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07 May 2003
There has been further progress towards the proposal for a directive for EU-wide rules on the activities and supervision of institutions operating occupational retirement provision services (the so-called 'pan-European pensions directive'). The proposal, issued by the European Commission in October 2000, aims to pave the way for the creation of pan-European pension schemes to top up existing national pension provision. It addresses two obstacles to establishing such schemes: harmonizing prudential regulation of all schemes, and the application by a scheme of the relevant social and labour law requirements applicable to occupational pensions in the member state where a sponsoring undertaking and members are established. In March 2003 the European Parliament approved, at the second reading stage and subject to some amendments, the European Council's text. A number of provisions in a previous draft have been removed. The main changes are as follows:
The proposal will now return to the European Council for its second reading.
At the 2003 Spring summit of EU leaders, final adoption of the proposal by the
end of 2003 was agreed as an objective. Member states will have two years from
its final adoption to implement most of its provisions.
For further information on this topic please contact Mark Mansell or Felicity Gemson at Allen & Overy by telephone (+44 20 7330 3000) or by fax (+44 20 7330 9999) or by email (firstname.lastname@example.org or email@example.com).
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