<p>please reply if you download, thanks</p><p></p><p><br/>The Committee of European Insurance and Occupational Pension Supervisors (CEIORPS) has released a report on the differences between solvency requirements and barriers to creating a truly harmonised European pension system.<br/></p><p class="lead-level-1">The main findings of the report, which highlights the differences between defined benefit (DB) schemes operating under the IORP Directive in different member states, shows the range of different ‘prudential frameworks’ to be very diverse, reflecting the differences in national social and labour laws. <br/><br/>Mark Dowsey, senior consultant, Watson Wyatt, called the report “a useful milestone in understanding the challenges facing pan-European pension development”.&nbsp; <br/><br/>The report also found the issue of solvency for pension funds to be highly complex and showed there to be little convergence between national supervisory bodies as a result of minimal solvency requirements. <br/><br/>Dowsey added: “The report also highlights the additional difficulties faced when trying to create a pan-European fund that includes defined benefits. This reinforces the view that, at least in the first instance, cross-border pensions are likely to be defined contribution in nature.”<br/></p>