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).

More sustainable Austrian pensions [AU]

Today, NZZ has an article (not available online) referring to an assessment of the recent triad of pension reforms in Austria, published by the Austrian National Bank. (The article is likely to appear in English here soon, too.)

In essence, the authors conclude that the reforms have improved fiscal sustainability in Austria. The most important factors to that end were - unsurprisingly - higher average pension age and lowered pensions.

Austria

In a very commendable display of user-friendliness and transparency, the Austrian Financial Market Authority publishes, among many other relevant things, the relevant social & labour law applicable to IORPs resident in other Member States (equally available in German of course).