22 March 2007

EP committee adopted pensions portability directive

The EP’s Employment Committee adopted the Pension Portability Directive approving most of the amendments of the commission’s original draft proposed by the economic committee last month. The approved portability directive will be applicable to all work-related pension, schemes both funded and unfunded. Pension rights existing before the directive comes into force will be excluded as will self-employed workers.

The Employment Committee introduced a maximum vesting period of five years after which an employee will have acquired supplementary pension rights. References to member states being obliged to ensure portability of pension rights have been removed.

Plenary vote in Parliament will take place on 24 April.

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