IRELAND – The Irish government has stated its commitment to positioning itself as the domicile of choice for pan-European pension schemes following legislation to transpose the EU directive on occupational pensions.

Social affairs minister Séamus Brennan said in a statement: "Ireland has a solid base of established pension providers and regulators serving the domestic market which provide an excellent foundation on which to build our pan-European service.

“It is difficult to predict when we might see ‘true’ pan-European pension arrangements and the exact types of pension vehicles that are required.

“While Ireland's occupational pensions system is largely trust based I intend to fully engage with interested parties to establish whether there are other suitable pension arrangements which Ireland's pension industry may provide to facilitate those considering pan-European schemes.”

The Irish parliament recently enacted the Social Welfare and Pensions Act 2005. This provides for the transposition of the directive on Institutions for Occupational Retirement Provision. The directive will facilitate pan-European schemes.

Last month the government said it was preparing legislation to provide the framework for asset pooling by pension funds.