Blanc: ‘Ditch EU pension rules to unlock billions’

THE Government must ditch EU rules which restrict where pension funds can invest, the boss of Aviva has urged.

Amanda Blanc said Chancellor Rishi Sunak should scrap socalled Solvency II regulations, which limit the types of assets which pension funds can hold.

This could unlock billions of pounds to invest in areas such as renewable energy plants, improved transport systems and nascent industries, she said. Solvency II was introduced to ensure the safety of investors’ money, and make sure their pensions were protected in the case of a downturn. But Aviva continually performed stress tests and had plenty of capital to cover a crisis.