§ The Minister for Pensions (Malcolm Wicks)Copies of the Government's consultation document on the implementation of the European Directive (2003/41/ EC) on Institutions for Occupational Retirement Pensions have today been placed in the Library. Copies of the consultation and the Directive are also available on the Department for Work and Pensions' website athttp://www.dwp.gov.uk/resourcecentre/consultation_papers.asp
The Directive supports the Government's plans for reform of the UK pensions system, as outlined in the recent Green Paper Simplicity, Security and Choice: Working and Saving for Retirement (Cm 5677) and the Government's response, Action on Occupational Pensions (Cm 5835).
It sets up a common framework across Europe for the operation and supervision of institutions providing occupational retirement pensions. It allows pension schemes established in one EU Member State to be sponsored by employers in another Member State, enabling the establishment of cross-border pension schemes.
The consultation being undertaken builds upon the extensive pensions consultation carried out by the Department for Work and Pensions over the last year. It focuses upon implementation of those areas of the Directive which have not been covered in the earlier consultations.
The consultation period will close on 23 December.