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Pension question

Posted: Tue May 25, 2021 7:29pm
4 replies218 views1 member subscribed
Cazbai3

Posts: 156

33 helpful points

Joined: 22 May 2017

My Spanish accountant wants to know if my pension, that ive had for approx  40 years and never changed, was  covered under the Eu directive 2016/2341 during 2019.

I have tried calling them but after being on the phone constantly trying to get through and finally speaking to someone, they didnt know the answer and were supposed to call me back with the Information,  which they didnt do.

This is urgent and important and i was wondering if there is anyone out there who would know the answer??

Rolyat01

Posted: Tue May 25, 2021 8:59pm

Posts: 75

45 helpful points

Joined: 23 May 2020

Posted: Tue May 25, 2021 8:59pm

If you enter the 

Eu directive 2016/2341 during 2019.

Into Google it will explain what it is 

Re where you worked if they are still operating ring them if not, relay the info to your accountant 

What is IORP II?

Directive (EU) 2016/2341 on the activities and supervision of institutions for occupational retirement provision, widely referred to as IORP II,1 sets out minimum harmonization rules for financial institutions which manage collective retirement schemes for employers in order to provide retirement benefits to their employees (the scheme members and beneficiaries). Such schemes are private pension plans linked to an employment relationship (second pillar) and supplementary to (i) state-based social security pensions2, (first pillar) and possibly (ii) to any non-compulsory private pension savings by individuals3 (and not linked to an employee relationship – third pillar). ESG factors are important for the investment policy and risk management systems of IORPs and are discussed in more detail below.

Occupational pension funds were first regulated at European level by Directive 2003/41/EC, the directive on the activities and supervision of institutions for occupational retirement provision (IORPs). Under these rules, pension funds in one EU Member State can manage IORPs for companies based in another. Pan-EU companies can also have a single pension fund for all their European subsidiaries.4 IORP II is intended to improve the governance, transparency and help increase the cross-border activity of IORPs and thus strengthen the internal market.

Some 125,000 occupational funds operate across the EU. They hold assets worth €2.5 trillion on behalf of around 75 million citizens, representing 20 percent of the EU’s working-age population.5

IORPs will either typically appoint asset managers or insurance companies to provide them with tailor-made investment solutions for their portfolio or to invest in a variety of investment funds, be they undertakings for collective investments in transferable securities (UCITS) or alternative investment funds (AIF) for the benefit of their members or beneficiaries

Cazbai3

Posted: Wed May 26, 2021 9:01am

Cazbai3

Original Poster

Posts: 156

33 helpful points

Joined: 22 May 2017

Posted: Wed May 26, 2021 9:01am

Rolyat01 wrote on Tue May 25, 2021 8:59pm:

If you enter the 

Eu directive 2016/2341 during 2019.

Into Google it will explain what it is 

Re where you worked if they are still operating ring them if not, relay the info to your accountant 

What is IORP II?

Directive (EU) 2016/2341 on the activities and supervision of institutions for occupational retirement provision, widely referred to as IORP II,1 sets out minimum harmonization rules for financial institutions which manage collective retirement schemes for employers in order to provide retirement benefits to their employees (the scheme members and beneficiaries). Such schemes are private pension plans linked to an employment relationship (second pillar) and supplementary to (i) state-based social security pensions2, (first pillar) and possibly (ii) to any non-compulsory private pension savings by individuals3 (and not linked to an employee relationship – third pillar). ESG factors are important for the investment policy and risk management systems of IORPs and are discussed in more detail below.

Occupational pension funds were first regulated at European level by Directive 2003/41/EC, the directive on the activities and supervision of institutions for occupational retirement provision (IORPs). Under these rules, pension funds in one EU Member State can manage IORPs for companies based in another. Pan-EU companies can also have a single pension fund for all their European subsidiaries.4 IORP II is intended to improve the governance, transparency and help increase the cross-border activity of IORPs and thus strengthen the internal market.

Some 125,000 occupational funds operate across the EU. They hold assets worth €2.5 trillion on behalf of around 75 million citizens, representing 20 percent of the EU’s working-age population.5

IORPs will either typically appoint asset managers or insurance companies to provide them with tailor-made investment solutions for their portfolio or to invest in a variety of investment funds, be they undertakings for collective investments in transferable securities (UCITS) or alternative investment funds (AIF) for the benefit of their members or beneficiaries

Thank you for taking the time to reply.  I did google this but didn't understand it, sorry but it went straight over my head! The company I worked for is still in operation but i have been retired 7 years ( i retired at 50). I was personally paying my pension contributions up until June 2020 when I moved it to a spanish investment company. So I still need to know if it was or wasnt covered under the directive??

Rolyat01

Posted: Wed May 26, 2021 10:06am

Posts: 75

45 helpful points

Joined: 23 May 2020

Posted: Wed May 26, 2021 10:06am

Cazbai3 wrote on Wed May 26, 2021 9:01am:

Thank you for taking the time to reply.  I did google this but didn't understand it, sorry but it went straight over my head! The company I worked for is still in operation but i have been retired 7 years ( i retired at 50). I was personally paying my pension contributions up until June 2020...

... when I moved it to a spanish investment company. So I still need to know if it was or wasnt covered under the directive??

Although you finished 7 years ago call them im sure they will give you your answer or direct you to the pension provider :)

Cazbai3

Posted: Wed May 26, 2021 11:15am

Cazbai3

Original Poster

Posts: 156

33 helpful points

Joined: 22 May 2017

Posted: Wed May 26, 2021 11:15am

Rolyat01 wrote on Wed May 26, 2021 10:06am:

Although you finished 7 years ago call them im sure they will give you your answer or direct you to the pension provider :)

Have just spoken to prudential again and they have never been asked the question before and they dont know the answer!! Theyre looking into it and fingers crossed they come up with an answer  but no one ive spoken to has any ideas.

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Airport Service Taxi Mil Palmeras  Torre de la Horadada
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interior building work
Thy Will Be Done
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