On 9 April 2013, EIOPA published the preliminary results of its QIS on the effect of the proposed revisions to the IORP directive. Using a holistic balance sheet approach would see the combined funding deficit for UK Defined Benefit (DB) schemes rise from EUR350 billion to EUR527 billion. Pensions minister Steve Webb has urged the EU to abandon its plans to impose Solvency II style rules on DB pension schemes, commenting that:
‘The EU’s latest figures show the extremely high cost its plans would place on UK defined benefit pension schemes. In fact, its estimate of a baseline £450 billion cost is in line with the worst case scenario contained in figures the Pensions Regulator produced for the UK Government last year’.
He added that:
‘This confirms that any such new rules would harm businesses' ability to invest, grow and create jobs, and many more schemes could be forced to close. I continue to urge the Commission to abandon these reckless plans.’
EIOPA plans to publish final results in mid 2013.