I have some good news, and some bad news. As I outlined here in July, the TUC (and virtually every other stakeholder group) opposes the European Commission’s plans to revise its directive on institutions of occupational retirement provision (or ‘IORPs’, more commonly known as funded defined benefit pension funds).
Plans for a quantitative impact study (QIS) based on the proposed revisions, which would have seen pension funds come under the same regulatory regime as insurance companies, were consulted on by the European Insurance and Occupational Pensions Authority (EIOPA) over the summer. EIOPA issued its verdict on the consultation responses earlier this month – and actually pleased many stakeholders by appearing to have listened to our concerns.
But this goodwill has all but evaporated after a forthright speech by EIOPA chair Gabriel Bernadino at the NAPF conference this week.
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Image: Horia Varlan