In the context of the implementation of the IORP II Directive, EIOPA published on 26 March a
“Report on Other Information to be provided to Prospective and Current Members: Guidance and Principles based on Current Practices”.
This report complements EIOPA’s report “Implementation of IORP II: Report on the Pension Benefit Statement: guidance and principles based on current practices”, published in November 2018.
https://eiopa.europa.eu/Publications/Reports/EIOPA%20PBS%20guidance%20and%20principles.pdf
It analyses national best-practices with regards to information documents for obligatory disclosure to:
- Prospective members in the pre-contractual phase
- Current members in the pre-retirement phase
- Beneficiaries in the pay-out phase.
Based on the analysis, EIOPA puts forward the following guiding principles for the consistent implementation of the IORP II requirements across Europe:
- The calculation and presentation of past performance to be provided to prospective members
- The presentation of retirement options in the pre-retirement phase
- The timing of issuance of documents during the pre-retirement phase
- The communication channels used for the provision of information during the pre-retirement and the pay-out phase
Next steps
EIOPA is expected to published other deliverables by the end of 2019 with regard to the implementation of the IORP II Directive, as follows:
- PBS design examples (templates)
- Report on governance and risk assessment
- Q&A on proportionality principle