The European Insurance and Occupational Pensions Authority (EIOPA) has published its 2011 report on the development of the cross-border activity of the Institutions for Occupational Retirement Provision (IORPs).
Following the implementation of Directive 2003/41/EC many EU member states have opened their borders to foreign IORPs. According to the Directive’s standard requirements, IORPS must comply with the social and labour laws of the host country – although they are also subject to home country supervision.
Progress over the last eight years has been slow with the total reaching just 84 last year – involving a total of 9 home and 23 host countries. 11 new schemes were created in 2010-2011, but this was partly offset by the withdrawal of 5 schemes. By far the most notable two-way relationships have been those between Ireland and the UK, the UK and the Netherlands and Belgium and Luxembourg.