European supervision refuses to amend disputed interest rates for Danish pension companies

European Insurance and Occupational Pensions Authority (EIOPA) refuses to make amendments to the so-called VA, which, following an adjustment earlier this year, has proven to be very volatile, costing Danish pension companies DKKmillions in solvency. This development is nothing but a reflection of the market development, says EIOPA. 

EIOPA's headquarters in the Westhafen Tower in Frankfurt. | Photo: PR/EIOPA

Danish pension funds have taken an additional blow since the European Insurance and Occupational Pensions Authority (EIOPA) adjusted the index that is decisive of the size of their provisions earlier this year.

About three weeks ago, Danish professional organization Forsikring & Pension said to FinansWatch that it would talk to EIOPA about adjusting the VA, which according to the pension funds, results in a series of inappropriate dynamics leading to significant fluctuations in the event of interest rate drops, which is what we have seen in 2019.

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