AI Summary of Recitals
This Directive aims to recast the existing framework governing Institutions for Occupational Retirement Provision (IORPs) to enhance clarity and ensure a robust internal market whilst maintaining high levels of member protection across the EU. It stresses the significance of harmonising minimum standards while respecting the diverse organisational structures of IORPs among Member States.
With a focus on governance, transparency, and cross-border activity, the Directive seeks to promote mobility of workers and bolster private retirement savings amid growing pressures on social security systems. It encourages best practices, effective supervision, and sustainable investment strategies to secure long-term benefits for members and beneficiaries.
Recitals
THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty on the Functioning of the European Union, and in particular Article 53, Article 62 and Article 114(1) thereof,
Having regard to the proposal from the European Commission,
After transmission of the draft legislative act to the national parliaments,
Having regard to the opinion of the European Economic and Social Committee [OJ C 451, 16.12.2014, p. 109.],
Acting in accordance with the ordinary legislative procedure [Position of the European Parliament of 24 November 2016 (not yet published in the Official Journal) and decision of the Council of 8 December 2016.],
Whereas:
(1) Directive 2003/41/EC of the European Parliament and of the Council [Directive 2003/41/EC of the European Parliament and of the Council of 3 June 2003 on the activities and supervision of institutions for occupational retirement provision (OJ L 235, 23.9.2003, p. 10).] has been substantially amended several times [See Annex I, Part A.]. Since further amendments are to be made, that Directive should be recast in the interests of clarity.
(2) In the internal market, institutions for occupational retirement provision (IORPs) should have the possibility to operate in other Member States while ensuring a high level of protection and security for members and beneficiaries of occupational pension schemes.