Supervision of pension institutions within occupational

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Aas benefit reduction or indexation risk are less relevant for the Belgian system. The IORP Law does not specify rules for crossborder transfers of pension assets and liabilities. The rules on employee involvementconsent in the case of transfers for the Belgian social and labor law systems are currently set by social legislation on occupational pensions. Therefore the IORP II rules on crossborder transfers would not only require an amendment to the IORP.


Law but also an amendment to the legislation on occupational pensions in order to bring Country Email List crossborder transfers in line with the IFPO II procedures. The same aspect of transparency and communication applies to the relationship between members including potential members and beneficiaries. Most of these provisions are currently found in the AOP and therefore only apply to regimes subject to Belgian social and labor law. The information requirements for members and potential retirees imposed by IORP II are less relevant to these schemes because employees are generally automatically enrolled upon entry and most plans provide for lump sum payments rather than annual amounts upon retirement. CYPRUS The current legislation in.




Cyprus reflects the IORP Directive I focusing on the stability activities andpension schemes. The secondary legislation was adopted on April and introduced among other things provisions quite similar to those found in IORP II especially regarding the right to information. This legislation in Cyprus will need to continue to deal with the information rights of members and potential members in the preretirement phase. Although there is an information requirement that must be met at the end of each year the requirements must be renewed in order to adapt better to the IORP II Directive. Given the scale of pension schemes in Cyprus the obligation to operate this information free of charge is likely to be challenging. The new crossborder transfer provisions of IORP II should be welcomed and adapted as they create a new