UK - The Department for Work and Pensions (DWP) has issued a consultation paper to find out how successful occupational pension schemes have been in implementing the European pension fund directive IORP.
Ahead of the planned review of the directive by the European Commission next year, the DWP wants to get the industry's "experience of how well the cross-border provisions of the Directive have performed", in order to be able to compare its own findings with that of the Commission.
According to the consultation paper, which closes on December 4, the DWP wants to find out how well the actual application process for cross-border activities is working and how it could be improved.
Furthermore, it wants to ascertain how far the possibility of going cross-border has been taken up so far.
Industry representatives are being asked whether the directive has facilitated the step across the border far enough and whether it was difficult to comply with other EU member states' social and labour laws.
Lastly, the DWP has asked whether the UK should compare itself with any other member states regarding cross-border regulation, and participants are being encouraged to give examples and reasons for the choice.
This consultation is limited to responses from certain groups, such as the National Association of Pension Funds, the Pensions Regulator, the Pensions Ombudsman as well as the Trade Union Congress, the Association of British Insurers and other representatives of related industries, because of the "technical nature" of the subject.
At the same time the DWP has also launched a limited consultation on exemptions for non-European schemes as defined under the UK's Occupational Pension Schemes Regulations 2005. Deadline for this consultation is November 30.
If you have any comments you would like to add to this or any other story, contact Barbara Ottawa on +44 20 7261 4618 or email barbara.ottawa@ipe.com
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