Solvency II for pensions nearer to defeat

Gavel lawbooksBelgium’s recent opposition to the European Commission’s Solvency II for pensions makes it more likely that the plan will be dropped, says a pensions consultancy.

Jane Beverley, head of research at Punter Southall, says: “Belgium joins the UK, Ireland, Germany and the Netherlands in arguing that the insurance-based principles of Solvency II have no place in the regulation of occupational pension schemes. That brings the opposing group of member states within spitting distance of constituting a blocking minority.”

She says the EC should now take note of the “ever louder voices” being raised against these proposals and abandon plans to introduce legislation in June this year.

The Solvency II-inspired measures are due to be added to the Institutions for Occupational Retirement Provision Directive Directive.

Alexander De Croo, deputy prime minister and minister for pensions, made the announcement last week at a meeting organised by the Belgian Association of Pension Institutions. 

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