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Matti Leppälä, PensionsEurope Secretary-General and CEO, said: “Commissioner Barnier has made the right decision as it is vital to take more time for a thorough analysis of the effects of possible changes in solvency rules, which differ greatly between Member States. The European pension funds and other IORPs have to be able to contribute to the growth of European economy and employment and the solvency rules have to enable this. PensionsEurope and its members will work closely together with the European Commission in these issues.”
Joanne Segars, Chair of PensionsEurope, said: “PensionsEurope is very pleased the European Commission took this step as we think this is the right approach. We are fully committed to work together with the European Commission to find good rules on governance and disclosure.”
Commissioner Barnier said that the solvency rules should be an improvement for the pensions sector, rather than a punishment. Due to the large diversity in pension systems in Europe it is impossible to develop good rules that fit all systems in the short term and more research is needed. Consequently, the European Commission will only propose rules for transparency and governance for IORPs in the autumn.