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The Actuary The magazine of the Institute & Faculty of Actuaries

Hoban denies transfer of power to EU pension authority

Speaking at a National Association of Pension Funds seminar, Mr Hoban said the government is keen to cooperate with the European Insurance and Occupational Pensions Authority (EIOPA), which was created in January.

However, Mr Hoban reassured the industry the Treasury would not allow the authority to impose unsuitable legislation on UK pension funds.

"We oppose any transfer of UK powers to EIOPA or other EU regulators," he said. "Pension schemes are different across EU states. Open communication is needed across Europe."

Mr Hoban has previously faced criticism for not taking a tough enough stance with EU regulators.

In March, insurers claimed the government did not do enough to protect UK providers and consumers from the European Court of Justice's ban on gender-based underwriting.

Mr Hoban said the government could not stop the ban without reopening the EU gender directive, for which there was no appetite in the government.