UK pensions escape EU solvency requirements

The updated Institutions for Occupational Retirement Provision (IORP) directive - due out in the autumn - will contain provisions to improve the transparency and governance of pensions across the continent but will not hike solvency requirements. The UK and a small coalition of member states had campaigned vociferously to have this element of the directive dropped. Official figures suggested it would have required sponsors to inject an extra £450bn into UK schemes. In a statement, the commission said further technical work was required on this issue. It said: "At this stage, and as...