EC refers Czech Republic back to court over occupational pension funds.

By bne IntelliNews March 15, 2011
The European Commission (EC) has decided to refer the Czech Republic to the Court of Justice for failure to respect a previous EU Court ruling on occupational pension funds, where Czech law still fails to fully comply with EU pension fund rules, EC informed on its website. The 2003 Pension Funds Directive allows pension funds to manage occupational pension schemes for companies which are also established in another EU member state, and allows a pan-European company to have only one pension fund for all of its European subsidiaries. The court ruled in January 2010 that the country had failed to fully implement the EU law into national law before the 2005 deadline. The commission sent a letter of formal notice to the Czech Republic in October 2010, requesting the authorities to comply with the judgment, but the legislation has still not been amended to bring it into conformity with the EU law. The Commission has decided to ask the court to impose on the Czech Republic a daily penalty payment of EUR 22,364 for each day after the second court ruling until the infringement ends and to impose a lump sum EUR 5,644 per day for the period between the 2010 court judgement and the second court ruling. The finance ministry is to present to the government a draft law transposing the directive by the end of March , CTK newswire informed quoting finance ministry spokesperson Ondrej Jakob as saying in reaction to the EC press release. Jakob explained that after government approval, the draft law will be sent into the regular legislative procedure, adding that the authorities were aware of the sanctions.
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