HM Treasury review of the balance of competences: Single Market financial services and the free movement of capital – an NAPF response Jan 2014
The Government is conducting a wide-ranging review of the ‘Balance of Competences’ (or powers) between the EU and UK. This is intended to provide a heavyweight contribution to the national debate about Britain’s relationship with the EU.
The NAPF has responded to the latest part of this exercise – a consultation on the Single Market in Financial Services. The NAPF points out that, with over 60 per cent of the EU’s defined benefit pension liabilities, the UK is disproportionately affected by EU pensions legislation. UK pension schemes are also indirectly affected by the rapidly increasing volume of EU investment regulations.