European regulator outlined in draft legislation from Brussels

Rebecca Lavender

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In relation to our “Brussels sprouts a pension regulator” blog it has now been reported that the European Commission has drafted legislation to set up a supervisory body whose remit will include occupational pension schemes.

The proposed European System of Financial Supervisors will have powers to develop proposals for technical standards; resolve cases of disagreements between national supervisors where legislation requires them to cooperate or agree and ensure consistent application of technical rules.

These powers will be in addition to taking over the functions of the existing committee – Committee of European Insurance and Occupational Pensions Supervisors’ occupational pensions committee.

The Pensions Regulator is said to be working with the government throughout this restructuring, commenting that they are committed to ensuring any changes made are “fair and appropriate for the UK pensions market”.