Latest on Regulation & Reform – Page 343
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News
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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News
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.
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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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News
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.
