The European Insurance and Occupational Pensions Authority (EIOPA) published today a report on developments in cross-border arrangements of Institutions for Occupational Retirement Provision (IORPs).
33 cross-border IORPs were active in the European Economic Area (EEA) at the end of 2020. This number represents a substantial drop compared to the 73 active undertakings in 2017, primarily reflecting the United Kingdom’s departure from the European Union.
The analysis shows that:
- most cross-border IORPs are still concentrated in a small number of countries,
- the number of host countries grew,
- Belgium remains the home country with the largest geographical spread of cross-border activities, covering 12 countries, while the Netherlands is the most active host country,
- 14 member states do not benefit from the single market for IORPs.
Cross-border IORPs within the EEA have approximately 70.000 members and beneficiaries and manage assets worth around €11.3 billion. This represents 0.2% of all members and beneficiaries and 0.4% of total assets of IORPs in the region.
Looking at the type of cross-border IORPs, the report shows that Defined Benefit (DB) schemes are still widespread. Furthermore, it reveals that multi-employer cross-border IORPs are on the rise.
DOWNLOAD THE REPORTBackground
This report is the first in a series of annual reports, which are a continuation of the EIOPA Market Development Reports on IORPs, last published in 2017. This new series of annual reports, however, focuses solely on cross-border IORPs whereas the scope of the 2017 Market Development report was much wider and considered all IORPs.
Source – EIOPA: VISIT WEBSITE