Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what impact assessment the Government has carried out on the impact of Solvency II reforms on pensions.
The Government is committed to ensuring that the insurance regime remains a safe home for people’s pensions. As well as that, UK insurers remain internationally competitive.
The Treasury's consultation on the prudential regulatory regime for insurers known as Solvency II closed on 21 July 2022. It included questions seeking evidence of the impact reforms would have on policyholder protection and annuity prices as well as other objectives, including investment for growth. The Government will set out its assessment of this evidence when it publishes a response to the consultation later this calendar year.
The Solvency II consultation document can be found here: https://www.gov.uk/government/consultations/solvency-ii-review-consultation