UK/EUROPE - A compromise deal on the EU pensions directive has been welcomed by the NAPF.
European finance ministers agreed that firms will be given the freedom to set up cross-border pension schemes and that the pension systems of each member state will not be subject to any EU-imposed funding requirements.
An NAPF spokesman said: “We welcome any decision reached on the EU pensions directive which doesn’t add any extra burden to UK pensions.”
Yet industry figures think that in reality few firms will set up cross-border pension schemes as the EU proposals for them are too onerous.
Pensions partner at law firm Lovells, Jane Samsworth, said: “I don’t see that many cross-border schemes are going to be set up while there is the obligation to have them fully funded at all times and while host states are going to be able to place their own restrictions on them.”
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