UK sees “several hundred” cross-border schemes
UK – The UK’s Pensions Regulator says there may be “several hundred” UK pension funds operating across borders – although there is no precise figure.
“There is as yet no figure for the number of cross-border schemes, but it may be several hundred,” a spokeswoman told IPE.
The comments come ahead of the European directive on occupational pension funds, which is due to be implemented tomorrow.
The regulator said that cross-border schemes would now need its authorisation and approval to operate, unless the European Commission grants a blanket exemption - which it has not done.
The regulator is asking schemes to tell it whether they are operating cross-border within the EU. It does not have this information because it has not had extensive data collection powers in the past, a spokesman said.
“If you or your advisers think that your scheme may be operating cross border within the EU states, and want to continue to do this, we expect you to tell us,” the regulator said.
It wants schemes to contact it if they a “European dimension” or if they plan to operate cross border. Or if they are UK employers paying into a pension scheme in another EU state.