The European Commission has published a summary of the responses received to its consultation exercise on harmonising the solvency rules applying to certain institutions for occupational retirement provision (IORPs).
The Commission received 60 responses, and four main obstacles to increased cross-border activity were identified:
- an absence of agreement among Member States on what constitutes cross-border activity;
- the requirement in Article 16(3) of the IORP directive that schemes operating cross-border must be fully funded at all times;
- differences in tax regimes between Member States; and
- differences between Member States’ social and labour law.
A public hearing in relation to the consultation exercise has been set for 27 May 2009 in Brussels.
Read the summary of responses (pdf)(146KB)