of institutions for occupational retirement provision (the IORP Directive).
On 7 July 2010, the European Commission requested the views of all the interested parties in the EU on how the EU level pension framework should be adjusted. On 15 November 2010 EIOPA's predecessor, the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) submitted to the European Commission its response.
In April 2011 the European Commission asked EIOPA for advice on the
EU-wide legislative framework for IORPs.
In 2011 EIOPA carried out two public consultations on its draft advice:
- 8 July - 15 August 2011: a consultation on selected aspects of the Call for Advice, which brought 49 responses.
- 25 October 2011 - 2 January 2012: a consultation on the entire draft advice, which brought 170 responses from 14 Member States and 20 European and international organisations.
EIOPA's Final Advice on the review of the IORP Directive was delivered to the European Commission on 15 February 2012.
The Call for Advice from the European Commission also requested EIOPA to perform a Quantitative Impact Study (QIS) on the quantitative aspects of its advice in order to provide stakeholders with information on the impact of EIOPA's advice and collect data to feed into the Commission's impact assessment that would accompany their legislative proposal for a new IORP Directive.
On 15 June 2012 EIOPA launched the public consultation on the draft technical specifications for the QIS.
Alongside the work on the QIS, EIOPA is also working on issues relating specifically to defined contribution (DC) pension schemes, such as information to members and default investment funds, as well as on developing an implementing technical standard on reporting prudential legislation to EIOPA under Article 20(11) of the IORP Directive.