EU solvency plans alarm UK pensions industry

The European Insurance and Occupational Pensions Authority (EIOPA) last week closed its consultation on the Institutions for Occupational Retirement Provisions Directive (IORP). The IORP proposes reforms to level the playing field of pension provision across European states, including a proposal to increase solvency levels within pension schemes to improve stability. However, several UK bodies have expressed reservations about the proposals. The National Employment Savings Trust's (NEST) chair Lawrence Churchill said: "EIOPA's consultation could lead to a number of requirements ...