Germany’s occupational pension fund association, aba, has bemoaned the UK vote to leave the European Union, saying that, although the precise implications for occupational pension provision in Germany were not yet foreseeable, the Brexit decision meant “nothing good”.
In an update on 28 June, aba chief executive Klaus Stiefermann writes: “The capital markets are reacting negatively, a large part of German occupational pension fund assets are invested through London, and the British were always at our side when it came to reining in regulatory delusions and excess.
“And there’s a fair amount of that going on again.”
His comments echo the response of the Dutch Pensions Federation, which lamented the “loss of an ally” but said it is too early to say whether the British would leave the pan-European association PensionsEurope.
In another reaction from a national industry association, Denmark’s Forsikring & Pension (F&P) said keeping a good trading relationship with the UK was a priority for the country.