EU Council reaches position on IORP II directive revision

On Friday, the Council of the European Union, under the Cypriot Presidency, finalized its negotiating position regarding the revision of the IORP II directive. This framework governs occupational pension funds across the EU. The objective of the revision is to improve transparency regarding costs and returns for members and to enhance risk management processes. It also aims to remove cross-border obstacles that currently limit investment within the sector. Cypriot Finance Minister Makis Keravnos stated that the initiative is part of the EU's broader Savings and Investments Union strategy. The council's position facilitates the start of formal negotiations with the European Parliament. While one source highlights the focus on occupational pensions, another mentions the Pan-European Personal Pension Product (PEPP) as part of the strategy to improve retirement outcomes. The reforms are intended to address demographic challenges and strengthen the competitiveness of the European Union.