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In May, European Commissioner Michel Barnier confirmed he would not include reforms to the funding regime for pension schemes in forthcoming changes to the Institutions for Occupational Retirement Provision, or IORP, Directive.
NAPF EU and International policy lead James Walsh said officials at EIOPA, the European pensions regulator which advises the Commission, remain intent on reforming the pensions capital regime. He said: “The Solvency II funding proposals are not dead yet, they are only being shelved. It will be up to the next EU Commissioner to make that decision but EIOPA are clear that they want to see this regime introduced.”
Walsh also warned the proposed changes to the IORP Directive could have implications for defined contribution pension schemes, which could be required to hold extra capital to cover “operational risks”.