Jurisdiction(s):
United Kingdom

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Law definition

What does Law mean? In legal practice, Law describes the body of binding rules governing parties’ rights and obligations in the relevant jurisdiction(s). It is not a single statutory or case-law definition; in contracts it is a descriptive catch‑all used to capture all sources of applicable law. Law includes: (a) any primary or secondary legislation (including regulations, statutory instruments and byelaws) in force from time to time that applies to a party or to the place the Services are provided; (b) the common law and, where applicable, equity; (c) any binding court order, judgment or decree; (d) any applicable industry code,

IORP II and Occupational Pensions: EU Directive overview, governance, ESG and disclosure, cross-border transfers, UK transposition and post-Brexit status

Published by a LexisNexis Pensions expert

Practice notes

ARCHIVED :

This archived Practice Note summarises the Directive on the activities and supervision of Institutions for Retirement Provision (IORPs), commonly called the IORP II Directive or simply IORP II. It is no longer being updated. Under EU law, IORP denotes pension schemes. IORP II superseded the 2003 IORP Directive 2003/41/EC, which has been repealed. It entered EU law in December 2016 and took effect in the UK on 13 January 2019. Although IORP II has been transposed into UK domestic law, the directive itself does not sit within domestic law (including as assimilated law)...

Purpose of IORP II

The now-repealed 2003 IORP Directive was agreed in June 2003 and then implemented by each EU Member State. Its aim was to create an EU-wide framework for running pension schemes, imposing mandatory standards in core areas such as funding of defined benefit (DB) arrangements and the investment of scheme assets. It was also designed to allow schemes established in one Member State to operate across borders. A key impetus behind the European Commission’s proposals for IORP II was the 2008 financial crisis and the...

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Web page updated on 21/05/2026

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