The ALDE Group has today welcomed the adoption, by the European Parliament's Economic and Monetary Affairs Committee, of updated EU legislation on the activities and supervision of institutions for occupational retirement provision. This Directive provides for more transparency and more certainty for members and beneficiaries of occupational pensions and eliminates obstacles to cross border activity.
Sophie In´t Veld, ALDE Group first vice-president and shadow rapporteur for the Liberal and Democrat group in the European Parliament said this afternoon:
"The financial and economic crisis has highlighted pension funds are robust, but not immune to financial and economic turbulence. Millions of EU citizens are increasingly reliant on occupational pensions, so it's vital we update our common regulatory framework to increase the transparency and security of these funds. This will help to deliver a higher EU-wide minimum level of consumer protection and drive investment in the European economy."
"Thanks to amendments tabled by Liberals and Democrats, occupational pension funds will also be required to ensure an equitable spread of risk between generations, to protect the pensions of future generations against short-termism."
"I strongly welcome the fact that this legislation will remove unnecessary obstacles to cross border activity, but Liberals and Democrats would have liked to go further in enabling innovative and cross border activities, while securing the pensions of future generations. It is to be expected that in the era of FinTech, new products will enter the market which are outside the regulated area. We need to be much more forward looking and do more to prepare for these kinds of innovations."