Latest on Regulation & Reform – Page 347
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NewsUK roundup: NAPF, PwC on state pension reform, Aon Hewitt on tax relief
UK – The government has confirmed plans for a reform of the state pension system, with expectations of a flat-rate pension for all by 2015.
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NewsFrench pension reforms clear senate, closing in on final approval
FRANCE – Reforms that will see France’s state pension age increase from 60 to 62 have passed one of the final hurdles, having been approved by the country's upper house.
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NewsDutch Labour Foundation calls for extension of premium cushioning
NETHERLANDS – The Dutch Labour Foundation (STAR) has called on Henk Kamp, the new social affairs minister, to continue to allow pension funds to cushion their contributions.
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NewsUK government must cover bulk of BT scheme deficit, court rules
UK – The UK government must cover the BT pension scheme's £7.6bn (€8.4bn) funding shortfall, the Royal Court of Justice has ruled.
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NewsBulgaria takes steps to pull funds from professional pension schemes
BULGARIA – The Bulgarian council of ministers has decided to stop contributions to professional pension funds from next year and eventually withdraw all accrued assets from the funds.
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NewsPension savers may shun NEST due to high cost of debt repayment, consultancies say
UK – Towers Watson has warned that the level of debt repayment the recently confirmed National Employment Savings Trust (NEST) is facing could dissuade savers from using the platform.
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NewsHungary takes first steps toward dismantling private pension system
HUNGARY – The Hungarian government has embarked on a communications offensive to encourage the country's funded pension scheme members to opt back into the pay-as-you-go state pension pillar.
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NewsUK increases pension age ahead of schedule, confirms NEST
UK – The government today announced its intention to go ahead with the foundation of the National Employment Savings Trust (NEST), as well as plans to increase the retirement age to 66 ahead of schedule.
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NewsFinance ministers approve AIFM directive
EUROPE – European finance ministers have cleared the latest version of the Alternative Investment Fund Managers (AIFM) directive, sending it off for an expected rubber stamp by the European Parliament at its plenary session in early November.
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NewsGerman province to discontinue MP fund
GERMANY – The German province of Saxony is thinking to discontinue a pension fund set up for regional MPs due to its inefficiency.
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NewsDutch think tank Netspar outlines research themes
NETHERLANDS – Netspar, the academic network on pensions, retirement and population ageing, has chosen rising longevity, retirement decisions and developing skills of older workers as main research themes for the next three years.
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NewsIOSCO forms task force on OTC derivatives regulation
EUROPE – The Technical Committee of the International Organisation of Securities Commissions (IOSCO) has formed a task force on over-the-counter (OTC) derivatives regulation.
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NewsHungary suspends payments into second pillar in 'hidden nationalisation'
HUNGARY – Hungary has suspended payments into its second-pillar private pension system in an effort to combat its budget shortfall.
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NewsReturn for Swiss pension fund index fails to meet required minimum
SWITZERLAND – The Credit Suisse Pensionskassenindex increased by nearly 2.5 points, or just over 2%, in the third quarter, yet the return failed to meet the legally required minimum rate, according to Credit Suisse.
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FeaturesPortugal: The private sector problem
Reforms to public sector pensions have not been matched by measures to encourage private saving, writes Jim Robinson
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FeaturesSpain: Ill-prepared for austerity
Bloated and unsustainable public provision has stifled private pensions while political wrangling and the pressure for austerity is hampering reform efforts, writes Jim Robinson
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Editor's choice: Social security reform spicing up mid-term elections in US
US – The campaign for the November mid-term Congressional elections is heating up in the US, and one topic raising temperatures is social security reform.
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NewsFrench U-turn brings 'passport' for non-EU AIFMs closer to reality
EUROPE – French authorities' decision not to oppose draft legislation giving alternative investment funds from outside the EU pan-EU marketing rights has brought the 'passport' regime closer to reality, according to Ben Blackett-Ord, chief executive of asset management consultancy firm Bovill.
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NewsEstonia lines up stricter investment rules for pension funds
ESTONIA – Investment regulations for Estonia's second pillar are set to be revised following a post-crisis analysis by the country's finance ministry.
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NewsPPF levy open to abuse, could work against schemes, says Aon Hewitt
UK – Aon Hewitt has warned that proposed changes to the Pension Protection Fund (PPF) levy could end up working against pension funds.
