EUROPE - The Committee of European Insurance and Occupational Pension Supervisors (CEIORPS) has released a report on the differences between solvency requirements and barriers to creating a truly harmonised European pension system.
Mark Dowsey, senior consultant, Watson Wyatt, called the report "a useful milestone in understanding the challenges facing pan-European pension development".
The report also found the issue of solvency for pension funds to be highly complex and showed there to be little convergence between national supervisory bodies as a result of minimal solvency requirements.
Dowsey added: "The report also highlights the additional difficulties faced when trying to create a pan-European fund that includes defined benefits. This reinforces the view that, at least in the first instance, cross-border pensions are likely to be defined contribution in nature."
The full report is available online .
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