07 December 2006
The Pensions Regulator (tPR) has issued the following news
release:
"EU cross-border pension schemes - updated guidance
Updated guidance on European Union (EU) cross-border pension
schemes has been published today by the Pensions Regulator.
Amendments have been made to the previous guidance to reflect
Bulgaria and Romania joining the EU on 1 January 2007. The updated
guidance also clearly defines the regulator's understanding of the
legal position regarding cross-border pension schemes and includes
a glossary of terms.
UK pension schemes wishing to operate cross-border are required
to gain authorisation and approval from the Pensions Regulator. The
guidance explains this two-stage process and both forms are
available on the regulator's website. Authorisation only needs to
be obtained once. The approval process needs to be completed each
time a scheme wants to operate cross-border in an additional
country, or to take contributions from an additional employer, in
the EU."
