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The Actuary The magazine of the Institute & Faculty of Actuaries

Cross-border pensions

The European Commission has said it is asking the UK and Irish governments for more information about laws making pension contributions tax-deductible only if the fund takes a certain structure and has an administrator in their country. The inquiries give the UK and Ireland a chance to respond before the commission decides whether to sue.

The Brussels regulator has challenged tax laws in at least six other countries this year as part of a drive to expand Europe’s $4 trillion market for company pension plans. The EU’s executive arm also said today it is taking one of those countries, Denmark, to court over the issue. EU financial services commissioner Frits Bolkestein said in a statement: ‘The commission is determined to stamp out tax discrimination against foreign pension funds.’