The UK's pensions regulator has released a consultation document on cross-border pension schemes, and says that around 25 funds are interested in operating across European borders under UK regulation.
New regulations from the UK’s Department for Work and Pensions are set to come into force on January 1, 2006, meaning that the regulator has had to limit the amount of time available for its consultation exercise.
Nevertheless, the regulator has stated its desire to ensure that continental European pension schemes looking to operate cross-border are not deterred from entering the UK by a heavy-handed regulatory approach.
We recognize the opportunity that the cross-border framework offers, particularly for multinational companies many of whom are located in our jurisdiction, the regulatory body says.