New EU rules will make it far harder for UK companies to hand out final salary pensions. The Telegraph reports:
The EU body that regulates occupational pensions estimated that the deficit in the UK’s defined benefit pension schemes would £450bn if the new rules, called “Solvency II”, were introduced. The deficit currently stands at £237bn, according to figures released on Tuesday by Britain’s Pension Protection Fund.
It is simply astonishing and unforgivable for the EU to meddle in the pensions industry. Its record on economics has resulted in record unemployment and sclerotic growth.
This is yet another sign that the EU is marching on towards full integration and it’s costing us a fortune.