Ring-fencing may not protect benefits

Ring-fencing assets may not protect policyholder benefits, says Ceiops

Ring-fencing assets may not be sufficient to protect guaranteed benefit pension policyholder benefits in stressed scenarios, according to a report by the Committee of European Insurance and Occupational Pensions Supervisors (Ceiops).

The report, Ring-fencing in Stress Scenarios, was published as part of Ceiops’ review
into the implementation of the Institutions for Occu-pational Retirement Provision  directive.

It concludes “there are various stress situations which ultimately put to test the

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