§ Mr. WebbTo ask the Secretary of State for Work and Pensions what assessment he has made of the implications of recent and proposed EU Directives on funding levels in occupational pension schemes for pension provision in the United Kingdom. [149172]
§ Malcolm WicksThe impact of all Directives relevant to occupational pensions are assessed with regard to the impact on business including any costs they may impose, although additional costs may not directly impact on the funding of a scheme. Such assessments are set out in the Regulatory Impact Assessments that are published with the legislative measures which implement the requirements of these Directives.
The Directive on the Activities and Supervision of Institutions for Occupational Retirement Provisions contains Articles which directly relate to funding and we have recently consulted on its implementation in the UK. We are currently considering those consultation responses but believe our proposed reforms of funding arrangements, as set out in 'Action on occupational pensions' (Cm5835) are broadly compatible with the requirements of the Directive.