Latest on Regulation & Reform – Page 316
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Ireland delays guidance for defined benefit pension funds in deficit
IRELAND - The announcement of new deadlines for Irish defined benefit (DB) schemes in deficit is being delayed, the Pensions Board has announced. The regulator had previously said it would publish revised guidelines for DB schemes in deficit, and announce new deadlines by which schemes in deficit must ...
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Tobin tax could increase foreign exchange costs by 18 times – GFMA
EUROPE - European pension funds and asset managers could be deeply impacted by the introduction of the Financial Transaction Tax (FTT) - also known as the Tobin Tax - as transaction costs could soar by 18 times, a new report has warned. The study published by the Global ...
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Stability bonds could lessen euro-zone debt crisis – CFA Institute poll
Survey respondents also call for structural reform, fiscal integration and common governance.
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European Commission takes legal action against Hungarian government
EUROPE - The European Commission (EC) has started legal action against Hungary over a raft of new laws recently implemented in the country - including the reduction of the retirement age for judges and prosecutors from 70 to 62 years. The Commission argued that the compulsory retirement of ...
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UK roundup: PPI, KiwiSaver, Hymans Robertson, Michelin, LCP
PPI research on auto-enrolment contributions in New Zealand show risk of levelling down.
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Ruling on foreign equity cap for Polish pension funds to have 'little impact'
EUROPE - Poland’s abandonment of a 5% cap on foreign equities for pension funds will have little impact on the industry, according to Dominik Radziwill, state undersecretary at the Polish Finance Ministry. Last week, after a protracted legal battle, the European Court of Justice ruled that Poland’s stance on foreign ...
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Germany reviewing investment rules for pension schemes after downgrade
Interior ministry said to be reviewing guidelines governing civil servant reserve funds.
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UK pensions watchdog offers guidance on recovery plans
Regulator has faced pressure to take account of depressed gilt yields in wake of QE2.
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Pensions expert calls for alternative to 'inflexible' IORP directive
Biggest barriers to cross-border pension funds still seen as labour laws, tax regulations.
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Court ruling could hinder Pension Protection Fund access to Nortel funds
Recent US Court of Appeals ruling leaves PPF on equal footing with other unsecured debtors.
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Statistics Netherlands reveals jump in retirement age for Dutch workers
Attributes increase to raft of legal changes introduced in 2006 to discourage early retirement.
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EU needs 'four times GDP' in pension reserves to offset first-pillar drop
Consultancy Debory-Eres says PAYG replacement rates to shrink to 40% by 2060.
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UK Department for Work & Pensions denies deciding to end pensions indexation
NAPF welcomes suggestion, says government could ‘reinvigorate’ occupational schemes.
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One-third of Europeans hope to keep working beyond pensionable age – survey
EUROPE - One-third of Europeans currently employed say they would like to continue working even after they become entitled to a pension, according to a Eurostat survey announced by the European Commission. This proportion ranges from more than half of respondents in Denmark, Estonia, Latvia and the UK to ...
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US Court of Appeals upholds Nortel ruling against Pension Protection Fund
Lifeboat scheme denied preferential access to Nortel assets over unsecured debtors.
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Austrian supervisor demands more say in pension fund investments
Proposals for so-called ‘safety pension’ will require ‘stricter investment rules’.
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IORP lacks 'substantial' guidance on addressing pension deficits – Mercer
Lack of attention given to action over underfunded schemes ‘speaks volumes’.
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Resistance mounts to 'Tobin tax' as cost estimated at €116bn
Industry experts say European Commission’s proposed financial transaction tax is misguided.
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Irish pensions reserve fund sets sights on local SMEs, infrastructure
NTMA confirms changes to discretionary portfolio, with increased domestic exposure.
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Financial transaction tax could slash pensions by 10%, Dutch schemes warn
Group of pensions associations claims FTT would lead to €4.1bn in extra costs every year.
