Former Conservative Shadow pensions minister Nigel Waterson has called on the Government to resist regulatory creep from the European Commission over proposals for EU-wide pension regulation that could cost UK companies £500bn.
Last month, the EC published a green paper on achieving sustainable and safe European pension systems.
It acknowledged there is not a one-size-fits-all pension system for member states but says it is keen to explore how a common EU-wide platform for monitoring “all aspects of pension policy and regulation” in member states could bring about long-term improvements.
It also proposes introducing a solvency regime, equivalent to Solvency II, for all EU pension funds to protect acquired pension rights.
Addressing delegates at the Money Marketing Retirement Summit in Dublin last month, Waterson said: “It talks of co-ordination, common EU principles and pathways, strengthening the internal market for pensions. It calls for the creation of a regulatory framework for an EU-wide private pension regime alongside the existing pension regimes in Europe.
“So my advice is you need to be afraid, very afraid. They would clearly love to impose an additional layer of regulation alongside or on top of the