The European Parliament and Council of Ministers agreed on regulations allowing European workers settling in another EU country to preserve their occupational pension rights. The new law aims to limit restrictions to the free movement of workers by supervising the conditions for acquiring supplementary pension rights (duration of internship clauses or acquisition of rights at the beginning of the scheme) and guaranteeing that the rights are preserved, for want to ensuring their portability. Following the adoption, the Member States will have 4 years to transpose the text into national law, thus harmonizing extremely different practices in a booming sector promoted by the Commission and the Parliament alike. (Ref. 130793)
Basic pension rights for people working in another Member State are already guaranteed in Community law, but equivalent protection for professional schemes – funded or co-funded by employers – barely existed until now, and people who move from one State to another risked loosing the rights they had acquired over a period deemed as too short.
Important general principles of the new directive. When adopted, the Directive won’t apply to individual retirement contracts, except those signed because
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