Pension fund risk management [14]

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Bullet points include: EIOPA proposals regarding new IORP Directive not well received by industry (or by some important individual member states) Concerns highlighted included: Potential scale of impact Practicality and availability of sufficient relevant expertise View that market consistency might create undesirable pro-cyclicality Many commentators view Holistic Balance Sheet idea as in principle attractive but likely to be difficult to implement in practice Also not clear how it would be used (by supervisors and/or IORP) Commonly held view: “If existing regulatory model isn’t broken why fix it?”

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