CBI comments on European Commissioner abandoning plans to apply Solvency II to pension funds

24 May 2013 11:04 AM

The CBI yesterday commented on the announcement by Commissioner Barnier that the European Commission will not include Solvency II funding requirements in the review of the pensions directive (IORP).

Katja Hall, CBI Chief Policy Director, said:

“The Commission has listened to the outcry from businesses about the crippling £450bn cost of applying a Solvency II regime to pensions.

“We’ve long campaigned against the proposal, saying it would harm companies’ ability to invest, with devastating effects on jobs and growth.

“While we welcome this decision to drop additional funding requirements, businesses will want to ensure the other conclusions of the review do not heap unnecessary additional costs on employers.”

 Note to Editors:

The CBI is the UK's leading business organisation, speaking for some 240,000 businesses that together employ around a third of the private sector workforce. With offices across the UK as well as representation in Brussels, Washington, Beijing and Delhi the CBI communicates the British business voice around the world.