In the meantime, the so-called “Belgium route” for pension funds has generated much debate, following confirmation that the pension fund of Aon Netherlands is thinking to relocate its pension plan there.“We need to ask ourselves whether we must allow pension funds to move from A to B in Europe,” said Omtzigt, who did not see any benefits from a European framework to prevent supervisory arbitrage.“The pensions system is a national issue, and it should stay like that,” he said. “The exceptions should be border labourers and people who work in more than one country. However, the Directive does very little for them.”Omtzigt also complained that the revised IORP only covered the capital-funded system.“Many other systems, such as pay-as-you-go systems and companies that keep financial reserves for pension benefits, are excluded from the rules,” he said.”Capital-funded systems are facing many additional requirements, whereas the genuinely weak pension elements in Europe remain untouched.”In his opinion, the rules for governance and pensions information in the directive are unnecessarily detailed.“The EC even offers explicitly the option to draw up rules for the letter font of the pension statements,” he said.“The question is, which problem the EC is solving, and why this must happen from Brussels? They haven’t regulated how bank statements should look, and haven’t harmonised manuals for cars or mobile phones.”According to Eric Bergamin, a pensions lawyer, the Netherlands has made poor decisions in its lobbying against the IORP. “It has continuously stated that we don’t want stricter solvency requirements in European legislation, but we have insufficiently advocated a proper European harmonisation of rules for capital-funded pensions,” he said.“As we do allow mobility, companies can now move to Belgium, using supervisory arbitrage.”For example, the Belgian supervisory regime does allow higher discount rates but demands a financial guarantee from the employer.In Bergamin’s opinion, harmonisation should have provided for European definitions of a fully funded scheme, investing under the ‘prudent person’, as well as a standard for a discount rate and recovery periods. Bergamin said: “The market value of certain safety nets, such an obligation to plug funding gaps in Belgium, and national safety nets in the UK and Germany, could have been taken into account in schemes’ holistic balance sheets. However, we don’t have all these elements now.”He said Brussels was looking to sharpen solvency rules, and pointed out that commissioner Michel Barnier had already announced that these would be looked at by the European Commission in its new assembly.Omtzigt also warned of “prudential supervision backdoor” in the proposed IORP review. The Dutch parliament should “draw a yellow card” to block proposed revisions to the IORP Directive, Pieter Omtzigt has argued.In an initiative memorandum for parliament at a meeting of the select committee for Social Affairs, the Christian Democrat MP said: “The proposed directive is counter productive. It will not encourage countries to introduce capital-funded pension systems, but will in particular lead to supervisory arbitrage and the possibly of tax arbitrage.”If nine countries issue a yellow card, the European Commission must reconsider its proposal.Three weeks ago, Omtzigt launched a similar proposal against the suggested IORP review in parliament but received support only from the Freedom Party (PVV), the elderly party (50PLUS) and the Socialist Party (SP).
Jake says relationship with Shaina ‘goes beyond physical attraction’ France’s Arnaud Lepont vs Philippines’ Richard Corminal during their ONE: Immortal Pursuit bout at Singapore Indoor Stadium. INQUIRER/Sherwin VardeleonSINGAPORE—Filipino bet Richard Corminal absorbed a first-round submission loss to the returning Arnaud Lepont in ONE: Immortal Pursuit prelims at SIngapore Indoor Stadium here.Corminal barely connected against Lepont, who managed to take the fight to the ground just 30 seconds into the fight in front of a big crowd.ADVERTISEMENT MOST READ Coco’s house rules on ‘Probinsyano’ set Margot Robbie talks about filming ‘Bombshell’s’ disturbing sexual harassment scene Jo Koy: My brain always wants to think funny Sports Related Videospowered by AdSparcRead Next Gilas shakes off Japan to start World Cup qualifiers campaign Steam emission over Taal’s main crater ‘steady’ for past 24 hours Kiss-and-tell matinee idol’s conquests: True stories or tall tales? Don’t miss out on the latest news and information. Jake says relationship with Shaina ‘goes beyond physical attraction’ It’s too early to present Duterte’s ‘legacy’ – Lacson LATEST STORIES Carpio hits red carpet treatment for China Coast Guard PLAY LIST 02:14Carpio hits red carpet treatment for China Coast Guard02:56NCRPO pledges to donate P3.5 million to victims of Taal eruption00:56Heavy rain brings some relief in Australia02:37Calm moments allow Taal folks some respite03:23Negosyo sa Tagaytay City, bagsak sa pag-aalboroto ng Bulkang Taal01:13Christian Standhardinger wins PBA Best Player award The Malaysia-based fighter spent the next three minutes trying to escape Lepont’s mount before the French fighter choked him out with an arm triangle at the 3:16 mark.Lepont, who fought for the first time after a two year absence, immediately ran out of the cage to thank ONE CEO Chatri Sityodtong.FEATURED STORIESSPORTSRedemption is sweet for Ginebra, Scottie ThompsonSPORTSMayweather beats Pacquiao, Canelo for ‘Fighter of the Decade’SPORTSBack on the throne“When you go away for two years, you miss the momentum. I missed you guys,” said an emotional Lepont, who was also moved to tears while thanking his son.Corminal, meanwhile, could only slam the canvas in frustration as he lost his second straight assignment in Asia’s top mixed martial arts promotion. OSG plea to revoke ABS-CBN franchise ‘a duplicitous move’ – Lacson View comments