The legal framework of the Pan-European pension scheme

Abstract

This dissertation is concerned with the regulatory aspect of the pan-European pension schemes, with a predominant focus on the IORP Directive which governs the European pension fund industry, specifically the cross-border aspect thereof which also forms a core part of this work. Particular light was shed on the Maltese scenario. The first chapter deals with the transition process from unfunded schemes to funded ones and introduces the European effort to combat the dawning predicament which PAYG systems are most likely to be faced with. The basic definitions and concepts are also dealt with in this part. Next the element of asset-protection is treated, focussing on technical provisions, investment provisions and custodian issues, all as emanating from the IORP Directive and implemented into the Maltese legal regime. This paves the way for the third part which goes over the issue of cross-border activities, with an emphasis on the obstacles thereto and a comparative study of prominent pension vehicles across the EU. Finally, the conclusion pinpoints the extent to which individual Member State's interpretation may be counter-productive to cross-border activities and questions whether there is a need of a thorough overhaul of the Directive.