After a five and a half year gestation, ‘IORP II’ was finally published in March 2014. This timeline shows the various stages of its development. It started with a consultation that focused solely on cross-border plans and IORPs that provide investment guarantees or undertake biometric risks with no recourse to a sponsor. In 2010 this was widened to all IORPs, with technical advice on detailed changes being sought from EIOPA in 2011 and given in 2012. EIOPA’s quantitative impact study in 2012/13 showed that more work was needed to develop solvency requirements and so the draft of the Directive does not change any of the existing funding requirements – for now.