Anne Maher Chief Executive Frankfurt The Pensions Board 15 November 2006 EUROPEAN PENSIONS FUNDS CONGRESS EUROPEAN PENSIONS FUNDS CONGRESS Towards Pan-European Pension Vehicles Towards Pan-European Pension Vehicles – – Is Europe delivering the right Is Europe delivering the right regulation for promoting or regulation for promoting or facilitating cross-border facilitating cross-border provision of workplace pensions? provision of workplace pensions?
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Anne Maher Chief Executive Frankfurt The Pensions Board15 November 2006 EUROPEAN PENSIONS FUNDS CONGRESS Towards Pan-European Pension Vehicles – Is Europe.
3 Progress Legal EU aim to achieve Single Market for pensions EU Communication on “The Elimination of tax obstacles to cross-border provision of occupational pensions” (April 2001) EU Directive 2003/41/EC on “the activities and supervision of Institutions for Occupational Retirement Provision” known as the “Pensions Directive” (September 2003) Pensions Directive was to be implemented into Member State legislation by 23 September
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Anne MaherChief Executive FrankfurtThe Pensions Board 15 November 2006
EUROPEAN PENSIONS FUNDS EUROPEAN PENSIONS FUNDS CONGRESSCONGRESS
Towards Pan-European Pension VehiclesTowards Pan-European Pension Vehicles
– – Is Europe delivering the right regulation for Is Europe delivering the right regulation for promoting or facilitating cross-border promoting or facilitating cross-border
provision of workplace pensions?provision of workplace pensions?
EU aim to achieve Single Market for pensions EU Communication on “The Elimination of tax obstacles to
cross-border provision of occupational pensions” (April 2001)
EU Directive 2003/41/EC on “the activities and supervision of Institutions for Occupational Retirement Provision” known as the “Pensions Directive” (September 2003)
Pensions Directive was to be implemented into Member State legislation by 23 September 2005
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ProgressProgressEU Pensions Directive Principles
Sets framework for pension scheme supervision
Effectively sets common minimum level of supervision
Moves towards freedom of investment for pension schemes
Facilitates cross-border pension schemes
Provides possible legal framework for Pan European pension schemes
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ProgressProgressEU Pensions Directive
Slow implementation by Member States• 20 with full notification• 2 with partial notification• 3 with no notification• EU Commission taking legal action to enforce
Tax infringements in 18 Member States• Dividend and/or interest taxation• EU Commission pursuing in European Court
Committee of European Insurance and Pension Supervisors (CEIOPS) supervising implementation
Budapest Protocol agreed between pension supervisors
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ProgressProgressWhat is now possible
Investment pooling cross-border – already possible and happening
Pooling of liabilities
Pooling of administration
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ProgressProgressOther Current EU Pensions Regulation Initiatives
EU Portability of Pensions Directive
EU Directive on Equal Treatment in supply of goods and services
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Is EU Regulation Delivering?Is EU Regulation Delivering?Obstacles
Social and Labour Law Tax Defined Benefit Funding Standards Pension Reform Member State attitude Inexperience First mover disadvantage
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Is EU Regulation Delivering?Is EU Regulation Delivering? Pensions Directive was a first step in Single Market for
pensions
Implementation is very slow
EU Commission legal enforcement is lengthy process
Needs more indirect support?
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What Else Might Be Done?What Else Might Be Done?
Immediate Steps Implementation of Directive by all EU Member States
Clarification of some Directive requirements
Protocol in operation between Member State pension supervisors
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What Else Might Be Done?What Else Might Be Done? Review of Pensions Directive (happening 2007 / 2008?)
2nd Pensions Directive?
More indirect support through CEIOPS?
EU Commission action to encourage Member States to take positive approach to Single Market for pensions
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In ConclusionIn Conclusion Pensions Directive is reasonable first step