EU proposals could damage UK pensions

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EU proposals could damage UK pensions

The National Association of Pension Funds (NAPF) has claimed the introduction of new proposals as part of the EU pensions directive could have a significant impact on the UK pensions sector.

Joanne Segars, NAPF chief executive, said: "We are disappointed that Europe's pensions and insurance regulator is still proposing Solvency II-type ... even though its own advice now acknowledges the damage that would be done to European pensions."

She argued that the latest advice submitted to the European Insurance and Occupational Pensions Authority has revealed the introduction of these proposals could pile significant additional pressure on businesses across the eurozone and result in an increase in company failures.

Furthermore, Ms Segars noted the UK already has a strong system in place to protect its final salary pensions and does not need further EU regulation to safeguard its funds. Instead, this move could result in further unneeded levels of bureaucracy and risk.

Earlier this month, Tom McPhail, head of pensions research at Hargreaves Lansdown, argued the latest increase in quantitative easing by the Bank of England has placed further pressure on UK pension funds through falling annuities.

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