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It will be “quite difficult” for the European Commission to submit a formal review of the revised EU pension fund legislation by 2023 as originally planned, Didier Millerot, head of the insurance and pensions unit at the European Commission, told a conference yesterday.
“We expect quite some delay in the process unfortunately,” he told delegates of a conference on asset management for occupational pension funds organised by the Institute of Finance and Financial Regulation.
He said the Commission was still in the process of assessing how the IORP II Directive had been transposed by member states, a process that was “taking more time than we hoped”.
“It is therefore difficult to assess whether the review has been a success or not.”