IORP

Stephanie Baxter explains why a UK financial services commissioner is great news for pensions

Stephanie Baxter looks at why a UK financial services commissioner is great news

In a big win for the UK, Lord Jonathan Hill has been allocated the coveted portfolio of Financial Stability, Financial Services and Capital Markets Union.

The UK government will fight hard against European Commission (EC) pressure to overturn its pensions sector, according to economic secretary to the Treasury Andrea Leadsom MP.

The revised Institutions for Occupational Retirement Provision (IORP) Directive is not intended to outlaw UK trustees or treat schemes like banks, according to the European Commission.

A legal perspective on the latest draft of the European pensions directive

Harmonising pension policy on a European Union (EU) level is unlikely to work due to a lack of demand for cross-border schemes, according to a Treasury report, published yesterday.

The burden of complying with an updated European pensions directive and changes announced in the Budget could lead employers to wind up small schemes, warns a consultant.

Pension industry bodies have expressed "serious concern" over the timing of the defined contribution (DC) charge cap proposed by the Department for Work and Pensions' (DWP).

Jack Jones looks at the content of the EC's updated pensions directive.