Latest on Regulation & Reform – Page 344
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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.
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NewsEPRA urges property company exemption from derivatives regulations
EUROPE – The European Public Real Estate Association (EPRA) has urged the EU to prevent property companies from getting caught up in derivatives regulations designed to combat speculators.
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NewsEstonia passes pension fund law
ESTONIA – The Estonian government has approved a bill aiming to increase transparency in the second pillar and adding a number of new investment rules.
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NewsNEST to levy lower-than-expected contribution charge, AMC of 0.3%
UK – The National Employment Savings Trust has announced its fees structure, levying a 1.8% contribution charge in addition to an annual management charge (AMC) of 0.3%.
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NewsIreland seeks to use Reserve Fund to buy government bonds
IRELAND – Ireland is planning introduce legislation that would allow it to use the €24.5bn National Pensions Reserve Fund (NPRF) to buy Irish government bonds next year.
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NewsSwiss city to plug pension hole by New Year
SWITZERLAND – The regional government of the Swiss city of Basel has committed to plugging the hole in its pension scheme by the end of this year.
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NewsPensionable pay should be capped at £75,000, says PPI
UK – Pensionable pay for public sector workers should be capped at £75,000 a year, the Pensions Policy Institute (PPI) has argued in its latest paper.
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NewsAverage retirement age stays level in Netherlands
NETHERLANDS – The average retirement age of Dutch workers in 2008 of 62 years has not increased compared with the previous year, Statistics Netherlands (CBS) has found.
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NewsEuropean Commission must prioritise workplace pensions, says EFRP
EUROPE – The creation of more workplace pensions must be the top priority of the Brussels institutions, according to the European Federation for Retirement Provision (EFRP).
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NewsSocial partners must be more involved in pension reform, says AEIP
EUROPE – Europe must allow for greater involvement of social partners in pension reforms and let funded, second-pillar pension systems that are extensions of the state welfare system stand separate from new regulations, the director of the European Association of Paritarian Institutions (AEIP) has warned.
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NewsSwiss pensions authority should focus on solvency, communication, academics say
SWITZERLAND – The new Swiss supervisory authority and its regional subsidiaries will have to focus on solvency questions and ensure good communication among all market players, according to researchers at the University of St. Gallen.
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NewsDenmark's Lærernes Pension allays concerns over Solvency II
DENMARK – Seeking to calm fears after one Danish pension fund dropped pledges on returns, Lærernes Pension, the Danish Teachers' Pension Fund, said it would not run away from its guarantees.
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NewsWiden scope of IORP to all occupational schemes, Dutch lobbying bodies say
NETHERLANDS – The scope of the EU IORP Directive should be broadened to all types of occupational pension funds, such as defined benefit (DB), defined contribution (DC) and pay-as-you-go schemes, the Dutch pension sector has argued.
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NewsBT threatens to sue Ofcom over pensions contributions
UK – BT has warned it could sue the UK telecommunications regulator Ofcom if it refuses to allow it to use a rise in wholesale fees levied on rivals to help repair its pension deficit.
