Press Releases

UK - June 10, 2009 - The Committee of European Insurance and Occupational Pension Supervisors' (CEIOPS) annual report, published this week, includes clear evidence that the European body of supervisory authorities supports the development of cost effective multi-country pension funds, according to Watson Wyatt.

As the CEIOPS consultation on measures to improve cooperation between the supervisory authorities of member states comes near to a close [June 15], Watson Wyatt welcomes CEIOPS's continuing work to facilitate multi-country retirement provision.

In its annual report, CEIOPS states that later this year it will publish a further update on how the cross-border pension market is developing. It also states that it will produce a follow up report on key aspects of implementation of the Pensions Directive, building on its milestone report of April 2008. CEIOPS promises that this follow up will focus on further analysis and clarification in a number of areas relevant to cross-border pension funds.

Mark Dowsey, senior consultant at Watson Wyatt, sees these and other recent moves from CEIOPS as evidence of a determination to support the development of cost effective multi-country pension funds.

He said: "The consultation on measures to improve cooperation between the supervisory authorities of member states closes next Monday and is the latest in a series of measures to help identify and then tackle some of the obstacles to efficient cross-border pension provision. The annual report indicates that CEIOPS will not rest there, although quite what will or will not be placed in the public domain remains to be seen."

Note to editors

The CEIOPS annual report can be found at: http://www.ceiops.eu/media/files/publications/annualreports/CEIOPS-Annual-Report-2008.pdf

For more information please contact:

Mark Dowsey
Senior Consultant
Watson Wyatt
+44 (0) 1737 274535
mark.dowsey@watsonwyatt.com

Bruce Wraight
Head of Public Relations, Europe
Watson Wyatt
+44 (0) 1737 273370
+44 (0) 7771 765154
bruce.wraight@watsonwyatt.com

Visit Watson Wyatt's online press office: www.watsonwyatt.com/europe/news/journalists.

Watson Wyatt Worldwide
Watson Wyatt (NYSE, NASDAQ: WW) is the trusted business partner to the world's leading organizations on people and financial issues. The firm’s global services include: managing the cost and effectiveness of employee benefit programs; developing attraction, retention and reward strategies; advising pension plan sponsors and other institutions on optimal investment strategies; providing strategic and financial advice to insurance and financial services companies; and delivering related technology, outsourcing and data services. Watson Wyatt has 7,700 associates in 34 countries and is located on the web at www.watsonwyatt.com.