EUROPE - The European Parliament industry committee has approved the creation of a pan-European pension fund for researchers.
The fund would be part of a system of portable grants to be introduced to facilitate scientists' career mobility and promote freedom of research and innovation.
In particular, the text of the report 'encouraged' the European member states and Commission to review the necessary conditions for introducing portability of individual research grants, when this enables funders to better meet their research needs.
The report will be discussed at the upcoming European Parliament's plenary session in Strasbourg in March.
In October 2008, the European Commission's Directorate General for Research published a tender for a feasibility study of a pan-European pension fund for EU researchers (www.globalpensions.com: 3/10/08).
At the time, it said the contractor would study the legal, technical and financial requirements for setting up a pan-European pension fund for EU researchers with existing legislation under the 2nd pillar such as the 'IORP Directive'.
It added life-insurance-based pension arrangements that could best fit researchers' needs would also be analysed.
The Pensions and Lifetime Savings Association (PLSA) is in the process of convening an industry-wide group to take forward the work of the Institutional Disclosure Working Group (IDWG).
The Transfers and Re-registration Industry Group (TRIG) has given its support to an initiative which aims to complete occupational pension transfers within three weeks.
Scottish Widows has completed a bulk annuity deal for the Hitachi UK Limited Pension Scheme.