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By Fernand Grulms, Pension actuary and Managing Director of PECOMA International
The first pension fund directive (2003/41/EC) often called IORPS directive lays down basic requirements for occupational pension funds that are deemed to operate on a cross-border basis. It is probably not an exaggeration to claim that the 2003 directive was an entire failure as almost no cross-border pension funds have been launched over the last 11 years. On 24 march 2014 the EU Commission published the draft directive on IORPS 2 (COM 2014 final) which is aimed at reviewing IORPS 1. The major question is, if IORPS 2 will be more successful and enable the take-off for cross-border pensions.
During the financial crisis we saw the failure of a certain number of pension...
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