News

EU Solvency Rules dropped

Monday, June 10, 2013

EU Solvency Rules dropped

The European Commission has announced that it is dropping its plans for a new funding regime for pension schemes.

The proposals were to be included in the new Directive on Institutions for Occupational Retirement Provision (IORP Directive) to be published later this year.  Under the  proposals, the European Commission estimated that deficits of UK defined benefit pension schemes would have increased by £150 billion, from £300 billion to £450 billion.  Removing the threat of this additional financial burden is welcome news for UK pension schemes.

Whilst the matter is off the immediate EU agenda, the European Commissioner for the Internal Market, Michel Barnier, said more research is needed to establish coherent solvency rules to suit the wide diversity of pension schemes in Europe.

Thank you for all your assistance in helping to meet the deadline for the capital reduction exercise – your professionalism and friendly approach was appreciated.

Finance Director - Leading UK Company

Current News

Cohabitee wins right to pension

The Supreme Court has ruled that a nomination requirement relating to the payment of a survivor’s pension under a public sector pension scheme discriminated against cohabiting unmarried couples and should be disapplied.

read more...

Reversing Trustee Decisions

Trustees have on occasion relied on the “Hastings Bass” rule to unwind decisions that subsequently transpire to have unintended consequences. The scope to do so has been narrowed by the recent Supreme Court judgments in the jointly heard cases of Futter and another v HMRC and Pitt and another v HMRC.

read more...

EU Solvency Rules dropped

The European Commission has announced that it is dropping its plans for a new funding regime for pension schemes.

read more...

Pensions for Mortgages

Nick Clegg announces a new government idea to allow parents to use their pensions to help children onto the property ladder.

read more...