EUROPE - The French Asset Management Association (AFG - Association Français de la Gestion Financière) and the Association of British Insurers (ABI) will join the European Federation for Retirement Provision as full members on January 1.
The EFRP said the decision was made at its general assembly in Amsterdam yesterday. ABP’s Jaap Maassen (pictured) was elected new chair of the EFRP at the meeting, replacing Alan Pickering.
“The EFRP is very satisfied with this development in two of the major Member States of the EU that can be nothing else than beneficial for the further development of the EFRP as the EU level organisation representing pension institutions that are responsible for occupational and supplementary pension provision,” the EFRP said in a release.
The new French retirement savings law, which came into effect on August 21 last year and allows the Members of AFG to provide employee supplementary pension schemes, was behind AFG’s decision to join, the EFRP noted.
The development of ABI’s relationship with the EFRP in recent years led the UK trade organisation for life and non-life insurers to apply for membership, it added.
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