Belgian pension funds now known as IORPs
BELGIUM – The Belgian Pension Fund Association has gone perhaps further than anyone else in reflecting the pension directive, by renaming pension schemes as IORPs.
Pension funds, it seems, now fit into the “formerly known as” category ahead of the Institutions for Occupational Retirement Provision directive – due to be implemented later this month.
The latest version of the association’s website says it was set up in 1975 by “23 institutions for occupational retirement provision (IORP, formerly known as pension funds)”.
“Today, some 100 IORPs are members of the association. They represent €10.3bn, or approximately 93% of the total assets of Belgian company IORPs and IORPs for the self -employed.”
IPE would be interested to know of any other similar changes ahead of the directive.
Meanwhile, Belgium’s supplementary pensions commission has called for a “unified view” between the CBFA, the Commission Bancaire, Financière et des Assurances, and the tax authorities. It sought to avoid “contradictory decisions”.
The composition of the 23-member committee changed in July, according to a government web site.
Pascaline Werrie, Anne Thiry and Luc Voets were replaced by Jean Baeten, Michele Claus and Isabelle Van Hiel.