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GLOSSARY

Multinational pooling definition

Published by a LexisNexis Pensions expert

What does Multinational pooling mean?

Multinational pooling is the linking together of group insurance contracts, effected in two or more countries, by subsidiaries of a multinational corporation, for the purpose of combining claims experience under these contracts.

In practice it enables employers, for a cost, to provide cross-border employee benefits (including pensions) and gain tax relief that might not otherwise be available. In the EU pan-European pension arrangements might in some cases be more efficient.

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Cross-border pension schemes before IP completion day

Brexit revocation of the cross-border pension scheme regimeAs a result of Brexit, the UK’s cross-border pension scheme regime became obsolete with effect from IP completion (11pm on 31 December 2020) and thus ceased to apply to UK schemes on and from that date. This was achieved through the Occupational and Personal Pension Schemes (Amendment etc.) (EU Exit) Regulations 2019, SI 2019/192 which revoked the following UK legislation on IP completion day:•sections 287–295 of the Pensions Act 2004 (PeA 2004), and•the Occupational Pension Schemes (Cross-border Activities) Regulations 2005, SI 2005/3381 (the Cross-Border Regs)Note that the Occupational and Personal Pension Schemes (Amendment etc.) (EU Exit) Regulations 2019, SI 2019/192 were originally drafted on the basis that they would come into force on ‘exit day’ (ie 11pm on 31 January 2020), but a provision of the European Union (Withdrawal Agreement) Act 2020 (in the form of Schedule 5, para 1) had the effect of postponing this until IP completion day.Importantly, cross-border pension schemes continue to operate across the EU and the European Economic Area (EEA)...

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