Pension Funds Shift £60B Following Solvency II, BOE Says

Law360, London (April 10, 2019, 5:57 PM BST) -- Britain's defined benefit pension schemes have transferred around £60 billion ($78.6 billion) of risk to the insurance industry since Solvency II entered into force, a senior Bank of England official said Wednesday, underlining the pressure facing retirement funds from Europe’s strict capital regime.

David Rule, the central bank’s executive director for insurance supervision, said insurers have also shifted around £20 billion worth of assets that back annuities, which pay out fixed incomes to retirees, into alternative investments such as infrastructure finance and commercial real estate.

The large-scale moves away from traditional pension structures have taken place since the European Union rulebook...

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