UK pension schemes and consultants have expressed serious concerns about European plans to implement Solvency II-style rules across the EU.
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 ...
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