The rules have been defined and enforced concerning the information to be disclosed to members and beneficiaries. The aim is to provide them with all the necessary information concerning the evolution of their future retirement benefits, as well as, if provided, the given coverage of biometrical guarantees.
To be fully compliant, some complementary information must be provided to national and European authorities, for instance the basic annual accounts and annual reports. IORPs also have to provide an Own Risk Assessment, asset and liabilities studies, actuarial valuations and assumptions, as well as a statement of investment policy principles, and statistical reports must be provided to the European central bank and to the EIOPA.
Finally, the aim of the IORP 2 directive is to implement a sturdy risk management framework with 3 key functions in the management process, with the aim of having an equitable spread of risks and benefits between generations, promoting a better diffusion of information to their members and beneficiaries, as well as a better communication with the relevant competent authorities.