IORPs frozen

CEIOPS has just published its annual report on market developments. Given the uncertainty surrounding new legislative developments, it is unsurprising that the net new growth of cross-border IORPs within the EEA has ground to a virtual halt. As of 1 June, there were 78 active IORPs, compared to last year's 76. Interestingly, the gross growth of 7 has been almost entirely compensated by 5 withdrawals that were exclusively based in the UK, whereas the new IORPs are based in Austria, Belgium, Ireland and Liechtenstein (2 each).