Barnier: Future European rules for pension funds
10 February 2012
Barnier is aware that there is a lot of concern about the introduction of risk-based solvency rules for pension funds. The EC will inspire itself from these rules when appropriate but that does not mean it will 'copy and paste' Solvency II.
Why does the EC thinks there is a need to review existing rules for pension funds?
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because it needs to ensure that consumers who take out pension funds are properly protected and are guaranteed that the pensions funds they put their money in are robust and will be able to pay out, when the right time comes;
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because strong occupational pensions are essential for long-term fiscal sustainability. This is particularly important in a context where the European population is ageing quickly;
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because it needs to strengthen the Single Market for occupational retirement provision, and make it easier for providers to offer pension products across Europe. This will mean more choice for consumers.
The proposals Barnier will make before the end of the year will be based on in depth impact assessments.
Full statement
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