Press Release: Financial Services: European Commission calls on Czech Republic to respect Court ruling on pension funds

The European Commission has acted to ensure that common rules on pension funds are respected by formally requesting the Czech Republic to comply with an EU Court judgment from January 2010 (C-343/08). The Court ruled that the Czech Republic had failed to fulfil its obligations under the Pension Funds Directive by not fully transposing the Directive into national law before the transposition deadline. The Czech Republic now has two months to respond to the Commission's request. In the absence of compliance, the Commission may refer the case for the second time to the Court and ask it to impose a lump sum or penalty payment on the Czech Republic.