The National Association of Pension Funds (NAPF) today commented on European Commissioner Michel Barnier’s decision not to introduce new solvency rules for pension schemes.
Commissioner Barnier said that he will not include the proposals in the new version of the Directive on Institutions for Occupational Retirement Provision (IORP directive).
Instead the new directive will focus solely on transparency and disclosure.
This means the Solvency rules have been postponed indefinitely and will become a task for the next commissioner who will take office in November 2014.
Joanne Segars, Chief Executive, NAPF, said:
“We are very pleased the European Commission has taken this step. We think this is the right approach and are fully committed to work with the European Commission to find good rules on governance and disclosure.”
James Walsh, EU & International Policy Lead, NAPF, said:
“The great diversity of pension systems across the EU makes it very difficult to devise a ‘one size fits all’ system. We welcome Commissioner Barnier’s sensible decision not to go ahead with new rules on pension scheme funding. This is good news for British pension schemes.
“The proposals could have increased UK defined benefit pension deficits by 50%, causing great damage to pension schemes and their sponsoring employers.” he added.
Notes to editors:
1. The NAPF is the leading voice of workplace pensions in the UK. We speak for 1,300 pension schemes with some 16 million members and assets of around £900 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]
Aimee Savage Richards, Press Officer (interim), 020 7601 1718 or 07825 171 446, [email protected]