ICELAND - With Iceland's parliament voting in favour of the European pension fund directive (IORP), all members of the European Economic Area (EEA), which are not EU-member states have now put the directive in place.

In a next step, the country wants to establish itself as a domicile for pan-European pension funds, confirmed Tryggvi Thor Herbertsson, former Professor of Economics at the University of Iceland and now manager for Askar Capital.

The Icelandic Association of Pension Funds will discuss the matter in detail after the summer, its managing director Hrafn Magnússon told IPE.

The directive saw no opposition in the Icelandic parliament and Herbertsson confirmed that for the moment no tax regulations or other investment rules had to be changed to comply with the directive.

Parliaments in Liechtenstein and Norway, the other two EEA member states which are not part of the EU, have passed the directive at the end of last year and it is now effective in both countries.