EU directive spells occupational shift

A proposed pensions directive from the EU could herald a shift away from occupational pensions, according to Legal & General. Speaking at the recent Investment Week pension roadshows, Paul Papadopoulos, pensions manager at Legal and General, said the directive aims to harmonise funded supplementary pension schemes across Europe. This could make it harder for companies to fund their schemes adequately, he said. Measures that may have an impact if they are included are interest rate underpins, which ensure the value of funds does not drop over the working life of employees. The implementa...