BELGIUM - Creating a robust cross-border pension market is a priority for the Belgian government, the Belgian Pensions Regulator (BPR) has said.
Becquaert said cross-border schemes need flexible structures and low taxation to be attractive, which the Belgian government had implemented. Groupacier and Pfizer Pension Fund have set up cross-border pension schemes based in Belgium.
"The legal framework of pension funds in Belgium allows a sponsor to adapt the organisation and structure of a cross-border scheme to its own individual business situation," he said.
"When combined with an extremely favourable taxation regime, Belgium can boast of ideal and unique characteristics for hosting cross-border schemes."
Paul Kelly, principal, Towers Perrin, added: "Cross-border pensions allow multinationals a better overview of their pensions commitments, and allow them to calculate the risks as a whole."
The Pensions Regulator (TPR) has set out plans to use "new regulatory initiatives" with over 1,000 schemes as it aims to tighten its regulatory grip and boost member outcomes.
HM Revenue and Customs (HMRC) has announced it is delaying the provision of data that will enable pension schemes to confirm the guaranteed minimum pension (GMP) benefits to pay to members until the end of the year.
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