The New Act on IORPs is coming!

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Date:
11 Jan 2019

On 20 December 2018, Parliament passed the act transposing directive (EU) 2016/2341 of the European Parliament and of the Council of 14 December 2016 on the activities and supervision of institutions for occupational retirement provisions (the so-called IORP II directive; here, the “Directive”) and also amending the Act of 27 October 2006 on the supervision of institutions for occupational retirement provisions (the “Act on IORPs”).

This Act (the “New Act”) transposes the Directive into Belgian law. The Belgian legislator thereby faithfully incorporated the provisions of the Directive, but also made some limited changes to the Act on IORPs. 

The New Act enters into force on 13 January 2019, which means that the Belgian legislator respected the deadline for transposing the Directive into Belgian law. There are transitional measurements for pension funds or institutions for occupational retirement provisions (“IORPs”) existing on 13 January 2019.

The FSMA is said to be working on no fewer than 11 circular letters which will lay out the IORPs guidelines and recommendations on implementing the new obligations. These circular letters will, most likely, be published on the FSMA’s website in the following months. IORPs must take these into account when implementing the obligations of the New Act. 

In this Newsletter we list for you the most important changes.

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