The chief executive of the second-largest pension scheme in the UK has blasted proposed changes to the main framework for pensions in Europe, warning they would push even its resources and funding levels to the limit.

Tom Merchant, chief executive of the £34bn Universities Superannuation Scheme, confirmed that USS had participated in an impact study relating to the European Commission's Institutions for Occupational Retirement Provision, or Iorp, directive. However, he said this in no way demonstrated support for some of the proposals included in the directive.