On Monday (25 January 2016) the Economic and Monetary Affairs Committee (ECON) of the European Parliament voted on the revised Institutions for Occupational Retirement Provision (IORP) Directive.
Commenting on the vote, Joanne Segars, Chief Executive of the Pension and Lifetime Savings Association, said:
“MEPs have made a solid job of improving this new Directive, which now looks simpler and more flexible than when it was first proposed by the European Commission. Some aspects, such as the Pensions Benefit Statement, have been quite radically changed for the better.
“But we are not out of the woods yet − for two reasons. First, there are still some points that need to be addressed, such as the persistent references to a future solvency regime and the very tight 18-month timescale for implementation. Second, there is plenty more negotiation yet to come.
“We will continue to ensure our members' views are heard at the heart of this debate.
“The Rapporteur, Brian Hayes, has been an effective co-ordinator of the Parliament's work on this dossier and we welcome the pragmatic approach that he and MEPs from other parties have taken.”
NOTES TO EDITORS:
We’re the Pensions and Lifetime Savings Association, the national association with a ninety-year history of helping pension professionals run better pension schemes. With the support of over 1,300 pension schemes and over 400 supporting businesses, we are the voice for pensions and lifetime savings in Westminster, Whitehall and Brussels.
Our purpose is simple: to help everyone to achieve a better income in retirement. We work to get more money into retirement savings, to get more value out of those savings and to build the confidence and understanding of savers.
Lucy Grubb, Head of Media and PR, Pensions and Lifetime Savings Association
T: 020 7601 1726, M: 07713 073023, E: [email protected]
Eleanor Carric, Press Officer, Pensions and Lifetime Savings Association
T: 020 7601 1718, M: 07825 171 446, E: [email protected]
Kathryn Mortimer, Press Officer, Pensions and Lifetime Savings Association
T: 020 7601 1748, M: 07901 007713, E: [email protected]