Welfare to Work

Work and Pensions Committee to take evidence on EU Pensions Policy

Work and Pensions Committee to take evidence on EU Pensions Policy

 DWP Select Committee to take evidence on EU Pensions Policy

Monday 26 March 2012 at the House of Commons (Meeting room to be confirmed)

At 4.30 pm

  • Association of British Insurers (ABI) – Maggie Craig, Director of Financial Conduct Regulation
  • Confederation of British Industry (CBI) – Neil Carberry,  Director of Employment and Skills Policy
  • European Federation for Retirement Provision (EFRP)  –  Matti Leppälä, Secretary General
  • National Association of Pension Funds (NAPF) – Joanne Segars, Chief Executive
  • Trades Union Congress (TUC) – Nicola Smith, Head, Economic and Social Affairs Department

The Work and Pensions Committee will take oral evidence from the pensions industry, and business and employee representatives on the implications for UK pensions of current EU pension policy proposals including:

  • The EC White Paper on Pensions
  • The possible application of Solvency II to pensions and reform of the Directive on Institutions for Occupational Retirement Provision (IORP)
  • EU support for member states’ efforts to ensure the adequacy of retirement income

The Committee expects to hold a further oral evidence session with the European Commission after Easter. Details will be announced in due course.

Further information

The EC’s White Paper on Adequate, Safe and Sustainable Pensions was published on 16 February 2012. It describes the challenges the EU is facing due to its ageing population and sets out 20 action points for the EU and member states.

The IORP Directive was implemented in the UK in 2006. It provides a framework for the operation and supervision of occupational schemes, including how they should be administered, and their funding and investment rules. The European Insurance and Occupational Pensions Authority (EIOPA – the EU regulatory body) has carried out a consultation on reform of the Directive. This focused on: the scope of the  Directive; facilitating cross-border business; introducing risk-based supervision of pension schemes; and specific measures for defined contribution schemes. Its “final advice” to the Commission on the review of the Directive was published on 15 February 2012.

Solvency II is a fundamental review of the capital adequacy regime for the European insurance industry. It aims to establish a revised set of EU-wide capital requirements and risk management standards that will replace the current solvency requirements. The EC is considering whether a similar approach should be applied to pensions as part of the reform of the IORP Directive.

Committee membership: 

Dame Anne Begg MP (Chair) (Lab, Aberdeen South), Mrs Debbie Abrahams MP (Oldham East and Saddleworth), Harriett Baldwin MP (Con, West Worcestershire), Andrew Bingham MP (Con, High Peak), Karen Bradley MP (Con, Staffordshire Moorlands), Sheila Gilmore (Lab, Edinburgh East),  Mr Oliver Heald MP (Con, North East Hertfordshire), Glenda Jackson MP (Lab, Hampstead and Highgate), Brandon Lewis MP, (Con, Great Yarmouth), Stephen Lloyd MP (Lib Dem, Eastbourne), Teresa Pearce MP (Lab, Erith and Thamesmead)

Specific Committee Informationworkpencom@parliament.uk 020 7219 2839

Media Information: abbottj@parliament.uk 020 7219 2003

Committee Website: www.parliament.uk/workpencom


Watch committees and parliamentary debates online
: www.parliamentlive.tv  

Publications/Reports/Reference Material:

Copies of all select committee reports are available from the Parliamentary Bookshop (12 Bridge St, Westminster, 020 7219 3890) or the Stationery Office (0845 7023474).  Committee reports, press releases, evidence transcripts, Bills; research papers, a directory of MPs, plus Hansard (from 8am daily) and much more, can be found on www.parliament.uk

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