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IMA and NAPF urge rethink of Euro bid to harmonise pension rules

The Investment Management Association and the National Association of Pension Funds are lobbying the European Commission to rethink plans to harmonise pension rules across member states and raise the number of cross-border schemes.

In March, the Commission issued a “call for advice” to the European Insurance and Occupational Pensions Authority as part of a review of the institutions for occupational retirement provision directive.

The aim of the directive is to provide a common framework across the EU for occupational trust-based pension schemes relating to funding, regulation and information to members. The Commission is considering extending the scope of the directive to cover contract-based defined-contribution schemes.
Last month, Eiopa issued a similar call for advice to pension providers and trade bodies.

IMA head of research and pensions Jonathan Lipkin says: “There is no clear evidence that it is a failure in the IORP directive that is stopping cross-border schemes being established. The Commission needs to prove that is the case before it presses ahead with sweeping reforms.”

NAPF senior policy adviser James Walsh says: “The Commission should be doing a more rigorous analysis of what the obstacles to cross-border pension provision are.”

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