The European Commission is due to produce its long-awaited 500-page consultation paper on pension scheme solvency on Tuesday, according to Ruth Goldman of legal firm Linklaters.

Linklaters has been lobbying the EC on behalf of the NAPF over the issue. Goldman said the EC will use, as its starting point, requirements laid down under Solvency II that were originally designed to limit risks taken by the insurance industry. Goldman pointed out, however, that pension schemes are different because their liabilities are long term and covered by employers rather than insurance contracts.