EU pension law is a relatively new and rapidly growing field. The call for a broader practical understanding of EU pension law is growing, as pension markets are increasingly internationalized.The handbook EU Pension Law discusses the most important financial EU legislation (IORP and PEPP) and non-financial legislation (such as the Charter of Fundamental Rights of the European Union) and its consequences for pensions. The book contains a collection of relevant articles and offers necessary basic knowledge. More importantly, it contains interesting practical cases, creating a unique bridge between theory and practice. Whether you are a student, a committed policymaker, an experienced market practitioner, or someone interested in European pension developments, EU Pension Law is designed for you.
- Cover
- Contents
- Abbreviations
- Preface
- Foreword
- 1. Introduction
- 1.1 The creation of an EU pensions union
- 1.2 Aging and new risks
- 1.3 The EU Treaty: Precedence over national law
- 1.4 The three pension pillars
- 1.4.1 The first pillar
- 1.4.2 The second pillar
- 1.4.3 The third pillar
- 1.4.4 The different pension pillars of Europe
- 2. The impact of the EU’s institutional system on pensions law
- 2.1 Introduction
- 2.2 EU competences to regulate pensions: The principle of conferred powers
- 2.3 The exercise of EU competences: The principles of subsidiarity and proportionality
- 2.3.1 Subsidiarity
- 2.3.2 Proportionality
- 2.4 Legislation and administrative rule-making
- 2.4.1 Introduction
- 2.4.2 Distinguishing legislative and non-legislative acts
- 2.4.3 Delegation and implementation
- 2.5 Rule-making and EU agencies
- 3. Occupational pensions and the freedom to provide services
- 3.1 Introduction
- 3.2 Compulsory membership and the freedom to provide services
- 3.2.1 Compulsory membership: An obstacle to the freedom to provide services?
- 3.2.2 Justifying obstacles to the freedom to provide services
- 3.2.3 The UNIS case
- 3.3 Comparison: Mandatory participation in a selection of Member States
- 3.3.1 Compulsory membership in the Netherlands
- 3.3.1.1 The Bpf Act and the Wvb
- 3.3.1.2 Compulsory membership in the Netherlands: Direct discrimination
- 3.3.2 Sweden
- 3.3.3 Denmark
- 3.3.4 Germany
- 3.3.5 Belgium
- 3.3.6 France
- 3.4 Concluding remarks
- 4. The Institution for Occupational Retirement Provision (IORP) Directive
- 4.1 Introduction
- 4.2 Scope of the directive
- 4.3 General observations on the IORP Directive
- 4.3.1 Background to IORP Directive revision: On IORPs and insurers
- 4.4 Revision of the IORP Directive: IORP II
- 4.4.1 Legal basis
- 4.4.2 Cross-border activity and applicable requirements
- 4.4.2.1 Funding requirements and cross-border schemes
- 4.4.2.2 Scope of cross-border regulations under IORP II
- 4.4.3 The prudent person principle and investment rules
- 4.4.4 System of governance and risk-management requirements
- 4.4.4.1 System of governance
- 4.4.4.2 Risk-management requirements
- 4.4.5 Information requirements and supervisory instruments
- 4.4.5.1 Pensions and fundamental European rights
- 4.4.5.2 Guarantees
- 4.4.5.3 Funding requirements
- 4.4.5.4 Information requirements and supervision under the IORP II Directive
- 4.5 Freedom of movement safeguarded?
- 4.6 Tax aspects
- 4.7 Final observations
- 5. Application of EU law on pensions: The property issue
- 5.1 Introduction
- 5.2 Article 17 Charter and Article 1 FP ECHR
- 5.2.1 Different wording
- 5.2.2 ECJ case law
- 5.2.2.1 The Hogan case
- 5.2.2.2 The Hampshire case
- 5.3 Direct horizontal effect: The ECHR v Charter
- 5.4 Application of the Charter to pension institutions
- 5.5 Conclusion
- 6. PEPP
- 6.1 Introduction
- 6.2 The pan-European personal pension product (PEPP)
- 6.2.1 Legal basis
- 6.2.1.1 The freedom to provide services and the compartment approach
- 6.2.2 The PEPP as a framework
- 6.2.3 The authorization of a PEPP
- 6.2.4 Eligible providers
- 6.2.5 Distribution and information requirements
- 6.2.6 The default and alternative investment options
- 6.2.7 Investment rules
- 6.2.8 Out-payments
- 6.3 Conclusion
- Index
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