Industry reports suggest that Belgium's pensions sector is set to adopt regulations enabling the country to become a domicile for cross border pension schemes.

Investments and Pensions Europe (IPE) reports that the Belgian state is to alter the framework governing pensions in the country to enable the pan-European funds to be based there.

The country’s BVPI/ABIP pensions association had previously criticized the government for not moving quicker to reform the country’s pension system, and cautiously welcomed the changes.

The association…expects the government to create a legal framework in order to position Belgium within the Europe of 25 as home country for pan-European pension funds, BVPI/ABIP chairman Philip Neyt told IPE.

Belgium has to create an attractive, transparent and especially tax-wise stable vehicle that allows the pooling of European pension assets by corporations, he was reported as saying.