NETHERLANDS - The European pensions directive on the activities and supervision of institutions for occupational retirement provision was transposed into Dutch national law this week.
The Upper Chamber passed the bill on Tuesday (17 January) after it was introduced to parliament by social affairs minister Aart De Geus last year.
Member states had two years from 23 September 2003, the date on which the directive was first published, to implement it into their national law.
A spokeswoman for the Ministry of Social Affairs (Ministerie van Sociale Zaken) acknowledged that the transposition had been late but said no punishment had been meted out as a result.
“Implementation sometimes means that you have to go through parliament. That’s the way we do it and sometimes we are on time but this time we were a little bit late,” she said.
The directive is described by the European Union as a first step on the way toan internal market for occupational retirement provision organised on a European scale.
The concept of cross border “pan-European” pensions has been praised for helping to relieve the burden of coping with globally mobile employees’ pension benefits.
Mercer consultant Peter Blake told Global Pensions: “Dealing with pensions for expatriates has always been a sticky subject. If a company can have a pan-European pension plan to facilitate movement within the European Union it makes the whole ball game much easier.”
The Centre for Social Justice is calling for the state pension age to be raised to 70 by 2028 and to 75 by 2035, a much faster rise than currently planned.
The High Court has blocked the £12bn transfer of Prudential's annuity book to Rothesay Life, citing the insurer's lack of "established reputation" and differing "capital management policies".
This week's top stories included Legal & General acquiring MyFutureNow to provide a dashboard service to customers, while also agreeing a hybrid buy-in with a Hitachi scheme.