EVCA Responds to Postponed Solvency Rules for IORP

The EVCA responds to today’s announcement by Commissioner Barnier of a postponement to the introduction of solvency rules to the revised IORP Directive.

EVCA Secretary-General Dörte Höppner said:

“The EVCA welcomes today’s announcement by Commissioner Barnier.

“We have long argued that Solvency II style rules for workplace pensions are inappropriate and disproportionate. Such regulation would deter pension funds from investing in long-term investment vehicles such as private equity funds and damage Europe’s economic recovery.

“As a driving force in this crucial debate we are pleased that the European Commission has decided to give this important issue more time and thought. We hope that this encouraging development in pension fund regulation will be reflected in Solvency II, particularly regarding capital requirements for investments in long-term asset classes.”

Commissioner Barnier's speech can be found here