Pensions Reform in the European Union: Recent Developments after the Implementation of the IORP Directive
Pensions: An International Journal, Vol. 14, No. 4, 2009
14 Pages Posted: 12 Nov 2009 Last revised: 15 Nov 2013
Date Written: November 1, 2009
Abstract
The turmoil in the fi nancial markets also has consequences for pension institutions. Evidently, many pension funds have lost a great deal of their assets. Another consequence is less often highlighted: the impact of the crisis on the (cross-border) activity of Institutions for Occupational Retirement Provision (IORPs). This article will mainly deal with recent developments during and after the implementation of the IORP Directive. We will discuss some key aspects of the Directive and the way in which these aspects have been implemented in several EU Member States. We will find that many Member States see opportunities in the Directive, but that the crisis, (legal) uncertainty and incompleteness of the Directive can and / or will be an obstacle to the free movement of pension institutions in the European Union.
Keywords: pensions, IORP, EU, services
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