NAPF

The writing is on the wall for DB

The European Insurance and Occupational Pensions Authority has published its advice to the European Commission on plans to harmonise regulation and introduce stringent solvency requirements for pension schemes.

The European Insurance Occupational Pensions Authority will today publish its advice to the European Commission on plans to integrate Solvency II rules into pan-European pension regulations.

Solvency II will force all remaining defined benefit schemes to close and could lead to significant job losses as UK companies fold, lobby groups warn.

The Bank of England's move to increase quantitative easing by £50bn will prolong low gilt yields for a further 12 months, adding further strains on pension funding positions, experts say.

National Association of Pension Funds chairman Mark Hyde Harrison has praised the government's red tape challenge, arguing it will help "rectify past mistakes".

Pensions minister Steve Webb has called for a middle-ground "defined aspiration" pension.

Jenna Towler comments on getting the best deal

The Association of British Insurers must force pension providers to push retirees towards specialist annuity advice, the National Association of Pension Funds says.

Millions of workers are losing billions from their savings because of "sharp practice and murky pricing" in the annuity market, research claims.