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By Dr. Francesco Briganti(1) Dr. Sebastiaan Niels Hooghiemstra(2)
The revision of the pension fund directive, known as IORP II, does not seem to have achieved the desired result of facilitating cross-border activities. Instead, Member States have «gold-plated» the Directive further frustrating cross-border activities. Recently, the Cross Border Benefits Alliance-Europe (CBBA-Europe) came with a proposal to introduce a new pan-European DC Occupational Pension vehicle called the «PEOP».
Already since 2003, current European legislation allows pension funds (IORPs) to set up cross-border activities. Indeed, according to the EU Directive “IORP I” that was replaced by “IORP II” in 2016, an IORP based in a given EU Member State is allowed to...
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