The EU made its second major announcement on pensions reform in two days yesterday afternoon, disappointing the industry by continuing to insist on a "level playing field" between the solvency rules applied to pension funds and the stricter ones designed for insurers.

The European Commission has been developing its thinking on pensions reform for about a year, working toward a revision of the current EU directive in the area, known as the IORP Directive. In parallel, it asked the European Insurance and Occupational Pensions Authority, a regulatory body, to submit technical advice.