Oral Answers to Questions
Debate between Steve Webb and Chris Kelly(12 years, 12 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Chris Kelly (Dudley South) (Con)
T2. What assessment has the Minister made of the potential effect on UK defined benefit pension schemes of the European Union proposal to review the institutions for occupational retirement directive and align it with the solvency II directive? Is not that just a further EU assault on the hard-pressed UK occupational pension sector, and the last thing we need? Will the Minister stand firm against that?
The Minister of State, Department for Work and Pensions (Steve Webb)
We are gravely concerned about these proposals. The UK Government do not accept the need for new solvency arrangements for defined benefit schemes based on solvency II, which would have potentially serious effects for UK defined-benefit pension schemes. We are especially concerned about any proposals that would increase costs for employers at a time when we are looking to keep costs down, or that might affect the vital role pension funds play as investors in the UK. We will oppose these proposals.