The European Commission has delayed introducing Solvency II-style capital requirements for defined benefit pension schemes which were estimated to cost £450bn.
Proposals from the commission requiring DB scheme sponsors to hold extra capital in order to better protect occupational pension savers sparked an industry fightback last month, with pensions minister Steve Webb, the Confederation of British Industry and the National Association of Pension Funds all uniting against the plans.
The plans were set to be introduced through changes to the Institutions for Occupational Retirement Provision directive.
European Commissioner for Internal Market and Services Michel Barnier said last week more research is needed before introducing the new capital requirements. He will set out legislative proposals in the autumn that will instead concentrate on occupational pension funds’ governance, transparency and reporting requirements.
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