04/11/2011
By Adam Cadle
More companies should explore cross-border institutions for occupational retirement provision (IORP) opportunities in order to improve their pensions management in Europe, a white paper from Aegon Global Pensions has outlined.
The paper, entitled Pensions in Europe - how multinational companies are preparing their pensions in Europe for the future, consists of data from interviews of 15 leading multinational companies and two industry organisations, six international pension consultants, three representatives of the European Commission and two representatives of national supervisory bodies. Statistics show that only 20% of those interviewed are currently working on establishing a cross-border IORP. 40% did show an interest however.
There is a clear divide between the companies who have a strong preference for dealing with local providers only and those companies who wish to utilise cross-border solutions to improve the management of their schemes in Europe. The paper highlights how cross-border activity can also simplify regulatory issues and help to realise efficiency gains.
In addition, Aegon have advised that firms should conduct a complete overview of all pension plans being provided, prepare policy and guidelines for their pension management in Europe, identify all internal stakeholders at a local, regional and central level and select experienced international consultant and providers if they are to succeed with European pension policy.
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