-Focusing on second pillar pension provision and financial market aspects, UNICE describes the benefits of this directive as a win-win-win directive:
Employees would benefit from higher retirement benefits;
Employers benefit from lower pension contributions, and consequently contained their labour costs;
The macro-economic benefits from the genuine cross-border operation of pension funds would be considerable.
Effective second pillar pension schemes, UNICE concludes, could relieve some of the pressure that public pension schemes will put on state finances in future years.
Currently the proposal remains before the Council. Progress under the Belgian presidency was very disappointing.
UNICE has higher hopes and expectations for the Spanish presidency. Greater financial market integration has been highlighted as a priority for the Spanish presidency.
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