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Several Finland-based international companies are considering plans to shift the regulatory domicile of their pension funds to other EU countries.
Jouko Bergius, managing director at the Association of Pension Foundations (ESY), told nrpn that such plans were prompted by the failure of the ministry of social affairs and health to introduce defined-contribution (DC) schemes when implementing the pan-European occupational pension fund directive.
“Finnish companies expected that together with the pan-European directive, defined contribution schemes would also be created,” he said.
“When this turned out not to be the case, disappointment was obvious. We advised employers that they could avert the situation by establishing DC schemes in other member states.”
Mr Bergius believes that Finnish companies will start assessing the full implications of moving their pension funds abroad once the pan-European directive has come into force in Finland in January 2006.
“After the directive has been implemented, Finnish companies can establish DC schemes in other EU states. Members can make their payments directly to funds abroad and officials will not be able to interfere in this," Mr Bergius explained. RC
