first_imgThe number of active cross-border IORPs has risen to 76 in 2015, but money managed by the entities still only accounts for a fraction of Europe’s €3.6trn in pension assets.A report by the European Insurance and Occupational Pensions Authority (EIOPA) found that while the number of active schemes increased by one to 76, the number of authorised cross-border funds increased by two over the last year.According to the supervisor’s 2015 market development report, four funds withdrew from the cross-border market over the last year, while six new funds registered their activity, resulting in the net increase of two to 88.Germany was the largest single market for cross-border funds, with four entities responsible for more than half of the €53.8bn in cross-border assets. The UK, with €12.3bn in cross-border funds, came a distant second to Germany’s €27.8bn.Unlike Germany, where the money is concentrated in four schemes – including one of Germany’s largest, the €21.5bn banking-sector fund BVV – UK assets are split across 25 funds, including several for publishing houses and the JP Morgan UK Pension Plan.Ireland accounted for a further fifth, or €11.4bn, in assets, split across several financial sector arrangements, retirement funds for the clergy and the Irish Airlines General Employees Superannuation Scheme.The remaining €8.6bn in assets are spread across one scheme in Austria – APK Pensionskasse – three in Luxembourg, four in Lichtenstein and a dozen in Belgium, including the pension fund for employees of Euroclear, which announced it was moving from the Netherlands to Belgium in 2013.While the majority of assets, or €48.2bn, is held within what EIOPA classifies as defined benefit (DB) schemes, €700m is in hybrid funds and a further €4.9bn in defined contribution (DC) funds.Increasing the appetite for cross-border funds has been one of the stated goals of the revised IORP Directive and was singled out when EU member states agreed to a compromise on the IORP draft last year. Brian Hayes, an Irish MEP and the rapporteur in charge of steering the directive through the European Parliament, recently branded the existing cross-border framework as a “heritage nightmare”. Increasing cross-border activity is also one of the goals of EIOPA’s proposed pan-European personal pension framework.,WebsitesWe are not responsible for the content of external sitesLink to EIOPA’s 2015 market development report on cross-border pensionslast_img

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