EFRP backs McCreevy’s push for strict enforcement of Pension Funds Directive

23 September 2005

The European Federation for Retirement Provision (EFRP) shares Commissioner McCreevy’s concerns about signs that investment liberalisation may not be proceeding as planned. But the EFRP is even more concerned that at the implementation date just ten Member States have notified the Commission they have transposed the directive into national law. It is possible that even this formal snapshot may be too rosy. Six notifications are incomplete and notification alone is no guarantee of correct implementation.

The EFRP welcomes the Commission’s intention to organise a post-implementation review next year to consider any problematic issues. The Federation urges those Member States who are lagging behind to redouble their efforts to transpose this directive. All Member States should embrace its new, principle-based approach and accept the duty imposed by it upon them to work together towards unproblematic cross-border membership of pension funds.

Press release

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