Latest on Regulation & Reform – Page 340
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NewsUniversal state pension reforms delayed due to contracting-out
UK – The UK government's green paper outlining proposals for a universal, flat-rate state pension has been delayed, as it has been unable to meet its end-of-year planned consultation on radical state pension reforms.
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NewsRomania approves pension reform with changes to indexation, retirement age
ROMANIA – Romania is set to increase its retirement age and reduce the level of pension indexation, after reform laws were approved by its president this week.
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NewsNew Czech government confirms plans for funded second pillar
CZECH REPUBLIC – The newly-elected Czech coalition government has confirmed it will continue reforms to bring about the introduction of a funded pillar to the pension system.
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NewsDutch workers prefer guaranteed pension over current retirement age, says DNB
NETHERLANDS – Workers are willing to pay much higher contributions for a guaranteed pension, a survey by pensions regulator De Nederlandsche Bank (DNB) has suggested.
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NewsIrish finance minister to be given new powers over NPRF
IRELAND – The Irish government has announced plans to grant the minister for finance power over the National Pension Reserve Fund (NPRF).
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Underfunded Ascoop Pensionskasse to be dissolved
SWITZERLAND – The heavily underfunded Ascoop Pensionskasse will be dissolved as of 1 January, it has been announced. The scheme, for employees in the transport industry, currently faces a CHF700m (€544m) shortfall.
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NewsHungarian parliament OKs take-over of second-pillar pensions
HUNGARY – Hungary's parliament has passed a law that will force members of the country's second-pillar mandatory funds to hand their savings to the state, amid a growing chorus of criticism at home and abroad.
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NewsUK sets out objectives for new financial regulators
UK – Hector Sants, chief executive of the UK Financial Services Authority (FSA), has outlined the progress made on the shift of City regulation to three new regulators: the Prudential Regulation Authority (PRA), the Financial Policy Committee (FPC) and the Consumer Protection and Markets Authority (CPMA).
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NewsSwiss lawmakers call for major changes to second-pillar pensions
SWITZERLAND – Several members of the Swiss parliament have called on the government to simplify legislation regarding the second pillar and possibly change the legal form of Pensionskassen.
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NewsPoland makes headway on factoring pension costs in deficit
EUROPE – Poland has wrested significant concessions from the European Commission on factoring in pension costs in its public debt and deficit.
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NewsExpert disputes interpretation of ruling in Lehman/Nortel case
UK – Ros Altmann, director general of Saga, an organisation representing the over 50s in the UK, has disputed lawyers' interpretation of a landmark ruling last week.
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NewsDenmark extends pension fund rescue package indefinitely
DENMARK – The Danish government is now extending indefinitely the rescue package for the country's pensions sector put in place two years ago in the wake of the international financial crisis.
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NewsUK roundup: Barclays UK Retirement Fund, CBI, Ofgem, Babcock, Aon Hewitt
UK – The £18.2bn (€21.6bn) Barclays UK Retirement Fund's internal investment team has been renamed Oak Pensions Asset Management (OPAM) to give them more flexibility to execute investment decisions.
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EU ministers fail to address sanctions despite Hungary claim
EUROPE – The recent meeting of European Union finance ministers ended with no agreement on the treatment of countries with transitional excessive budget deficits arising from a pension reform.
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NewsUK roundup: TPR's enhanced transfer guidance, government's discount rate consultation
UK – The Pensions Regulator (TPR) has unveiled its final guidance on conducting 'incentive exercises' – including enhanced transfer value exercises (ETVs).
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NewsFinland's effective retirement age up faster than expected
FINLAND – Effective retirement age in Finland has increased more rapidly than expected when the pension reform of 2005 was being planned, lending support to the Ministry of Social Affairs and Health's goal to increase expected effective retirement age by three years before 2025.
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NewsUK Pensions Regulator wins dispute with Lehman Brothers, Nortel
GLOBAL – The UK Pensions Regulator (TPR) has won its dispute with Nortel Networks and Lehman Brothers' European division.
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NewsIndexation a 'tangled mess' in wake of CPI consultation paper, says Aon Hewitt
UK – Aon Hewitt has warned of ongoing confusion for pension funds after UK pensions minister Steve Webb unveiled the government’s paper on linking pension increases to the consumer price index (CPI).
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NewsBrussels commits to tackling Foundation Statute by next year
EUROPE – The European Commission (EC) has said it will publish a regulation on a European Foundation Statute by the end of 2011.
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Global delegates debate sustainability of DC schemes
IPE AWARDS – Risk management, member education and regulatory constraints were some of the common issues identified by the international panel at the European IPE Award seminar in Monaco yesterday.
