Pensions - Articles - Comment from NEST on EIOPA consultation

 For those of you who may be writing about the European Insurance and Occupational Pensions Authority's (EIOPA) consultation to its response to a Call for Advice on the review of Directive 2003/41/EC (the Institutions for Occupational Retirement Provisions Directive - IORP): second consultation, please find below a comment from NEST:

 NEST Chair Lawrence Churchill, CBE, said:

 ‘NEST looks to protect its members' interests, including where regulatory changes could have an impact on them. We also aspire to be a beacon of best practice as a DC scheme, including on matters of governance. EIOPA's consultation could lead to a number of requirements that mean increased costs for defined contribution schemes such as NEST, including the potential requirement to hold additional capital against operational risk. In our response, we urge EIOPA to carry out a full impact assessment of the proposals. More generally, NEST believes that any new European regulatory proposals should take account of the diversity of pension provision in Europe and avoid prescriptive regulations that would inhibit this diversity.'