New EU rules to double cost of British Pensions - Time to head for safer shores?

The Telegraph has a great article today on how new EU rules are set to double the cost of pensions to British companies. According to the article, the EU body that regulates occupational pensions estimated that the deficit in the UK’s defined benefit pension schemes would be£450bn if the new rules, called “Solvency II”, were introduced. The deficit currently stands at £237bn, according to figures released on Tuesday by Britain’s Pension Protection Fund. The National Association of Pension Funds (NAPF) has also warned that moving to the new rules for pensions would put a “huge burden” on Britain’s remaining final salary pension schemes and the businesses that run them undermining the retirement plans of millions of people both in the UK and across Europe. As I keep harping time and again, it is well worthwhile to consider moving your pension to a safe offshore location such as the Isle of Man or the Channel Islands taking advantage of HRM's QROPS provison and escape EU bureaucracy and costs on your pensions.