THE DAILY TELEGRAPH: All of Britain's remaining final salary pension schemes will be forced to close if the EU brings in new rules designed to make their funding more secure, unions, employers and pension schemes have warned.
Many businesses could also be pushed into insolvency by European pension proposals, risking significant job losses, three industry bodies have warned.
In a letter to José Manuel Barroso, president of the European Commission, ahead of EU directives due this week, the National Association of Pension Funds (NAPF), the Confederation of British Industry (CBI) and the Trades Union Congress (TUC) warned that the new rules would have a disastrous impact.
"By demanding dramatic increases in funding from employers, the commission's plans would – at best – force all remaining defined benefit schemes to close and – at worst – push many businesses into insolvency, leading to significant job losses," they wrote. Read on and comment » | Richard Evans | Monday, February 13, 2012