Pensions puzzle


Proposals to alter the regulatory framework for banks to avert future crises have been a focal point for the financial sector and media alike in recent months. But elsewhere, another regulatory issue is sparking similarly intense debate: whether a risk-based solvency regime should be applied to the European pensions industry.

Proponents of a specific regulatory framework akin to Basel II for banks or Solvency II for insurers argue it would make pensions commitments safer for beneficiaries, remov

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