Mailing It In: European Union Efforts at Pension Reform

Occupational pension schemes are one pillar of the European pension system; the other pillars are public schemes and individual pension plans. Authoritative sources have noted that the dearth of specific European Union ( EU ) rules regarding occupational pension schemes and the stringent requirements upon them, such as workers losing their pension rights should they move between countries, have certain negative consequences, such as impairing labor mobility. On October 11, 2000, the EU issued a Proposal for a Directive of the European Parliament and of the Council on the activities of institutions for occupational retirement provision ( Directive ). The catalyst to this Directive was to assist the efforts of occupational fund schemes in relieving the impending financial pressures on the Member States\u27 public systems. The Directive is to address various challenges to the overall pension system by strengthening one of its pillars, the occupational pension scheme. [CONT