Translation of "Cotisation à un fonds de retraite " (French → English) :

An external AIFM should not be prevented from also providing the service of management of portfolios of investments with mandates given by investors on a discretionary, client-by-client basis, including portfolios owned by pension funds and institutions for occupational retirement provision which are covered by Directive 2003/41/EC of the European Parliament and of the Council of 3 June 2003 on the activities a ...[+++]nd supervision of institutions for occupational retirement provision , or from providing the non-core services of investment advice, safe-keeping and administration in relation to units of collective investment undertakings and reception and transmission of orders.

Further, this Directive should not apply to the management of pension funds; employee participation or savings schemes; supranational institutions; national central banks; national, regional and local governments and bodies or institutions which manage funds supporting social security and pension systems; securitisation special purpose entities; or insurance contracts and joint ventures.

Observes that there is a trend towards more defined-contribution schemes and fewer defined-benefit schemes; notes that, as a result, pension providers transfer the risk associated with investment to pension savers; considers that, because of the diversity and complexity of the various capital-based occupational pension systems, conditions need to be laid down concerning the portability of acquired pension entitlements in the sense that portability begins when new contracts are concluded, an application for transfer being approved only if the actuarial sum transferred is to be placed in a fund whose purpose is payme ...[+++]nt of old-age pensions; asks for an in-depth study on tax issues related to the capital-based occupational pension systems and life insurance capital systems; considers that, with regard to cross-border issues, the clear focus of EU activity should be on developing minimum standards for the acquisition and preservation of pension rights and on facilitating the establishment of national tracing systems for those rights;

the exemption of BTPS under the Pension Protection Fund (Entry Rules) Regulations 2005 from the requirement laid down in part 2 of the Pensions Act 2004 to contribute an annual levy to the Pension Protection Fund corresponding to its pension liabilities covered by the Crown guarantee.

Since the incompatible aid to BT is equal to the difference between the levy to the Pension Protection Fund due in the absence of the Crown guarantee since the establishment of the fund in 2005 and the fee which BTPS effectively paid, that difference constitutes the amount to be recovered, plus the recovery interest effectively accrued on that amount, which cannot be lower than as calculated pursuant to Article 9 of Commission Regulation (EC) No 794/2004 of 21 April 2004 implementing Council Regulation (EC) No 659/1999 (7).

At present, Member States often do not allow tax relief for contributions to pension schemes in other countries.