Latest on Regulation & Reform – Page 349
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NewsOECD says IAS19 changes should highlight long-term nature of DB plans
GLOBAL – The OECD has called for the International Accounting Standards Board’s (IASB) proposed changes to IAS19 to highlight the long-term nature of DB pension promises when recognising the actuarial losses of pension plans.
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NewsDutch pensions policy is 'panic football', says former minister
NETHERLANDS – Dutch pension funds are struggling with dangerously low coverage ratios and some 14 funds must cut pension benefits for members earlier than expected at the behest of the out-going minister for social affairs. Yet Willem Vermeend, social affairs minister from 2000-02, believes this is "panic football".
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NewsGerman occupational pensions still financial burden for SMEs – Kienbaum
GERMANY – Only 50% of German SMEs offer occupational pensions to directors, research by Kienbaum consultancy has found, and they do not anticipate this to change soon.
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UK roundup: Philips, 5% investment caps [updated]
UK – Philips today announced the sale of its stake in chipmaker NXP to its UK pension fund as part of a funding proposal agreed with the the UK scheme trustees.
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NewsUS, European pension groups join forces on IAS 19 feedback
EUROPE – Four pension associations in the US and Europe have confirmed they will respond jointly to the London-based International Accounting Standard Board's proposals for accounting rules for pensions under IAS19.
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NewsABP calls on Dutch government to ditch mandatory discount rate
NETHERLANDS – The €218bn Dutch public servant fund ABP has warned that continued use of the mandatory discount rate for pension liabilities may hamper recovery of its funding ratio, possibly leading to benefit cuts.
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NewsEU reaches agreement on Systemic Risk Council
EUROPE – The European Union has reached an agreement on reforms in the financial sector with the creation of a European Systemic Risk Council and three new supervisors covering banking, insurance and securities markets.
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NewsUK roundup: Paternoster, Chaucer, London Pension Fund Authority, BBC
UK – Mark Wood, the insurance industry heavyweight who established buyout company Paternoster, has joined the board of Lloyd's insurer Chaucer.
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NewsEFRP proposes EU Stewardship Code on corporate governance
EUROPE – The European Federation for Retirement Provision (EFRP) has proposed an EU Stewardship Code on corporate governance acceptable to all member states, which could follow in the footsteps of the UK Stewardship Code.
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NewsUK roundup: Alliance Boots, Royal Statistics Society, NAPF, Hewitt
UK – Alliance Boots will transfer all accrued pension benefits for one of its defined benefit (DB) schemes to the Pension Insurance Corporation (PIC).
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NewsEuropean Council set to tackle member states' letter of protest
EUROPE – The European Council is expected to tackle the potentially contentious mid-summer letter of protest by nine EU member states against accounting practices for pension liabilities on 7 September.
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NewsUK roundup: ACA, NEST, KPMG
UK – More than 40% of employers are considering levelling-down their pensions because they are concerned about the costs of auto-enrolment, the Association of Consulting Actuaries (ACA) has said.
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NewsChamber of Pension Funds says Polish transfer 'off the table'
POLAND – The proposal to take funds from Poland's mandatory second pillar and transfer them into the state pension "will not be realised" following talks between prime minister Donald Tusk and representatives of the country's pension funds, Dariusz Stanko, advisor to the president of the Polish Chamber of Pension Funds ...
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NewsDanish contributions fall for first time in more than decade
DENMARK – The total amount Danes contribute to pension schemes will drop by 5.5% this year, marking the first annual decrease in more than 12 years, according to a forecast from the Danish Insurance Association (F&P).
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NewsHelvoet scheme on cuts list despite being ahead of recovery plan
NETHERLANDS – Dutch social affairs minister Piet Hein Donner expects the €51m pension fund of rubber components manufacturer Helvoet to bring forward additional measures against a financial shortfall, despite its being more than 4 percentage points ahead of its recovery plan.
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NewsPolish PM attacks pension funds on fees, performance
POLAND – Donald Tusk, Poland's prime minister, has demanded that second-pillar pension funds in his country cut costs and ensure higher pension benefits.
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NewsDonner rejects changing interest criterion for Dutch pension funds
NETHERLANDS – Dutch social affairs minister Piet Hein Donner has rejected the possibility of changing the mark-to-market approach to calculating pension funds' liabilities.
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NewsUK Pension Protection Fund sets 2030 self-sufficiency target
UK – The UK Pension Protection Fund (PPF) is aiming to be "financially self-sufficient" by 2030, according to its long-term funding strategy.
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NewsUK roundup: Norfolk global equity tender, GAD on contracting-out
UK – The £1.5bn (€1.6bn) Norfolk Pension Fund is tendering for investment managers for several global equity mandates worth up to £400m each.
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NewsDonner to review pensioners' input into directly insured plans
NETHERLANDS – Dutch social affairs minister Piet Hein Donner is looking to increase pensioners' input into directly insured pension arrangements as part of a wider governance review.
