Solvency II impact on schemes assessed in March

Solvency II pension policy makers will lay out more details of an impact assessment on the effect of scheme solvency standards for UK pension schemes in March, EIOPA has confirmed.

The European Insurance and Occupational Pensions Authority - the body responsible for policy advice to the European Commission - has confirmed to PP it will publish a ‘Quantitative Impact Study' on plans for solvency standards.

The publication of the technical specifications the QIS will occur in March - just two months after EIOPA closed a consultation on its plans to modify Solvency II regulation for insurance firms into the Institutions for Occupational Retirement Provision directive.

An EIOPA spokesperson said: "By March there will be exact specifications on a QIS."

The QIS is a tool regularly used by the European Commission to assess the impact of policy on member states.

Sources said the assessment could take data from a scheme or number of schemes in the UK and run quantitative analysis on the impact of the policy on funding levels.

The industry has long called for an impact assessment on the EIOPA plans.

In December, National Association of Pension Funds senior policy advisor James Walsh said it was "unacceptable" EIOPA had not published an impact assessment to quantify the consequences of the policy. (PP Online, 21 Dec 2011)