The National Association of Pension Funds commented on the launch of the European Insurance and Occupational Pensions Authority's consultation on changes to the Institutions for Occupational Retirement Provision directive.
Darren Philp, NAPF Director of Policy, said:
“We have now reached an extremely important stage in the EU's review of the Directive covering occupational pensions.
“The NAPF and its members will be playing a leading role in explaining why Solvency II is not appropriate for UK pension schemes and that its introduction would seriously undermine Defined Benefit pensions.
“We hope that EIOPA will realise the unsuitability of these rules and that it will make this clear to the European Commission."
Notes to editors:
1. 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]