Terms explained

Below is a list of the special terms used on this site, together with a definition of each.

Consortium

The RESAVER Concortium is an international, not-for-profit organisation established under Belgian Law on 1 October 2014. 

The consortium's purpose is:

  • to promote the establishment of a pan-European Institution for Occupational Retirement Provision (‘RESAVER IORP’) that will manage occupational pension plan(s) for the benefit of Professionals employed by research organisations within the European Economic Area (EEA);
  • to design the common features of the pension plan(s) that are to be managed by the IORP;
  • to represent such sponsoring undertakings in their relationship with the IORP;
  • to promote insurance-based or other forms of retirement provision for Professionals in the EEA to supplement the IORP as deemed necessary or useful to promote and enhance retirement provision for researchers in the EEA ("RESAVER Insurance"); and
  • to enter into contracts with service providers and other third parties for these purposes.

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IORP

Institutions for Occupational Retirement Provision

A funded employer sponsored retirement benefit plan, as defined by EU Directive 2003/41/EC to facilitate the cross-border activity of retirement benefit plans.

Member States are expected to specify which of their local retirement benefit plans are considered IORPs under this legislation.

e.g. Belgium's OFP (Organisation for Financing Pensions), Netherlands' PPI (Premium Pension Institutions) and Luxembourg's SEPCAV (Société d’épargne-pension à capital variable) and ASSEP (Association d’épargne-pension).

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OJEU

Is the Official Journal of the European Union (OJEU). This is the gazette of record for the European Union. It is published in 22 official languages of the EU member states.

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RESAVER

RESAVER is a state-of-the-art Pan-European Pension Plan that enables mobile and non-mobile employees to remain with the same pension arrangement when moving between countries and when changing jobs.

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