Latest on Regulation & Reform – Page 351
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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).
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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 ...
