UK/EUROPE - British MEPs have urged the European parliament to block amendments to its pensions directive as they would impose undue costs on UK pension funds.
The proposals – contained in a report by Austrian MEP Othmar Kara – would be forced to provide enhanced disability and insurance cover and greater provision for spouses.
But analysts fear the amendments would add millions of pounds to the costs of administering UK pension schemes.
The NAPF said it had supported the original compromise directive, but would fight any moves to amend it which, it said, would cause “major problems” for UK pension schemes.
The top stories this week were the High Court's decision to block the £12bn annuity transfer from Prudential to Rothesay Life, and a separate court ruling that 'raises the bar' for pension rectification exercises.
Guaranteed minimum pension (GMP) equalisation has soared to the top of pension schemes' to-do lists, with 58% stating it is a priority project, research from Equiniti has revealed.
Professional Pensions is holding its defined contribution (DC) conference on 4 September.