Benefits statements for deferred members of an IORP?
The legislation has recently been amended to allow Sigedis – instead of the IORPs – to fulfil the information requirements vis-à-vis the sleepers under the IORP II Directive. The entry into force of this amendment is planned for 31 December 2020 at the latest.
On 30 April 2019, the Act of 13 April 2019 containing various provisions on pensions was published in the Belgian State Gazette. A number of provisions amend the law with regard to the Sigedis database in order to enable it to take on a part of the new obligations imposed on institutions for occupational retirement provision (IORPs) since the transposition of the IORP II Directive.
Indeed, following the implementation of the Directive by the Act of 11 January 2019 (which entered into force on 13 January 2019 – see our newsletter of 11 January 2019 ), the IORPs have to comply with a number of new information requirements, particularly in the context of pension benefit statements.
The preparatory works of the Act of 11 January 2019 indicated that Sigedis (via MyPension) could take on these information requirements for sleepers, as it has been doing since 2016. However, an amendment to the legal framework applicable to Sigedis was necessary in order to enable it to make pension benefit statements available to sleepers in accordance with the Act of 11 January 2019. The Act of 30 April 2019 pursues this objective.
The information requirements for sleepers can therefore still be met through Sigedis and MyPension. This avoids reintroducing the obligation for IORPs to send once again an annual pension benefit statement to sleepers.
This amendment will enter into force on a date determined by Royal Decree and at the latest on 31 December 2020.
> Key message
The IORPs will not have to provide a pension benefit statement to sleepers, as Sigedis will be able to continue doing so (at least as from 31 December 2020). Hopefully, an earlier date for entry into force of this amendment to the law will soon be provided by Royal Decree so that the IORPs also know where they stand for the years 2019 and 2020.