Hoban denies transfer of power to EU pension authority


Financial secretary to the Treasury Mark Hoban has said the government will not allow European regulators to overrule it on pensions.

Speaking at a National Association of Pension Funds (NAPF) seminar, Hoban said the government is keen to cooperate with the European Insurance and Occupational Pensions Authority (EIOPA), which was created in January 2011. However, Hoban reassured the industry the Treasury would not allow the authority to impose unsuitable legislation on UK pension funds. "We oppose any transfer of UK powers to EIOPA or other EU regulators," said Hoban. "Pension schemes are different across EU states. Open communication is needed across Europe," he added. Hoban has previously faced criticism for...

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