Brian Hayes MEP has been appointed rapporteur by the European People’s Party for an EU Directive on occupational pension funds (IORPs). Mr. Hayes will negotiate the Directive on behalf of the European Parliament and will progress the Directive through the Economic and Monetary Affairs Committee in the coming months.
“This Directive is all about allowing people to safely transfer their occupational pension schemes from one EU Member State to another. I welcome the efforts made by the European Commission to remove obstacles for cross-border transfer of occupational pension services in order to allow these schemes to benefit from the EU’s internal market,” said Mr. Hayes.
“This is an important issue for Ireland which accounts for almost half of the 120,000 occupational pension schemes in the EU.”
“My job as rapporteur will be to ensure that rules are in place for better governance of financial institutions that manage cross-border pension funds and to improve transparency of information about surrounds such pension transfers.”
“I will be working with my colleagues in the Economic and Monetary Affairs Committee in the coming months to ensure that the European Parliament produces a balanced and reasoned position before entering into negotiations with the European Council,” concluded Mr. Hayes.