Brussels, 25 November 2015, 

Today the Actuarial Association of Europe (“AAE”) published its position paper “Proposed Revision of IORP Directive1 ”. 

With this paper the AAE sets out its key comments on the Recitals of the proposal for revision as the Recitals contain the reasoning and provide the background to the proposed text of the formal Articles of the revised Directive. 

Falco Valkenburg, chairperson of the Pensions Committee of the AAE, stated: “The proposal contains many actuarial and related topics and features the inclusion of an “Actuarial Function” and a “Risk management Function”. Two important functions that relate directly to our field of expertise and experience. The AAE believes that qualified actuaries are best placed to calculate and certify technical provisions, as required, and to fill the actuarial function”. 

Philip Shier, chairperson of the AAE, stated: “The European Union faces a major challenge in ensuring adequate retirement income for its citizens. The Actuarial Association of Europe has a key role to play in informing policymakers and other stakeholders on this issue, in line with our vision”.

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