The
Government has launched the consultation period for the EU Occupational
Pensions Directive which will put in place a common framework for schemes
around Europe.
The
directive supports the Government’s plans for reform of the UK pensions system
and will build on last year’s Green Paper and subsequent Action on Occupational
Pensions.
The
directive applies only to funded occupational pension schemes and does not
cover state schemes or personal pensions.
Key
features of the directive include:
–
Recognising the diversity of national pension systems
–
Establishing the ‘prudent person’ principle in the management of pension
schemes in the EU
–
Establishing a common framework for pensions schemes to operate cross- border
–
Delivering liberalisation of investment rules currently applied by some Member
States
–
Establishing common funding principles for schemes
–
Setting out the minimum powers that every member state must give its regulator
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