| CODE | INS5025 | ||||||||||||
| TITLE | EU Pension Funds and Products | ||||||||||||
| UM LEVEL | 05 - Postgraduate Modular Diploma or Degree Course | ||||||||||||
| MQF LEVEL | 7 | ||||||||||||
| ECTS CREDITS | 5 | ||||||||||||
| DEPARTMENT | Insurance and Risk Management | ||||||||||||
| DESCRIPTION | This study-unit will introduce the EU regulation on occupational pension funds as amended under the IORP II Directive, which had to be transposed into national laws by January 2019.This Directive aims to facilitate the development of occupational retirement savings and provide sustainable and adequate occupational pensions to the European citizens.The IORP II Directive sets common standards ensuring the soundness of occupational pensions and better protects pension scheme members and beneficiaries, through among others: (i) new governance requirements, (ii) new rules on IORPs’ own risk assessment, (iii) new requirements to use a depositary, and (iv) enhanced powers for supervisors. In addition, the study-unit will deal with the pan-European Personal Pension Product (PEPP), whcih is a voluntary personal pension scheme that will complement existing public and occupational pension systems, as well as national private pension schemes. This product is regulated under PEPP Regulation, which applies on 22 March 2022. The PEPP Regulation establishes the legal foundation for a pan-European personal pension market, by ensuring standardisation of the core product features, such as: transparency requirements, investment rules, switching right and type of investment options Study-Unit Aims: - To familiarise students with the EU regulation on occupational pensions funds and PEPP; - To stimulate students to deepen the issues of pensions concerning both the organizational profiles (pension funds) and product (PEPP); - To highlight links with rules on banking, financial and insurance intermediaries and related products when they complement those on pension funds and PEPP. Learning Outcomes: 1. Knowledge & Understanding: By the end of the study-unit the student will be able to: - List and critically discuss the rules on occupational pensions funds and PEPP and evaluate their meaning in terms of approaches one can take; - Analyse, criticize and discuss the organizational safeguards of pension funds and the rules on manufacturing and distributing PEPP; - Compare and evaluate the rules in the different sectors (banking, finance, insurance, Corporate Service Providers) of financial services. 2. Skills: By the end of the study-unit the student will be able to: - Evaluate and Critically discuss the challenges required from the EU regulation on occupational pension funds and PEPP to national laws and markets, including supervisory authorities; - Interpret the regulatory requirements and critically evaluate and analyse the cost and benefit; - Identify the expected behaviours from these standards and analyse and critically assess the impacts in terms of organizational and conduct requirements. Main Text/s and any supplementary readings: - Autenne, A.. 2017. Occupational pension funds: Governance issues at the international and European levels, European journal of social security, 2017-06, Vol.19 (2), p.158-171 - D’Apolito, E. and Maci, G. 2021.The IORP II European Directive: Analisys and Evidence of the Main Regulatory and Management Innovayions, in International Journal of entrepreunership. 2021. vol. 25, p. 1-3 - Dowsey, M. 2012. Review of the IORP directive, Pensions: An International Journal, 2012, vol. 17(3), p. 158 - 168 - Daniels, L.; Stevens, Y; Pratt D. 2021. Environmentally friendly and socially responsible investment in and by occupational pension funds in the USA and in the EU, European journal of social security, 2021-09, Vol.23 (3), p.247-263 - Schelke, W. 2019.EU Pension policy and financialisation: purpose without power? , Journal of European public policy, 2019, vol. 26(4), p, 599-616 - Rutecka-Góra, J.2021. Inadequacies of regulations on supplementary pension plans in Central and Eastern European countries European journal of social security, 2021-09, Vol.23 (3), p.232-246 |
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| STUDY-UNIT TYPE | Lecture | ||||||||||||
| METHOD OF ASSESSMENT |
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| LECTURER/S | Pierpaolo Marano |
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The University makes every effort to ensure that the published Courses Plans, Programmes of Study and Study-Unit information are complete and up-to-date at the time of publication. The University reserves the right to make changes in case errors are detected after publication.
The availability of optional units may be subject to timetabling constraints. Units not attracting a sufficient number of registrations may be withdrawn without notice. It should be noted that all the information in the description above applies to study-units available during the academic year 2024/5. It may be subject to change in subsequent years. |
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