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In contrast to a draft negotiating mandate drawn up by the Council in November, member states were less explicit in their support for the proposals on risk-evaluation for pensions (REP) and the Pension Benefit Statement (BPS).
Instead, the mandate only specified that the Directive should focus on good governance and risk management, and should aim to provide “clear and relevant” information to members and beneficiaries.
PensionsEurope said it welcomed the Council’s stance and looked forward to engaging with the Parliament.
“PensionsEurope will continue working closely on this topic with the aim to support institutions for occupational pensions provisions in providing adequate, safe and sustainable pensions for the people of Europe.”
James Walsh, the EU policy lead at the UK’s National Association of Pension Funds, said any re-assessment of cross-border regulatory requirements would be welcome by his organisation.
“Unfortunately, the relaxation is not achieved in the current compromise text. It would have been achieved in one of the earlier compromise drafts, but unfortunately things were changed in the later versions.”