By Daniel Hunter
The UK government has welcomed an announcement by EU Commissioner Barnier that he would postpone his plans to introduce Solvency II-style rules for defined benefit pension schemes.
The commissioner said he will not present proposals this autumn to bring in new capital requirements for occupational pensions, though he would focus on governance, transparency and reporting requirements.
"This is a welcome move by the commissioner, and is hopefully a sign he may eventually abandon his damaging and reckless plans altogether," Minister for Pensions Steve Webb said.
"Introducing Solvency II-style rules for defined benefit pension schemes would push up liabilities by up to £400 billion, harming businesses’ ability to invest, grow and create jobs, and put more schemes at risk.
"The UK has been making the case against the plans for some time, with growing international agreement. The signs are we are winning the argument."
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