Pensions Directive
England, Scotland, Wales
directive 2003/41/EC of the European Parliament and of the Council of the European Union dated 3 June 2003 on the activities and supervision of institutions for occupational retirement provision. It is a first step to developing an internal market for occupational retirement provision throughout the European Union (EU). Key provisions include the introduction of a prudent person rule for investing pension assets, and a requirement for schemes to invest predominantly on regulated markets. Pension schemes must also be fully funded at all times, subject to a limited recovery period. Member states (member states) had to implement the IORP Directive by 23 September 2005. In the UK, the government has implemented the IORP Directive through the Pensions Act 2004. See Pensions (IORP) Directive.
Directive 2003/41/EC of the European Parliament and of the Council of 3 June 2003 on the activities and supervision of institutions for occupational retirement provision:

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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