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Europe (and European regulation) lies behind many of the key challenges currently faced by UK pension schemes. The European pensions supervisory authority, EIOPA, has recently published its proposals on a common framework for transparency and risk assessment for pensions and European institutions are working on the final text of a revised IORP Directive, even as we wait for the EU referendum on 23 June. This quarter’s bulletin focuses on the impact that Europe is currently having on UK pensions and some of the possible implications if the UK were to vote for Brexit.
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Aside from the drama of the launch of the EU Referendum campaigns, the last few weeks have also seen two key European pensions developments. On 25 January 2016, the European Parliament voted on amendments to the revised IORP (Institutions for Occupational Retirement Provision) Directive, whilst the following day EIOPA (the European Insurance and Occupational Pensions Authority) published the results of its first stress tests into pensions. This briefing note looks at where these developments leave European pensions policy.
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The Chancellor’s Budget announcement of greater flexibility over retirement benefits has led to a major reinterpretation of what the word ‘pension’ means in a defined contribution context. Meanwhile, the Department for Work and Pensions (DWP) has been working on its own redefinition of pensions in a wider context, in the shape of the Pension Schemes Bill, which was laid before Parliament on 26 June 2014.
View the briefing note