EU commissioner Barnier said he will not present proposals this autumn to bring in new capital requirements for occupational pensions, though he would focus on governance, transparency and reporting requirements.
Minister for pensions, Steve Webb, welcomed the move saying he hopes it's a sign the commissioner, may eventually abandon his "damaging and reckless plans altogether".
"Introducing Solvency II-style rules for defined benefit pension schemes would push up liabilities by up to £400 billion, harming businesses' ability to invest, grow and create jobs, and put more schemes at risk," Webb said.
He added: "The UK has been making the case against the plans for some time, with growing international agreement. The signs are we are winning the argument."
