Pensions Management expert highlights retirement calculator 'danger'

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Pensions Management expert highlights retirement calculator 'danger'

Mon 22nd Nov 2010

An "enormous burden" could be placed on the pension industry if new EU regulations are brought in, according to a representative from Pensions Management.

Charlie Thomas, executive director of the company, claimed that Solvency II rules are in "real danger" of being introduced, despite the EU stating at the beginning of the year that they would not be applied to occupational pension schemes.

She called on companies to lobby pensions minister Steve Webb regarding the proposals, since he is believed to be against them.

"As only a minority of EU countries would be adversely affected, which includes the UK, the potential for Solvency II to be adopted is high," said Ms Thomas.

The Pensions Management spokesperson suggested such regulations would mean pension companies would need to hold similar levels of capital to insurance firms, despite the latter dealing with far more unpredictable payout patterns.

Solvency II was originally a review of the capital adequacy of insurance firms in Europe.

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