Steve Webb said: "It is horrifying to think Solvency II could get so far without even a sniff of an impact assessment". He welcomed comments made by van Hulle in front of a Work and Pensions select committee earlier this week that implied the European Commission would "consult on the scope" of any impact assessment going forward and urged them to listen to its eventual outcome.
Webb also welcomed the "suggestion" by van Hulle that any Solvency II regulations would only apply to future accrual. "It's a better than a kick in the teeth, but only just", he said.
The minister further warned that imposing solvency on pensions risked undermining his plans for a new third way pension schemes – previously referred to as 'defined aspiration', with Webb now preferring the moniker 'defined ambition'. "If I want employers both moving from DB into a risk-sharing world – particularly moving from pure DC into risk-sharing models to take on a bit of pension promise or pension guarantee – the last thing I want to see is a higher cost of doing that", he said.
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