The EC will use as its starting point requirements laid down under Solvency II that were originally designed to limit risks taken by the insurance industry. Goldman pointed out, however, that pension schemes are different because their liabilities are long term and covered by employers rather than insurance contracts.
The EC has said pension schemes should meet Solvency II “to the extent that it is necessary and possible”. Insurers have argued that pension schemes, too, should follow Solvency II requirements because they effectively compete with them for business.
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