EUROPE - The European Commission (EC) has sent letters of formal notice to the Czech Republic, Hungary and Poland for failing to properly transpose a pensions directive on the supervision of institutions for occupational retirement provision.
The EC said it had given the countries two months to respond to the notice for "incomplete transposition" of Directive 2003/41/EC.
It said the three countries "appeared to take the view" they were only obliged to transpose the directive to the extent that pension institutions established in other member states should be allowed to provide their services in their countries, because they currently had no pension institutions falling under the directive's scope in their own countries.
But, the EC said it took "the opposite view", and added: "Given that the directive contains no derogations or relevant transitional periods as far as the transposition is concerned, all member states have to transpose the directive in its entirety and establish a legal framework which would enable pension institutions to be set up even though they do not exist currently in these member states."
The EC said it had served the notice as part of a move to ensure correct implementation of EU law across the continent.
Mark Evans has been appointed as a director at Independent Trustee Services (ITS) to lead trustee appointments in London.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.
Conduent has completed the sale of its actuarial and human resource consulting business to private equity investor, H.I.G. Capital.