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CBI COMMENTS ON EIOPA RECOMMENDATIONS TO EC PENSIONS REVIEW

CBI COMMENTS ON EIOPA RECOMMENDATIONS TO EC PENSIONS REVIEW

The CBI today (Wednesday) commented on recommendations from the European Insurance and Occupational Pensions Authority (EIOPA) to the European Commission’s review of the IORP Directive on pension funds.

Jim Bligh, Head of Labour Market and Pensions Policy, said:

“EIOPA is right to recognise that the Commission’s proposals could damage long-term growth and job creation, by demanding dramatic increases in funding from employers.

“However, businesses are seriously concerned by EIOPA’s support for a Solvency II-style tiering of assets, which would carry significant economic risks, with firms struggling to raise capital from markets and infrastructure funding being compromised.

“The Commission must now address these concerns and carry out a thorough impact assessment. We are pleased that EIOPA has set out that this is necessary.”

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