PensionsEurope has created a new Multinational Advisory Group (MAG) to give large companies a say on pension issues. The Brussels-based group is speaking with several companies, in countries around the world, to join the group, according to a report at IPE.com.
The new group will advise PensionsEurope members on issues such as transparency, regulations, accounting standards, solvency requirements, governance, and education.
The shift from defined benefit plans to defined contribution is in part driving the new initiative, said Matti Leppäla, the chief executive at PensionsEurope, adding that large pensions need an outlet to discuss challenges and solutions.
“This group will enable multinationals to have a place within PensionsEurope with the view to discussing these issues on a regular basis,” said Leppäla.
While the advice and input from the pensions would be valued, all policy decisions would remain within PensionsEurope, said Leppäla.
The group, which will meet twice a year in Paris, has attracted five pension plans, including Shell. The group is actively seeking additional companies.
“Once up and running, the multinationals within the group will meet to elect their own chair, who will hold the role for a period of two years, with the possibility of being re-elected at least once,” he said.
Established in 1981 as the European Federation for Retirement Provision, PensionsEurope represents national associations of pension funds and similar institutions for workplace pension provision. It affiliates associations in 16 EU member states and five other European countries.
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