Pan-European occupational pension schemes are set to become a reality after European leaders reached a political agreement.
The Directive will set out a prudential framework for cross border pension schemes. Onerous restrictions on equity asset allocation that where once mooted do not form part of the final agreement.
The ABI welcomed the move and said it compliments the UKs pensions regulations.
The Spanish Presidency had made reaching agreement on the Directive, which has been in discussion since the 1980s, a priority.