European Union Pension Directive
[Excerpt] This Directive thus represents a first step on the way to an internal market for occupational retirement provision organised on a European scale. By setting the ‘prudent person’ rule as the underlying principle for capital investment and making it possible for institutions to operate across borders, the redirection of savings into the sector of occupational retirement provision is encouraged, thus contributing to economic and social progress. The prudential rules laid down in this Directive are intended both to guarantee a high degree of security for future pensioners through the imposition of stringent supervisory standards, and to clear the way for the efficient management of occupational pension schemes.
European Union; EU; retirement; pension; economic growth; benefits
Required Publisher Statement: Copyright by Baker & McKenzie. Document posted with special permission by the copyright holder. Suggested Citation: European Parliament. (2003). Directive 2003/41/EC of the European Parliament and of the Council of 3 June 2003 on the activities and supervision of institutions for occupational retirement provision. Official Journal of the European Union, 10-21.