The European Commission is set to publish a draft of a revised IORP Directive by the end of this year, according to Michel Barnier, EU commissioner for Internal Markets and Services. Because fewer than 80 pension schemes have developed cross-border pension arrangements in Europe based on the initial IORP Directive of 2003, the new draft will focus on transparency to make better use of the directive’s benefits, Barnier said during a meeting of the Dutch Pension Federation in Brussels.
Although the new IORP proposals will include solvency rules, the Commission will not make all rules of Solvency II applicable to pension funds, "as we prefer substance to convention", the commissioner said.
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