EIOPA · 2435
Reporting by IORPs
- Regulation
- (EU) 2016/2341 - IORP II Directive
- Article
- 32
- Topic
- Reporting by IORPs
- Submitted
- 2022-05-12
- Answered
- 2022-07-31
Question
Falls in the category of IORP an institution created by the governments of EU Member States and having offices in one of EU Member States, institution who is the manager of its own defined pension plan for its employees ? If not, does the institution have any reporting duties to EIOPA?
Background
The pension scheme has two layers: "pay as you go " of pensions from current employees contributions and a second layer consisting of a reserve collected from employer annual budget and employees contributions, to be used for payment of pensions when them will exceed the annual contributions. The management of pension scheme (pensions to be paid to pensioners and investments done with the former and current employer and employees contributions) is ensured by the institution. Consequently, the financial instruments are not qualified for reporting as plan assets. The institution is tax exempted by the host Member State but pensions are to be taxed by the State where the pensioner lives.
Answer
This question has been rejected because it does not relate to the interpretation or practical application or implementation of Directive (EU) 2016/2341 (the IORP II Directive) as covered by the Q&A process. Rather, the question concerns the pension plan of the European intergovernmental institution, which is not an IORP, and consequently not subject to the IORP II Directive and reporting requirements towards EIOPA.
This Q&A is published by European Insurance and Occupational Pensions Authority and is non-binding. It does not constitute legal advice. Updated weekly from official ESA sources.
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