PensionsMay 23 2013

EU backtracks on Solvency II rules for pensions

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ByIona Bain

Following a wide-ranging review from the European Insurance and Occupational Pensions Authority, which set out alternative proposals to help pension funds.

The proposals to increase funding requirements for pension schemes will no longer be included in the new version of the Directive on Institutions for Occupational Retirement Provision.

The new directive will now focus solely on transparency and disclosure.

Speaking at a conference in the Netherlands, Michel Barnier, European Commissioners for internal market and services, said “more research is needed” to establish coherent rules to suit the wide diversity of pension schemes in Europe.

The requirements have been postponed indefinitely and will not be considered again until the next commissioner takes office in November 2014.