Commentary on Sections UK occupational pension scheme receiving contributions from European employer Section 290: Notification of legal requirements of host Member State outside United Kingdom
1163.Where the Regulator has forwarded details of a notice of intention to the regulatory authority of the Member State in which the prospective employer’s employees are located (the ‘host Member State’), that host Member State’s regulatory authority should, (in accordance with Article 20(5) of the Directive), within two months of receipt, transmit to the Regulator details of the ‘social and labour law’ relevant to pensions, together with details of any additional investment restrictions under Article 18(7) and information rules under Article 11 of the Directive, which the prospective UK based cross-border will be required to comply with (in addition to relevant UK pensions legislation). In accordance with Article 20(8), the host Member State should inform the Regulator of any significant change in the host Member State’s social and labour law requirements, and in any rules under Article 18(7) and Article 11 of the Directive.
1164.This section places a duty on the Regulator to pass any such information received from the regulatory authority in the host Member State on to the trustees or managers of pension schemes as soon as is reasonably practicable.