Latest on Regulation & Reform – Page 342
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NewsCross-border pension fund launches stagnated in 2010, says CEIOPS
EUROPE – New figures released by the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) show that the number of cross-border IORPs stagnated in 2010, with a net gain of only two new launches.
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NewsLoophole could exclude thousands of members UK PPF, says Hammonds
UK – A legal loophole that saw a pension scheme recently refused admission to the UK's Pension Protection Fund (PPF) must be addressed, or thousands of scheme members could be affected, law firm Hammonds has warned.
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NewsDutch cross-border IORP could launch 15 new schemes in a year
NETHERLANDS – As many as 15 new defined contribution (DC) schemes could open by the end of next year following the introduction of the cross-border Premium Pension Institution (PPI) in the Netherlands, Mercer has predicted.
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NewsOECD calls on Spain to reform pension system, increase retirement age
SPAIN – Spain has been urged by the Organisation for Economic Co-operation and Development (OECD) to reform its pension system and increase retirement age in an effort to combat a deficit of over 9%.
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NewsLPFA chief executive Taylor urges creation of new UK regulator, mergers of schemes
UK – The £3.8bn (€4.5bn) London Pensions Fund Authority (LPFA) has called for the creation of a new regulatory body to oversee the funding ratios of all local government pension schemes (LGPS).
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NewsQuarter of UK businesses unprepared for auto-enrolment, says Aon Hewitt
UK – Nearly a quarter of UK businesses have not yet considered the implications of auto-enrolment on their schemes, according to new research from Aon Hewitt.
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NewsUkraine bows to pressure from IMF to reform pension system
UKRAINE – President Viktor Yanukovych has promised to overhaul the Ukraine's pension system in a speech in Riga, following pressure from the IMF and the World bank for him to undertake urgent pension reform.
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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.
