Solvency II-style capital requirements for UK pensions schemes will be put in place by the European Commission before the end of the decade, industry sources said.
Two senior UK industry figures said they have been informed by high-level European policymakers a regulatory regime closely based on the three pillars of Solvency II requirements will be extended to schemes across Europe by as early as 2016 or 2019 at the latest. One of the sources said: “There will be capital requirements for pension schemes. It is definitely coming. It’s like a super tanker on the horizon, it approaches very slowly, but once it has set upon its course it is very difficult to divert.” The new solvency requirements will be contained in an updated pensions directive, w...
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