| shenadcuue | Date: Saturday, 08 Jun 2013, 02:33:32 | Message # 1 |
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| Occupational pension funds have won a reprieve from a European regulatory overhaul that they feared would have had disastrous consequences for scheme members in several countries as well as the companies that fund them.
Regulators on Thursday shelved plans to slap more stringent solvency requirements on the funds, reforms they previously said were necessary to strengthen the financial position of undercapitalised schemes.
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The decision follows warnings from the industry that the proposals threatened to increase deficits at some pension schemes by as much as 50 per cent and put investments in infrastructure projects at risk.
Occupational funds in the UK and Ireland were expected to be hard hit while those in Germany, the Netherlands and Belgium were also likely to be affected. Michel Barnier, the EU commissioner for financial services, said: “We must face up to the weaknesses in some occupational pension funds. However, I have no desire to penalise national systems which work well. <We> need to deepen our knowledge before taking decisions on any European initiative on solvency of pension funds.”
The industry welcomed the decision, but urged regulators to ditch the proposals altogether rather than postpone them.
The reforms for pension funds echo a similar shake-up of insurance regulations, called Solvency II.
Regulators denied the planned overhaul of pension fund rules would involve a “copy and paste” of the Solvency II regime. But they made clear they wanted to ensure a level regulatory playing field between the insurance and pensions industries and ultimately to replace a patchwork of local rules across the continent with harmonised regulations.
For now, the commission’s new “Institutions for Occupational Retirement Provision” will not include new solvency rules. But regulators are planning to press ahead with other reforms to the funds’ supervision and governance.
These are expected to include changes to required experience and qualification standards for scheme governors and to risk management procedures. Details have yet to be confirmed.
“Barnier has made the right decision,” said Matti Lepp?l?, secretary-general of the trade body Pensions Europe. “European pension funds ... have to be able to contribute to the growth of the European economy and employment, and the solvency rules have to enable this.” James Walsh, of the UK’s National Association of Pension Funds, said: “The great diversity of pension systems across the EU makes it very difficult to devise a ‘one size fits all’ system.”
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