UK welcomes EU’s change of heart on “damaging” plans for Solvency II pensions rules
The government welcomes the EU announcement to postpone the introduction Solvency II-style rules for defined benefit pension schemes.
The UK government has welcomed an announcement today by EU Commissioner Barnier that he would postpone his plans to introduce Solvency II-style rules for defined benefit pension schemes.
The commissioner said he will not present proposals this autumn to bring in new capital requirements for occupational pensions, though he would focus on governance, transparency and reporting requirements.
Minister for Pensions Steve Webb said:
This is a welcome move by the commissioner, and is hopefully a sign he may eventually abandon his damaging and reckless plans altogether.
Introducing Solvency II-style rules for defined benefit pension schemes would push up liabilities by up to £400 billion, harming businesses’ ability to invest, grow and create jobs, and put more schemes at risk.
The UK has been making the case against the plans for some time, with growing international agreement. The signs are we are winning the argument.
More information
Download EIOPA’s preliminary impact assessment of the proposals (log in required).
Report on the estimated impact of the EU proposals commissioned by the DWP, and carried out for the UK Government by The Pensions Regulator.
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