The European Commission should create a single occupational pension market, the European Fund and Asset Management Association (EFAMA) says.
EFAMA says authorities could easily offer defined contribution (DC) pension schemes on a cross-border basis. It says this would reduce retirement saving costs by stimulating competition. Mathias Bauer, president of EFAMA, says: “We therefore urge the European Commission to develop an appropriate regulatory framework that could support the creation of DC-type pension products, fully portable and mutually recognised within the European Union.” Rachel Vahey, head of pensions development at Aegon, agrees with the concept but says defined benefit (DB) schemes would fail to work on a cross-bord...
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