Local view for "http://purl.org/linkedpolitics/eu/plenary/2016-11-23-Speech-3-614-000"
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"en.20161123.33.3-614-000"2
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"Mr President, my Group welcomes the text agreed with the Council in trialogue. The UK has already introduced automatic enrolment schemes, so all employees enjoy workplace pensions with contributions from their employers. I therefore hope that this legislation will encourage the provision of work- based pensions across the whole of the EU.
This report makes substantial improvements to the Commission’s original proposal. It is a less prescriptive text that recognises pensions as a Member State competence, focuses more on the provisions for cross-border IORPs, and deletes the delegated acts originally proposed by the Commission.
Employees will now receive a tailored annual pension benefit statement and will be consulted if there are decisions which affect their pension payouts. I am happy that there are no harmonised EU solvency requirements. I support the more lenient funding regime, which was included, rather than the fully funded model. Allowing for periods of under-funding is important to reflect instances such as mergers, which would prevent funds from being fully funded at all times.
I am pleased the legislation is now more proportionate and that IORPs with less than 100 members will have reduced compliance commitments. Finally, my group is happy to see that if a Member State has equivalent protection in place then the requirement to appoint a depository for defined contribution schemes would not be necessary.
We are pleased with this report and we thank Mr Hayes for his excellent work."@en1
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