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Is it not incredible that EIOPA refuses to accept that the quantitive approach of applying Solvency II to pensions is not acceptable to many member states, the European parliament and the Commission and continues to try to apply it under the guise of the "holistic balance sheet"? My interpretation of this latest concession is that it is old and tested ploy - first tell people the bad news that they have to hold full funding at all times and then tell them there is a discount if they comply.
I think it is time to revisit the very existence of EIOPA as it is clearly in pursuit of its own agenda.