European Harmonisation On Pension Liability?

Posted on November 02^nd 2010

Liability insurance holders will be interested to know that the chairman of the Committee of European Insurance and Occupations Pensions Supervisors (CEIOPS), Gabriel Bernadino, has called for harmonisation on pension risk calculation and liability across Europe.

As reported on IPE.com, Mr Bernardino was speaking at the EU's forum on the pensions Green Paper earlier this month. He was contradicting many attendees who felt that harmonising anything to do with pensions would be too difficult. IPE.com is the website of the magazine "Investment & Pensions Europe", the leading monthly publication for the pensions industry.

Mr Bernadino felt that producing a common framework for calculating risk and liability could and should be done, mainly to increase public confidence in pensions, a confidence that is being sorely tested in many EU countries right now.

But the scepticism of the attendees to the forum can be understood. Pensions are notoriously complex and their legal framework often tied intricately into taxation legislation in each country, so changes will be slow and possibly counter-productive. It remains to be seen whether this will ever affect liability insurance customers but one thing is for sure, it won't happen quickly.

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