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					The EU and the application of Solvency II to
Pensions – the role of the Pensions
Regulator
Will Price – The Pensions Regulator
Actuarial Profession Solvency II Open Forum
4 March 2008
The decision making process
§ Stage one: Commission proposal
§ Stage two: European Parliament and Council
§ Stage three: Act adopted
§ Stages four and five: Implementation and
monitoring compliance
Future Plans for Pensions Solvency
§ Pressure
§ Recent comments, call for advice?
  § “a very strong business case would be required before we start
    shifting Solvency II rules to pension funds, and frankly, I would
    be surprised if there is such a case” (Charlie McCreevy)
§ Broad Consultation
§ UK effect (Punter Southall)
  § “Moving to a solvency regime could cause an increase in liabilities of
    around 90%”
CEIOPS
§ Level 3 of the Lamfalussy process
§ TPR and FSA represented in CEIOPS
§ Key work program:
  § Review of the IORP
  § Solvency for pensions
  § Cross border provisions
Occupational Pensions Committee
§ Initial review of key aspects of the
  implementation of the IORP directive
§ Solvency Sub-Committee (SSC)
  § Basis of the work
  § Report on Technical Provisions and Security
    Mechanisms
§ Future work
Two archetypes in Europe
§ Article 17
§ Buffers
§ Employer support
  § Contingent assets
§ Guarantee Funds
Two archetypes in Europe

Buffers               Sponsor backed
Netherlands           UK
Austria               Ireland
Belgium (circa 75%)   Luxembourg
Denmark               Belgium
Germany               Malta
France                Portugal
Sweden
Stakeholder involvement

§ Departmental stakeholders

§ Industry/commercial stakeholders

§ European/CEIOPS stakeholders
Source: OECD
Questions?

				
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posted:7/13/2013
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