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EU Solvency Rules dropped
Monday, June 10, 2013EU 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.
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