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EU cautions member states over new directive

The European Commission has sent a formal request to 11 European Union nations urging them to implement the occupational pensions directive, which is intended to allow pension funds to operate across EU borders. It was supposed to be operational last September.

The "reasoned opinions" contained in the letter are the second step in the EU's infringement procedure. The third, if no satisfactory reply is received within two months, is referment to the European Court of Justice.

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