direct ec european parliament council june activ supervis institut occup retir provis european parliament council european union regard treati establish european commun articl articl articl thereof regard propos commiss regard opinion european econom social committe act accord procedur laid articl treati genuin intern market financi servic crucial econom growth job creation commun major achiev made establish intern market allow financi institut oper member state ensur high level protect consum financi servic commun commiss quot implement framework financi market action plan quot identifi seri action need order complet intern market financi servic european council meet lisbon march call implement action plan action plan financi servic stress urgent prioriti draw direct prudenti supervis institut occup retir provis institut major financi institut kei role plai ensur integr effici liquid financi market subject coher commun legisl framework allow benefit fulli advantag intern market social secur system come increas pressur occup retir pension increasingli reli complement futur occup retir pension develop call question import social secur pension system term secur durabl effect social protect guarante decent standard live ag centr object strengthen european social model direct repres step intern market occup retir provis organis european scale set quot prudent person quot rule underli principl capit invest make institut oper border redirect save sector occup retir provis encourag contribut econom social progress prudenti rule laid direct intend guarante high degre secur futur pension imposit stringent supervisori standard clear effici manag occup pension scheme institut complet separ sponsor undertak oper fund basi sole purpos provid retir benefit freedom provid servic freedom invest subject coordin prudenti requir institut consid legal entiti accord principl subsidiar member state retain full respons organis pension system decis role quot pillar quot retir system individu member state context pillar retain full respons role function institut provid occup retir benefit industri wide pension fund compani pension fund life assur compani direct intend call prerog question nation rule particip emploi person institut occup retir provis differ member state institut occup retir provis oper basi agreement trade trade group member act emploi capac directli emploi emploi person member state emploi person member institut emploi person act employ profession servic undertak member state emploi person join institut occup retir provis requir includ impos social labour law met institut manag social secur scheme coordin commun level exclud scope direct account specif institut singl member state manag social secur scheme occup pension scheme financi institut benefit commun legisl framework gener exclud scope direct institut case offer occup pension servic import ensur direct lead distort competit distort avoid appli prudenti requir direct occup pension busi life assur compani commiss carefulli monitor situat occup pension market assess possibl extend option applic direct regul financi institut aim ensur financi secur retir benefit paid institut occup retir provis gener provid payment lifelong pension payment temporari period lump sum import ensur older disabl peopl risk poverti enjoi decent standard live cover biometr risk occup pension arrang import aspect fight poverti insecur elderli peopl set pension scheme employ employe respect repres possibl pension scheme includ provis coverag longev risk occup disabl risk provis surviv depend give member state possibl exclud scope nation implement legisl institut manag scheme member total facilit supervis member state undermin proper function intern market field undermin institut appoint manag invest portfolio custodi asset invest manag custodian establish member state duli authoris institut quot unterstützungskassen quot germani member legal right benefit amount interest protect compulsori statutori insolv insur exclud scope direct order protect member beneficiari institut occup retir provis limit activ activ aris therefrom refer direct event bankruptci sponsor undertak member face risk lose job acquir pension right make ensur clear separ undertak institut minimum prudenti standard laid protect member institut occup retir provis oper supervis signific differ member state member state supervis exercis institut entiti compani authoris manag institut member state specif account long requir laid direct effect met member state insur entiti financi entiti manag institut occup retir provis institut occup retir provis financi servic provid bear heavi respons provis occup retir benefit meet minimum prudenti standard respect activ condit oper huge number institut member state mean pragmat solut prior authoris institut institut wish manag scheme member state prior authoris grant compet author home member state requir member state requir institut locat territori draw annual account annual report take account pension scheme oper institut applic annual account annual report pension scheme annual account annual report reflect true fair view institut asset liabil financi posit take account pension scheme oper institut duli approv authoris person essenti sourc inform member beneficiari scheme compet author enabl compet author monitor financi sound institut assess institut meet contractu oblig proper inform member beneficiari pension scheme crucial relev request inform financi sound institut contractu rule benefit actual financ accru pension entitl invest polici manag risk cost invest polici institut decis factor secur afford occup pension institut draw year review statement invest principl made compet author request member beneficiari pension scheme fulfil statutori function compet author provid adequ right inform power intervent respect institut person effect run institut occup retir provis transfer function materi import invest manag inform technolog account compani outsourc right inform power intervent enlarg cover outsourc function order check activ carri accord supervisori rule prudent calcul technic provis essenti condit ensur oblig pai retir benefit met technic provis calcul basi recognis actuari method certifi qualifi person maximum interest rate chosen prudent relev nation rule minimum amount technic provis suffici benefit payment beneficiari continu paid reflect commit aris member accru pension right risk cover institut vari significantli member state home member state possibl make calcul technic provis subject addit detail rule laid direct suffici asset cover technic provis protect interest member beneficiari pension scheme sponsor undertak insolv case cross border activ mutual recognit supervisori principl appli member state requir technic provis fulli fund time institut work cross border basi member state permit underfund provid proper plan establish restor full fund prejudic requir council direct eec octob approxim law member state relat protect employe event insolv employ case sponsor undertak institut cover biometr risk guarante benefit invest perform case institut cover guarante sponsor oblig gener exhaust pai contribut circumst product offer similar life assur compani institut concern hold addit fund life assur compani institut long term investor redempt asset held institut gener made purpos provid retir benefit order protect adequ right member beneficiari institut opt asset alloc suit precis natur durat liabil aspect call effici supervis approach invest rule allow institut suffici flexibl decid secur effici invest polici oblig act prudent complianc quot prudent person quot rule requir invest polici gear membership structur individu institut occup retir provis supervisori method practic vari member state member state discret precis invest rule impos institut locat territori rule restrict free movement capit justifi prudenti ground long term investor low liquid risk institut occup retir provis posit invest liquid asset share risk capit market prudent limit benefit advantag intern diversif invest share risk capit market currenc liabil restrict prudenti ground institut work cross border basi ask compet author host member state appli limit invest share similar asset admit trade regul market share instrument issu undertak asset denomin match currenc provid rule appli institut locat host member state restrict free choic institut approv asset manag custodian limit competit intern market elimin prejudic nation social labour legisl organis pension system includ compulsori membership outcom collect bargain agreement institut possibl provid servic member state allow accept sponsorship undertak locat member state oper pension scheme member member state potenti lead signific economi scale institut improv competit commun industri facilit labour mobil requir mutual recognit prudenti standard proper enforc prudenti standard supervis compet author home member state exercis institut member state manag occup pension scheme contract member state fulli respect provis social labour law forc host member state relev occup pension definit payment retir benefit condit transfer pension right scheme ring fenc provis direct appli individu scheme import make provis cooper compet author member state supervisori purpos author commiss purpos purpos carri duti contribut consist time implement direct compet author provid inform appli provis direct commiss intent set committe supervisor order encourag cooper coordin exchang view nation compet author promot consist implement direct object propos action creat commun legal framework cover institut occup retir provis suffici achiev member state reason scale effect action achiev commun commun adopt measur accord principl subsidiar set articl treati accord principl proportion set articl direct order achiev object adopt direct articl subject direct lai rule take pursuit activ carri institut occup retir provis articl scope direct appli institut occup retir provis accord nation law institut occup retir provis legal person member state appli direct institut subject paragraph authoris entiti respons manag act behalf direct appli institut manag social secur scheme cover regul eec regul eec institut cover direct eec direct eec direct eec direct ec direct ec institut oper pai basi institut employe sponsor undertak legal right benefit sponsor undertak redeem asset time necessarili meet oblig payment retir benefit compani book reserv scheme view pai retir benefit employe articl applic institut oper social secur scheme institut occup retir provis oper compulsori employ relat pension scheme consid social secur scheme cover regul eec eec cover direct respect compulsori occup retir provis busi case liabil asset ring fenc transfer compulsori pension scheme consid social secur scheme vice versa articl option applic institut cover direct ec home member state choos appli provis articl articl direct occup retir provis busi insur undertak cover direct ec case asset liabil busi ring fenc manag organis separ activ insur undertak possibl transfer case occup retir provis busi concern insur undertak subject articl direct ec home member state ensur compet author author respons supervis insur undertak cover direct ec part supervisori work verifi strict separ relev occup retir provis busi articl small pension institut statutori scheme except articl member state choos appli direct part institut locat territori oper pension scheme member total subject articl institut appli direct voluntari basi articl appli provis direct appli member state choos appli articl institut occup retir provis made statut pursuant legisl guarante public author articl appli provis direct appli articl definit purpos direct quot institut occup retir provis quot quot institut quot mean institut irrespect legal form oper fund basi establish separ sponsor undertak trade purpos provid retir benefit context occup activ basi agreement contract agre individu collect employ employe respect repres emploi person complianc legisl home host member state carri activ directli aris therefrom quot pension scheme quot mean contract agreement trust deed rule stipul retir benefit grant condit quot sponsor undertak quot mean undertak bodi includ consist legal natur person act employ emploi capac combin thereof pai contribut institut occup retir provis quot retir benefit quot mean benefit paid refer reach expect reach retir supplementari benefit provid ancillari basi form payment death disabl cessat employ form support payment servic case sick indig death order facilit financi secur retir benefit form payment life payment made temporari period lump sum quot member quot mean person occup activ entitl entitl retir benefit accord provis pension scheme quot beneficiari quot mean person receiv retir benefit quot compet author quot mean nation author design carri duti provid direct quot biometr risk quot risk link death disabl longev quot home member state quot mean member state institut regist offic main administr regist offic main administr quot host member state quot mean member state social labour law relev field occup pension scheme applic relationship sponsor undertak member articl activ institut member state requir institut locat territori limit activ retir benefit relat oper activ aris therefrom accord articl insur undertak manag occup retir provis busi ring fenc asset liabil ring fenc asset liabil restrict retir benefit relat oper activ directli aris therefrom articl legal separ sponsor undertak institut occup retir provis member state ensur legal separ sponsor undertak institut occup retir provis order asset institut safeguard interest member beneficiari event bankruptci sponsor undertak articl condit oper member state respect institut locat territori ensur institut regist nation regist compet supervisori author authoris case cross border activ refer articl regist member state institut oper institut effect run person good reput profession qualif experi emploi advis profession qualif experi properli constitut rule function pension scheme oper institut implement member adequ inform rule technic provis comput certifi actuari actuari specialist field includ auditor nation legisl basi actuari method recognis compet author home member state sponsor undertak guarante payment retir benefit commit regular financ member suffici inform condit pension scheme right oblig parti involv pension scheme ii financi technic risk pension scheme iii natur distribut risk accord principl subsidiar take due account scale pension benefit offer social secur regim member state provid option longev disabl cover provis surviv depend guarante repay contribut addit benefit offer member employ employe respect repres agre member state make condit oper institut locat territori subject requir view ensur interest member beneficiari adequ protect member state permit requir institut locat territori entrust manag institut part entiti oper behalf institut case cross border activ refer articl condit oper institut subject prior authoris compet author home member state articl annual account annual report member state requir institut locat territori draw annual account annual report take account pension scheme oper institut applic annual account annual report pension scheme annual account annual report give true fair view institut asset liabil financi posit annual account inform report consist comprehens fairli present duli approv authoris person nation law articl inform member beneficiari depend natur pension scheme establish member state ensur institut locat territori inform set articl member beneficiari applic repres receiv request annual account annual report refer articl institut respons scheme relat pension scheme reason time relev inform pension scheme rule statement invest polici principl refer articl made member beneficiari applic repres request member receiv request detail substanti inform target level retir benefit applic level benefit case cessat employ member bear invest risk rang invest option applic actual invest portfolio inform risk exposur cost relat invest arrang relat transfer pension right institut occup retir provis event termin employ relationship member receiv year particular situat institut current level financ accru individu entitl beneficiari receiv retir benefit due inform benefit due payment option articl statement invest polici principl member state ensur institut locat territori prepar year review written statement invest polici principl statement revis delai signific chang invest polici member state provid statement matter invest risk measur method risk manag process implement strateg asset alloc respect natur durat pension liabil articl inform provid compet author member state ensur compet author respect institut locat territori power mean requir institut member board director manag director person control institut suppli inform busi matter forward busi document supervis relationship institut compani institut institut transfer function compani institut outsourc influenc financi situat institut materi relev effect supervis obtain regularli statement invest polici principl annual account annual report document purpos supervis includ document intern interim report ii actuari valuat detail assumpt iii asset liabil studi iv evid consist invest polici principl evid contribut paid plan vi report person respons audit annual account refer articl carri site inspect institut premis outsourc function check activ carri accord supervisori rule articl power intervent duti compet author compet author requir institut locat territori sound administr account procedur adequ intern control mechan compet author power measur includ administr financi natur regard institut locat territori person run institut prevent remedi irregular prejudici interest member beneficiari restrict prohibit free dispos institut asset institut fail establish suffici technic provis respect entir busi insuffici asset cover technic provis institut fail hold regulatori fund order safeguard interest member beneficiari compet author transfer power person run institut locat territori hold accord law home member state wholli partli special repres fit exercis power compet author prohibit restrict activ institut locat territori institut fail protect adequ interest member beneficiari institut longer fulfil condit oper institut fail oblig rule subject case cross border activ institut respect requir social labour law host member state relev field occup pension decis prohibit activ institut support precis reason notifi institut question member state ensur decis respect institut law regul administr provis adopt accord direct subject appli court articl technic provis home member state ensur institut oper occup pension scheme establish time respect total rang pension scheme adequ amount liabil financi commit aris portfolio exist pension contract home member state ensur institut oper occup pension scheme provid cover biometr risk guarante invest perform level benefit establish suffici technic provis respect total rang scheme calcul technic provis place year home member state calcul year institut member compet author certif report adjust interven year certif report reflect adjust develop technic provis risk cover calcul technic provis execut certifi actuari actuari specialist field includ auditor nation legisl basi actuari method recognis compet author home member state principl minimum amount technic provis calcul suffici prudent actuari valuat take account commit benefit contribut accord pension arrang institut suffici pension benefit payment beneficiari continu paid reflect commit aris member accru pension right econom actuari assumpt chosen valuat liabil chosen prudent take account applic margin advers deviat maximum rate interest chosen prudent determin accord relev rule home member state prudent rate interest determin take account yield asset held institut futur invest return market yield high qualiti govern bond biometr tabl calcul technic provis base prudent principl regard main characterist group member pension scheme expect relev risk method basi calcul technic provis gener remain constant financi year discontinu justifi chang legal demograph econom circumst underli assumpt home member state make calcul technic provis subject addit detail requir view ensur interest member beneficiari adequ protect view harmonis rule calcul technic provis justifi interest rate assumpt influenc level technic provis commiss year request member state issu report situat develop cross border activ commiss propos measur prevent distort caus level interest rate protect interest beneficiari member scheme articl fund technic provis home member state requir institut time suffici asset cover technic provis respect total rang pension scheme oper home member state institut limit period time insuffici asset cover technic provis case compet author requir institut adopt concret realis recoveri plan order ensur requir paragraph met plan subject condit institut set concret realis plan establish requir amount asset cover fulli technic provis due time plan made member applic repres subject approv compet author home member state draw plan account specif situat institut asset liabil structur risk profil liquid plan ag profil member entitl receiv retir benefit start scheme scheme chang fund partial fund full fund event termin pension scheme period refer paragraph institut inform compet author home member state institut establish procedur order transfer asset liabil financi institut similar bodi procedur disclos compet author home member state gener outlin procedur made member applic repres accord principl confidenti event cross border activ refer articl technic provis time fulli fund respect total rang pension scheme oper condit met compet author home member state interven accord articl compli requir home member state requir ring fenc asset liabil articl regulatori fund home member state ensur institut oper pension scheme institut sponsor undertak underwrit liabil cover biometr risk guarante invest perform level benefit hold perman basi addit asset technic provis serv buffer amount thereof reflect type risk asset base respect total rang scheme oper asset free forese liabil serv safeti capit absorb discrep anticip actual expens profit purpos calcul minimum amount addit asset rule laid articl direct ec appli paragraph prevent member state requir institut locat territori hold regulatori fund lai detail rule provid prudenti justifi articl invest rule member state requir institut locat territori invest accord quot prudent person quot rule accord rule asset invest interest member beneficiari case potenti conflict interest institut entiti manag portfolio ensur invest made sole interest member beneficiari asset invest manner ensur secur qualiti liquid profit portfolio asset held cover technic provis invest manner natur durat expect futur retir benefit asset predominantli invest regul market invest asset admit trade regul financi market event prudent level invest deriv instrument contribut reduct invest risk facilit effici portfolio manag valu prudent basi take account underli asset includ valuat institut asset institut avoid excess risk exposur singl counterparti deriv oper asset properli diversifi avoid excess relianc asset issuer group undertak accumul risk portfolio invest asset issu issuer issuer belong group expos institut excess risk concentr invest sponsor undertak portfolio sponsor undertak belong group invest undertak belong group sponsor undertak portfolio institut sponsor number undertak invest sponsor undertak made prudent take account proper diversif member state decid appli requir refer point invest govern bond home member state prohibit institut borrow act guarantor behalf parti member state authoris institut carri borrow liquid purpos temporari basi member state requir institut locat territori invest categori asset prejudic articl member state subject invest decis institut locat territori invest manag kind prior approv systemat notif requir accord provis paragraph member state institut locat territori lai detail rule includ quantit rule provid prudenti justifi reflect total rang pension scheme oper institut member state appli invest provis similar direct ec member state prevent institut invest asset cover technic provis portfolio scheme member bear invest risk share negoti secur treat share corpor bond admit trade regul market decid rel weight secur invest portfolio provid prudenti justifi member state appli lower limit institut provid retir product long term interest rate guarante bear invest risk provid guarante invest asset cover technic provis asset denomin currenc liabil express invest risk capit market paragraph preclud member state requir applic institut locat territori stringent invest rule individu basi provid prudenti justifi light liabil enter institut event cross border activ refer articl compet author host member state requir rule set subparagraph appli institut home member state case rule appli part asset institut correspond activ carri host member state appli stricter rule appli institut locat host member state rule refer subparagraph institut invest asset share secur treat share debt secur admit trade regul market institut invest asset share secur treat share debt secur admit trade regul market institut invest asset share secur treat share bond debt secur monei capit market instrument issu undertak asset share secur treat share bond debt secur monei capit market instrument issu undertak belong singl group institut invest asset asset denomin currenc liabil express compli requir home member state requir ring fenc asset articl manag custodi member state restrict institut appoint manag invest portfolio invest manag establish member state duli authoris activ accord direct eec eec ec ec refer articl direct member state restrict institut appoint custodi asset custodian establish member state duli authoris accord direct eec direct ec accept depositari purpos direct eec provis refer paragraph prevent home member state make appoint depositari custodian compulsori member state step enabl nation law prohibit accord articl free dispos asset held depositari custodian locat territori request institut home member state articl cross border activ prejudic nation social labour legisl organis pension system includ compulsori membership outcom collect bargain agreement member state undertak locat territori sponsor institut occup retir provis authoris member state institut occup retir provis authoris territori accept sponsorship undertak locat territori member state institut wish accept sponsorship sponsor undertak locat territori member state subject prior authoris compet author home member state refer articl notifi intent accept sponsorship sponsor undertak locat territori member state compet author home member state authoris member state requir institut locat territori propos sponsor undertak locat territori member state provid inform effect notif paragraph host member state sponsor undertak main characterist pension scheme oper sponsor undertak compet author home member state notifi paragraph reason doubt administr structur financi situat institut good reput profession qualif experi person run institut compat oper propos host member state month receiv inform refer paragraph commun inform compet author host member state inform institut institut start oper pension scheme sponsor undertak member state compet author host member state month receiv inform refer paragraph inform compet author home member state requir social labour law relev field occup pension pension scheme sponsor undertak host member state oper rule appli accord articl paragraph articl compet author home member state commun inform institut receiv commun refer paragraph commun receiv compet author home member state expiri period provid paragraph institut start oper pension scheme sponsor undertak host member state accord host member state requir social labour law relev field occup pension rule appli accord articl paragraph articl institut sponsor undertak locat member state subject respect member inform requir impos compet author host member state institut locat member state accord articl compet author host member state inform compet author home member state signific chang host member state requir social labour law relev field occup pension scheme affect characterist pension scheme concern oper pension scheme sponsor undertak host member state rule appli accord articl paragraph articl institut subject ongo supervis compet author host member state complianc activ host member state requir labour social law relev field occup pension scheme refer paragraph inform requir refer paragraph supervis bring irregular light compet author host member state inform compet author home member state immedi compet author home member state coordin compet author host member state measur ensur institut put stop detect breach social labour law measur compet author home member state measur lack home member state institut persist breach applic provis host member state requir social labour law relev field occup pension scheme compet author host member state inform compet author home member state measur prevent penalis irregular includ strictli prevent institut oper host member state sponsor undertak articl cooper member state commiss member state ensur manner uniform applic direct regular exchang inform experi view develop practic sphere closer cooper prevent distort competit creat condit requir unproblemat cross border membership commiss compet author member state collabor close view facilit supervis oper institut occup retir provis member state inform commiss major difficulti applic direct rise commiss compet author member state concern examin difficulti quickli order find solut year entri forc direct commiss issu report review applic articl progress achiev adapt nation supervisori system applic subparagraph articl situat prevail member state depositari role plai compet author host member state compet author home member state decid ring fenc institut asset liabil provid articl articl articl implement member state bring forc law regul administr provis compli direct septemb forthwith inform commiss thereof member state adopt measur refer direct accompani refer occas offici public method make refer laid member state member state commun commiss text main provis nation law adopt field govern direct member state postpon septemb applic articl institut locat territori date paragraph articl minimum level regulatori fund requir pursuant articl institut wish oper pension scheme cross border basi mean articl compli rule direct member state postpon septemb applic articl institut locat territori institut wish oper pension scheme cross border basi mean articl compli rule direct articl entri forc direct enter forc dai public offici journal european union articl addresse direct address member state luxembourg june european parliament presid cox council presid christodoulaki oj oj opinion european parliament juli oj council common posit novemb publish offici journal decis european parliament march publish offici journal decis council oj direct amend direct ec european parliament council oj council regul eec june applic social secur scheme emploi person emploi person member famili move commun oj regul amend regul ec european parliament council oj council regul eec march fix procedur implement regul eec applic social secur scheme emploi person emploi person member famili move commun oj regul amend commiss regul ec oj council direct eec juli coordin law regul administr provis relat take pursuit busi direct insur life assur oj direct amend direct ec european parliament council oj council direct eec decemb coordin law regul administr provis relat undertak collect invest transfer secur ucit oj direct amend direct ec european parliament council oj council direct eec invest servic secur field oj direct amend direct ec european parliament council oj direct ec european parliament council march relat take pursuit busi credit institut oj direct amend direct ec oj direct ec european parliament council novemb life assur oj