PensionsEurope drafted a document, to react to the European Parliament’s amendments to FIDA EC’s proposal.
We advocate excluding IORPs and pension schemes that are not accessible to all interested consumers, building on amendements tabled by MEPs Markus Ferber (EPP, DE) and Engin Eroglu (Renew, DE) as compared to financial market product providers, IORPs play a different role due to their “social function”, their restricted accessibility for members, and the embeddedness of occupational pension entitlements in employment contracts.
For IORPs and pension schemes remaining in FIDA’s scope and if initial scoping is kept, we continue to argue to rely on existing pension tracking services (PTS), to lower the implementation burden for IORPs which are often small-size structures. Against that background, any deviation from the market-driven approach, as initially foreseen by the EC would be detrimental to IORPs as it could lead to unnecessary duplication of technical standards.
