News Article Published:
Wednesday, 07 May 2008
Category:
New accounting rules could require firms across Europe to significantly increase funding for pension schemes, it has been revealed.
European regulators are currently in the process of deciding whether pension liabilities are to be included in the new Solvency II rules, reports Reuters.
But with payments into pension funds set to increase by as much as 70 per cent, it could find firms turning to prominent professional services marketing campaigns for advice.
Birgitte Miksa, head of Allianz Global Investor's international pensions unit, underlined the danger.
She told the news agency that the new rules "could be the final nail in the coffin for defined benefit schemes".
Meanwhile, according to a report by Standard & Poor's, more than one quarter of European insurers could also be forced to consider accountancy marketing campaigns to re-evaluate their business.
The decision whether or not to include pension schemes in the Solvency II rules is expected before the end of the year.
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