1. 1 From Legislative Change to Business Practice: What Companies Can Gain Leonardo Sforza, Head Research Europe and EU Affairs, Aon Hewitt Aon Hewitt - T : +32 2 730 99 11 - E : leonardo.sforza@aonhewitt.com - www.aonhewitt.com

3. 8/10 Consider Cross Border Arrangements Relevant and Valuable

4. 9/10 Ready to Expand Pension …Only If Right Incentives in Place

6. EU Common Goals/Principles

7. Country Specific Implementation

8. Non Discriminatory Tax Treatment

9. Pension Plan Rules

10. Local Labour and Social Rules

12. One Single Fund Covering Multiple Pension Plans

13. Pooling of Assets and Liabilities

14. One Investment Policy

15. One Supervisory Authority

17. Simplified Compliance, Improved Risk Management and Governance

18. More Coherent and Consistent Administration

19. Re-alignment of Pension Policy to Corporate Strategy

21. Governance

22. Funding Requirements

23. Cross-BorderConsiderations

24. Tax FrameworkBelgium (OFP) +++ Legal Framework, Stability, Transparency, Experience and Accessibility of Supervisory Authorities Also Matter Sources: Feasibility Study for Creating an EU Pension Fund for Researcher, Prepared by Hewitt for the EC, June 2010