Latest on Regulation & Reform – Page 341
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NewsUK roundup: Aon Corporation, Goddard Perry Consulting, Pensions Policy Institute
UK – The accounting deficit of the 200 largest privately sponsored pension schemes remained relatively stable in November, increasing by £2bn to £71bn, according to the latest Aon Hewitt 200 Index.
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NewsUK pensions minister denies 'RPI override', unveils consultation paper
UK – Pensions minister Steve Webb has reassured private sector pension schemes there will be no legislative changes overriding increases for schemes where the retail price index (RPI) is "hard wired" into the scheme rules.
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NewsIrish government announces longer-term bonds to create sovereign annuity market
IRELAND – The Irish government has agreed reforms that will see the country's pension funds able to price its annuities based on sovereign bonds, moving away from the German Bund market as a benchmark.
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NewsTPR to limit schemes' exposure to high-risk assets
UK – The UK Pensions Regulator (TPR) is planning to limit the freedom of schemes with large deficits to invest in risky asset classes, such as equities, property and alternative investments, its chairman has said.
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NewsIPE Awards: Solvency II scepticism widespread even among supporters
IPE AWARDS – Three-quarters of delegates attending the IPE Awards seminar in Monaco have voted against a motion claiming that 'Solvency II is the best thing for European pensions', a position defended by Danish first-pillar fund ATP.
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NewsPensions Regulator warns of defined benefit 'endgame'
UK – David Norgrove, chairman of the UK Pensions Regulator (TPR), has warned trustees at a NAPF conference in London today of the challenges facing defined benefit (DB) schemes in their "endgame".
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NewsPensions minister Webb sets out vision for future of UK pensions
UK – Pensions minister Steve Webb has told pension scheme trustees in London today that one of his principal aims while in office is to simplify the basic state pension system and make Nest and auto-enrolment work.
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NewsUK government legislation could force switch to CPI
UK – The UK government may force defined benefit pension schemes to adopt the consumer price index (CPI) even if it overrides existing scheme rules promising retail price inflation (RPI) for pension increases, the chief executive of the National Association of Pension Funds (NAPF) has warned.
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NewsEuropean ministers back policy of 'active ageing'
EUROPE – European government ministers for employment and social policy have thrown their support behind the principle of 'active ageing'.
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NewsOECD calls on governments to strengthen private pensions
GLOBAL – The OECD secretariat has told the Working Party on Private Pensions and the Insurance and Private Pensions Committee (IPPC) that countries overhauling their pensions systems should seek to establish a balance between public and private pensions.
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NewsPPF rejection of pension scheme reveals 'serious flaw' in UK legislation
UK – A UK pension scheme has been refused entry to the Pension Protection Fund (PPF), revealing what one industry figure called a "serious flaw" in pensions law.
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Portugal Telecom agrees pension transfer to state treasury
PORTUGAL – Portugal Telecom has agreed a deal that will see almost €3bn in pension assets transferred to the country’s treasury.
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NewsBaltic roundup: Lithuania, Latvia, Estonia
EUROPE – Lithuania's pension fund association has sued the government in the constitutional court after lawmakers reduced contributions to the private pension systems to offset budget deficits.
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NewsUK government changes tack on pension transfers
UK – The UK government has abandoned plans to prevent defined benefit (DB) pension schemes from transferring their full pensions to defined contribution (DC) schemes.
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NewsNorway mulls fee cap for Pension Fund Global after 'reprehensible' contract
NORWAY – The Norwegian government is considering the introduction of an upper limit for management fees for external managers of its NOK2.9trn (€365bn) Government Pension Fund Global after a contract with no limit was branded "reprehensible".
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NewsNPRF to contribute up to €10bn toward Ireland's EU bailout
EUROPE – The Irish government has announced details of its bailout agreement with the European Union (EU) that will see the National Pensions Reserve Fund (NPRF) contribute as much as €10bn toward the €85bn package.
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NewsSwedish roundup: AP6, Repairshop, Pensionsgruppen, KPA Pension, SPP, Storebrand
SWEDEN – AP6, one of Sweden's national buffer funds, has sold its interests in Repairshop, a repair company for mopeds, after suffering losses of SEK40m (€4.3m) over the last two years, according to reports in the Swedish press.
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News'Nightmare' in Hungary as government nationalises pension funds
HUNGARY – Hungary has announced plans to pull the plug on the country's mandatory, funded second-pillar pension system, provoking a chorus of protests from the European Commission, the country's pension funds and analysts.
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NewsIrish proposal will change sovereign fund's initial purpose, says IAPF
IRELAND – Ireland's National Pensions Reserve Fund (NPRF) has seen its original purpose of supporting future retirees change in light of the ongoing crisis, Jerry Moriarty of the Irish Association of Pension Funds (IAPF) has said.
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NewsSwitzerland sets February deadline for comment on pension reform
SWITZERLAND – The Swiss public will have until 28 February 2011 to comment on a bill aiming to overhaul supervision of the second pillar.
