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EC changes to pension rules

The FRC is warning that European Commission proposals to introduce Solvency II-style regulation for UK pensions could result in more employers closing down their pension schemes.

The comments were made in response to the European Insurance and Occupational Pensions Authority’s (EIOPA) review of the Institutions for Occupational Retirement Provision (IORP) Directive, the European legislation that governs the regulation of UK pensions.

The FRC says that the proposed quantitative requirements, based on Solvency II, are not appropriate for all pension schemes, and is concerned about the increase in the regulatory burden.

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