Latest on Regulation & Reform – Page 348
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News'Burdensome' PSV levy drives IBM Germany to set up Pensionsfond
GERMANY – IBM Germany is planning to set up a Pensionsfond to evade high pension solvency levies.
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NewsDutch regulator butts heads with Donner over insurers' credit risk
NETHERLANDS – Pension supervisor De Nederlandsche Bank (DNB) has contradicted social affairs minister Piet Hein Donner about the potential effect of credit risk posed by insurers to reinsured pension funds.
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NewsMost UK occupational schemes unsure if they will comply with auto-enrolment
UK – More than four of five UK companies have yet to check if their pension schemes qualify for auto-enrolment, according to figures released by Mercer.
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NewsIBEC calls on Irish government to revise 'draconian' funding rules
IRELAND – Business group IBEC has called on the Irish government to review "draconian" rules on minimum funding for defined benefit (DB) pension schemes.
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NewsBrussels: Lawmakers nearing final accord on AIFM directive?
EUROPE – Progress on the Alternative Investment Fund Management (AIFM) directive, the contentious package of legislation set to regulate hedge funds, private equity and commodity funds, could at last be entering the home straight, if agreement can be reached later today.
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NewsNAPF urges suspension of laws that could see trustees jailed
UK – Joanne Segars, chief executive of the National Association of Pension Funds (NAPF), has expressed concern at regulations that could see pension fund trustees jailed for up to two years, urging the government to suspend the new rules until all issues are addressed.
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NewsUK roundup: British Airways, USS, Stewardship Code, Mercer, Scottish Widows
UK – British Airways (BA) and Iberia have moved one step closer to a merger, after the Spanish airline's board of directors said it was satisfied with the recovery plan worked out between BA and its pension fund trustees.
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NewsEFAMA urges separate panel devoted to asset management for new EU supervisor
EUROPE – The director general of the European Fund and Asset Management Association (EFAMA) has called for the creation of a consultative panel for asset management matters, as part of a pan-European supervisory body recently agreed by the European Parliament.
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NewsGerman companies keeping workers in dark on pension schemes
GERMANY – The number of occupational pension schemes would be much higher in Germany if employees were better informed, according to a survey by the Institute for Management and Economic Research (IMWF).
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NewsBrussels blog: Corralling exposure to OTC risk
EUROPE – Steps to tame financial markets have been announced by the European Commission, which has introduced a consolidated position for the EU comprising new regulations to cover markets in derivatives.
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NewsDonner calls on IASB to accommodate Dutch pension arrangements
NETHERLANDS – Dutch social affairs minister Piet Hein Donner has asked that the International Accounting Standards Board's new accounting rules for listed companies take into account pension arrangements under which liabilities are not fully carried by the employer, but by an independent pension fund.
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NewsAIMA calls for 'proportionate' stance on hedge fund remuneration
GLOBAL – The Alternative Investment Management Association (AIMA) is set to meet with the UK Financial Services Authority (FSA) later this month to discuss remuneration for hedge funds.
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NewsNorthern Cyprus aims to increase retirement age from 50 to 60
CYPRUS – The Turkish Republic of Northern Cyprus is preparing for a pension reform over the coming months.
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NewsUK roundup: The Pensions Regulator, BBC, CBI, NEST
UK – The Pensions Regulator has cut the salary and working hours for its yet-to-be appointed chairman in response to the coalition government's call for public bodies to show pay restraint.
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NewsUK roundup: BBC, TUC
UK – The BBC is expected to water down plans to close its final salary pension scheme and put forward new proposals to plug the scheme's £2bn pension deficit.
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NewsSwiss canton of Solothurn goes solo on supervision
SWITZERLAND – The Canton of Solothurn in the northwest of Switzerland has decided to keep its own Pensionskassen supervisor, thereby rejecting government recommendations to join forces with other cantons.
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NewsPension chiefs gloomy on future of Nordic region's welfare model
EUROPE – Senior chiefs from some of Scandinavia's biggest pension funds painted a gloomy picture of the future of the Nordic social welfare model at a recent Nordic Chambers of Commerce event in London.
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NewsSwedish roundup: Collectum, Statistics Sweden, Morningstar, Finansinspektionen, Folksam
SWEDEN – One-third of Swedes under the age of 30 believe they will have to work beyond the national retirement age of 65, according to a survey by Statistics Sweden commissioned by Collectum, the supplementary occupational pension administrator.
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NewsAccountants blast FTSE companies' 'secrecy' on pension risk
UK – The Institute of Chartered Accountants of Scotland (ICAS) has called for the "shroud of secrecy" surrounding pension fund risk to be lifted by FTSE100 companies.
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NewsNAPF, TUC question transparency of UK board room pensions
UK – Directors of the UK's top companies have amassed pension pots worth on average £3.8m (€3m), 26 times the average occupational pension of £8,736, according to the Trades Union Congress (TUC).
