The National Association of Pension Funds (NAPF) commented on the White Paper on Pensions published by the European Commission today.
Darren Philp, NAPF Director of Policy, said:
“This White Paper sets out the challenges that Europe is facing due to its ageing population, proposing twenty action points for the EU and member states.
“We particularly welcome the Commission’s proposal to promote the sharing of best practice in responding to increasing longevity and changes in working patterns. And we agree that the EU can make a useful contribution in other areas, for example, by encouraging workplace pensions saving and by joining up national level pensions tracing services.
“However, the paper’s positive aspects are overshadowed by the proposals to apply Solvency II type regulation to UK pensions. This would pile on extra pressure to defined benefit pension schemes and employers who are already facing difficult economic times. An EU Pensions Directive based on Solvency II capital rules would significantly undermine European pensions, jobs and the wider economy.
“The European Commission needs to focus on where it can add real value rather than undermining pension provision and the prospects of economic growth and job creation.”
Notes to editors:
The NAPF is the leading voice of workplace pensions in the UK. We speak for 1,200 pension schemes with some 15 million members and assets of around £800 billion. NAPF members also include over 400 businesses providing essential services to the pensions sector.
Paul Platt, Head of Media and PR, NAPF, 020 7601 1717 or 07917 506 683, [email protected]
Christian Zarro, Press Officer, NAPF, 020 7601 1718 or 07825 171 446, [email protected]