Fears in the UK and other EU member states that the revised IORP Directive will apply Solvency II-style measures to UK pension schemes have been allayed, at least for the time being, though this may not be the end of the story. The EU has announced that the revised IORP directive (due in the autumn) "will not cover the issue of solvency rules for pension funds, which will for the time being remain an open issue ... the situation should be re-examined once we have more complete data". However, a proposal to improve the governance and transparency of occupational pension funds will be published in the autumn.
Click here for the EU press release.
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