Steve Webb: No compromise on Solvency II

Webb said new rules to be introduced by the EU could have "catastrophic" consequences to British company pension schemes, reports the Telegraph. The pensions minister vowed to fight the plans and said there would be "no compromise" over the proposals, which could see many pension schemes being killed off. The European Insurance and Occupational Pensions Authority (EIOPA) has been looking at rules to assess the solvency of pension funds, which providers say would ramp up their costs as more funding would need to be injected. PricewaterhouseCoopers (PwC) has previously estimated the ...