mast image

Special Report

Impact investing

Sections

MEPs’ pension fund to tender actuarial study

EUROPE - An open tender to provide an actuarial study for the pension fund for members of the European Parliament is to be issued shortly.

"An open invitation to tender for an independent actuarial study will shortly be issued," states a parliamentary response contained in the European Court of Auditors 2005 report that was presented this week.

The move will come amid a lack of clarity about the definition of the liabilities and responsibilities of the parliament and scheme members in the event of a deficit in the MEPs' additional voluntary pension scheme, according to the report.

"No rules have been established defining the liabilities and responsibilities of the European Parliament and of the members of the scheme the case of a deficit," the auditors' report states.

Until it comes into effect in 2009 the new statute "has no legal effect and cannot provide a legal basis for the parliamentary contribution to the ASBL pension fund".

The report states: "Appropriate rules should be established defining the liabilities and responsibilities of the European Parliament and of the members of the scheme in the event of a deficit."

It comes amid a change to the way community pension are accounted for.

The Court of Auditors said the Accounting Officer did not fully comply with accounting rules with regard to the revised treatment of the Communities' pension liabilities.

The Commission has now "eliminated the practice that has been criticised by the Court in past years in connection with the Communities' pension liabilities, whereby a parallel recognition of receivables and payables has the effect of neutralising the impact on the economic outturn, as it does not show the change from one year to another".

Hubert Weber, the president of the European Court of Auditors, said he would present the report to the European Parliament in plenary session on November 14.

Have your say

You must sign in to make a comment

IPE QUEST

Your first step in manager selection...

IPE Quest is a manager search facility that connects institutional investors and asset managers.

  • QN-2546

    Asset class: Real Estate Equity Fund (non listed).
    Asset region: Europe.
    Size: Total CHF 600m, approx. CHF 100-300m per fund investment.
    Closing date: 2019-06-28.

Begin Your Search Here
<