European IORP Pension Scheme Still Years Away
In our forthcoming case book on Global Issues in Employee Benefits Law, Sam Estreicher (NYU), Rosalind Connor (Jones Day-London), and I write about the emergence of Institutions for Occupational Retirement Provisions (IORPs) in the European Union:
A driver in Europe over recent years has been an attempt to create a single market in employee benefits, particularly pensions. The recent Pensions Directive (the “IORPs Directive”) and the applications of the draft new insurance directive (“Solvency II”) has been part of a push to make a level playing field. The Directive grappled with a range of different pension plan structures (UK trust-based plans, Dutch wholly insured plans, German self-funded plans and French government underwritten plans, to name a few) with a view to allowing Belgian employers to employ German employees through an Irish trust based plan, if that is what is wanted.
Apparently, according to Global Pensions, there is still much work to be done:
The European Commission consultation on possible changes to the Institutions for Occupational Retirement Provision (IORP) law should not lead to further harmonisation in the current climate, an industry body has warned.