German parliament approves IORP II Directive
Written by Sunniva Kolostyak
The German Bundestag has approved the IORP II Directive, activities and supervision of institutions for occupational pensions, without changes.
The directive is now awaiting approval from the federal council, which could take place on 14 December, according to German pensions association ABA.
IORP II has been heavily criticised for its harmonisation and the reporting requirements, which will have to be made in cooperation with EIOPA at EU level instead of nationally.
ABA, which has commented extensively on the draft government bill and against delegated acts in the directive, is disappointed that its concerns were not taken into account.
The organisation said it nevertheless still hopes its concerns have been heard and taken seriously.
“The coalition groups, for example, express a clear expectation that the principle of minimum harmonisation enclosed in the directive will be respected and reaffirm that ‘full harmonisation through a back door’ is not intended,” ABA said in a statement.
“The future development of prudential standards at national and European level should take special account of the national specificities of occupational pensions.”