The Institutions for Occupational Retirement Provisions Directive II (‘IORPs II’) [https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32016L2341&from=EN], must be transposed into local legislation by 1st January 2019. The original Directive required all Occupational Pension Schemes with over 100 members to be regulated by the Gibraltar Financial Services Commission (‘GFSC’). IORPS II introduces a registration requirement for all schemes that have between 15 and 100 Members and calls for such schemes to comply with certain requirements. This means that many more schemes will now fall under the GFSC’s remit. Note that the number of Members mentioned above also includes Deferred Members.
The GFSC is setting up a Working Group to further discuss the implementation of IORPS II in Gibraltar.
Update for IORPS and its Advisors
We have written to all known firms that provide services to Occupational Pension Schemes in Gibraltar in a Trustee, Administrator and/or Advisory capacity. In order for the GFSC to better understand the impact of IORPs II and to enable us to advance our preparatory work, we need to collect data regarding Occupational Pension Schemes in the jurisdiction.
IORPS – Actions:
Any IORPS who are now caught by IORPS II as a result of the reduction in number of Members should contact the GFSC at the earliest opportunity. Please email firstname.lastname@example.org.