Staff Working Document

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EN EN EN EUROPEAN COMMISSION Brussels, SEC(2010) 830 COMMISSION STAFF WORKING DOCUMENT EU LEGISLATION, COVERAGE AND RELATED INITIATIVES Accompanying document to the GREEN PAPER towards adequate, sustainable and safe European pension systems {COM(2010) 365} EN EN TABLE OF CONTENTS 1. 1.1. 1.2. 1.3. 1.4. Description of EU legislation covering the pension pillars ......................................... 3 Social Security Regulation......................................................
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  EN EN EN  EN EN EUROPEAN COMMISSION Brussels,SEC(2010) 830 COMMISSION STAFF WORKING DOCUMENTEU LEGISLATION, COVERAGE AND RELATED INITIATIVES  Accompanying document to the GREEN PAPERtowards adequate, sustainable and safe European pension systems {COM(2010) 365}  EN 2 EN TABLE OF CONTENTS 1. Description of EU legislation covering the pension pillars.........................................31.1. Social Security Regulation...........................................................................................31.2. The IORP Directive......................................................................................................41.3. The Insolvency Directive.............................................................................................41.4. The existing Directive on safeguarding supplementary pension rights of a personmoving within the EU and the draft proposal on portability of supplementary pensionrights.............................................................................................................................41.5. The Life Assurance Directive......................................................................................52. Related EU legislation and initiatives..........................................................................52.1. UCITS IV Directive.....................................................................................................5 2.2. Pre-contractual information disclosure........................................................................62.3. Financial education......................................................................................................62.4. Corporate Governance and remuneration policies.......................................................72.5. Non-life Insurance Directive (health)..........................................................................72.6. Health policy................................................................................................................72.7. The Gender Equality Directives...................................................................................82.8. Taxation........................................................................................................................82.9. Statistics.......................................................................................................................92.10. EU-wide reviews..........................................................................................................93. CEIOPS mapping of EU prudential regulation..........................................................103.1. Statutory funded pension schemes/institutions..........................................................113.2. Occupational pension schemes/institutions................................................................113.3. Individual pension schemes/institutions....................................................................12  EN 3 EN This document describes EU legislation covering the pension pillars (section 1) and relatedEU legislation and initiatives (section 2). A mapping of the EU legislation applicable topension schemes/institutions in the different EU Member States is provided in section 3. Thismapping focuses in particular on prudential regulation and was carried out by the Committeeof European Insurance and Occupational Pensions Supervisors (CEIOPS). 1.   D ESCRIPTION OF EU LEGISLATION COVERING THE PENSION PILLARS  1.1.   Social Security Regulation EU law in the field of social security provides for the co-ordination but not the harmonisationof social security schemes. This means that each Member State is free to determine the detailsof its own social security system, including which benefits are to be provided, the conditionsof eligibility, how these benefits are calculated and what level of contributions should be paid.EU law provisions, in particular Regulations No 883/2004 1 and No 987/2009 2 (replacingRegulations No 1408/71 3 and No 574/72 4 since 1 May 2010), establish common rules andprinciples which must be observed by all national authorities when applying national law.These rules ensure that the application of the different national legislations respects the basicprinciples of equality of treatment and non-discrimination and persons exercising their right tofree movement within the EU are not adversely affected by the application of differentnational legislations.With regard to pensions, the EU Coordination Regulations cover old-age pensions, survivors'pensions and invalidity pensions. In general, only statutory schemes are coordinated. The EUCoordination rules lay down for the following principles:–   Aggregation: periods of insurance or residence completed under the legislation of anotherMember State are taken into account if necessary for entitlement to a benefit;–   Waiving of residence clauses: entitlement to a pension does not depend on residence in theMember State granting the pension;–   Each Member State where a person was insured for at least one year pays a pension; thereis no 'transfer' of pension rights to the pension system of another Member State. 1 Regulation (EC) No 883/2004 of the European Parliament and of the Council of 29 April 2004 on thecoordination of social security systems (Text with relevance for the EEA and for Switzerland), OJ L166, 30.4.2004, p. 1–123 2 Regulation (EC) No 987/2009 of the European Parliament and of the Council of 16 September 2009laying down the procedure for implementing Regulation (EC) No 883/2004 on the coordination of social security systems. 3 Regulation (EEC) No 1408/71 of the Council of 14 June 1971 on the application of social securityschemes to employed persons and their families moving within the Community 4 Council Regulation (EEC) No 574/72 of 21 March 1972 fixing the procedure for implementingRegulation (EEC) No 1408/71 on the application of social security schemes to employed persons andtheir families moving within the Community
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