The European Union (EU) may not apply Solvency II regulations to institutions for occupational retirement provision (IORPs), IPE reports. The European Federation for Retirement Provision’s Chairman, Patrick Burke, expected the European Commission to consider all evidence it was presented with and praised members of parliaments for drawing clear policy lines.
Any new legislation will require to be tailored to the long-term nature of pensions and damage pensions and individuals’ retirement incomes, said U.K. National Association of Pension Funds’ CEO, Joanne Seagars. Any pension reforms may result in substantial costs to member states that are likely to be reflected in government debt levels and impact budget deficits as per a report submitted by European Parliament’s rapporteur, Ria Oomen-Ruijten.
Click here for the story from IPE.