Latest on Regulation & Reform – Page 352
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NewsGerman dentist fund goes into indirect real estate, mulls private equity
GERMANY – The €2.1bn pension fund for the dentists of the west-German region of Westfalen-Lippe is pulling out of direct real estate and looking to diversify its alternative investments.
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NewsECJ ruling forces German local authorities to tender pension services
GERMANY – The European Court of Justice (ECJ) has ruled that large German local authorities must tender occupational pension services – and Denmark fears it might be next.
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NewsExpert commission pressures Czech government on second pillar
CZECH REPUBLIC – The chief demand of a final report drafted by an expert commission on the Czech pension system has been the introduction of a mandatory second pillar.
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NewsUK Pensions Regulator rejects Uniq funding proposal
UK – The UK Pensions Regulator (TPR) has rejected a funding proposal put forward by food group Uniq to solve its £436m pension deficit.
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NewsEC's take on derivatives could hurt retirement benefits, says EFRP
EUROPE – The European Commission's proposals on derivatives could increase costs and risk for pension funds and lead to lower retirement benefits for plan members, the European Federation for Retirement Provision (EFRP) has warned.
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NewsHewitt blasts 'presumption of guilt' in TPR statement on transfers
UK – Hewitt Associates has struck back at the UK Pensions Regulator (TPR), saying the watchdog's recently published guidance on incentivised transfers was permeated by the "presumption of guilt".
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NewsLinking UK pensions to CPI could create investment 'mismatch'
UK – Linking private sector pensions to the consumer price index (CPI), rather than the retail price index (RPI), could cause a "mismatch" of investments versus liabilities, Nigel Peaple of the National Association of Pension Funds (NAPF) has cautioned.
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NewsNestlé PK chief criticises German stress tests, plans EM diversification
GERMANY – Short-term regulatory demands are leading pension funds into damaging cyclical behaviour, according to Peter Hadasch, head of the €780.6m corporate Pensionskasse for Nestlé Germany.
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NewsUK may not issue CPI-linkers for 18 months: Redington
UK – It may take the UK's Debt Management Office (DMO) up to 18 months to issue consumer price index (CPI) linked bonds that comply with recently announced CPI-linking of pensions, Robert Gardner of investment consultancy Redington has warned.
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NewsWebb: UK government aiming to start auto-enrolment as planned
UK – UK pensions minister Steve Webb has reaffirmed the government's commitment to the National Employment Savings Trust (NEST) and said the current review of the system would not cause delays to its launch.
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NewsUK watchdog offers guidance on pension transfers
UK – The UK Pensions Regulator (TPR) has moved to clarify the roles of employers and trustees regarding transfer incentives.
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NewsSwitzerland to commission survey on second-pillar costs
SWITZERLAND – Lowering administrative costs in the second pillar will be the primary aim of a Swiss government initiative that will start by commissioning a survey on the subject.
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BT trustees seek clarity on 'crown guarantee' in court case
UK – BT’s pension trustees will launch a court action this week to determine the extent of the company’s ‘crown guarantee’.
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NewsDAX30 companies amass €2bn pension reserves for former directors
GERMANY – Former directors cost DAX30 companies an average of €7m in pension reserve payments annually, figures from the Hans-Böckler-Stiftung have shown.
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NewsGreen Paper's solvency suggestion would be 'unfair' on pension schemes
EUROPE – Companies would never have started pension schemes had they known they might be subject to solvency guidelines, according to Danny Wilding, partner at Barnett Waddingham.
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NewsGerman regulator calls for regular stress tests for investment companies
GERMANY – German regulator BaFin has unveiled new guidelines for German investment companies (KAGs) that will force them to conduct regular stress tests.
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Solvency rules for pension funds could lead to 'dead money', expert warns
EUROPE – Forcing a solvency regime on pension funds could result in “dead money” for companies without benefiting scheme members, a leading member of Punter Southall has warned.
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NewsGreek parliament narrowly passes pensions reform bill
GREECE – The Greek parliament has passed reforms to the country's ailing social security system, sparking protests led by the country's two largest labour unions.
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NewsBoard calls for insolvency levy changes to Germany's PSV
GERMANY – The German pension insolvency fund, Pensionssicherungsverein (PSV), is thinking to adopt a more risk-based levy and increase reserves, according to Dieter Hundt, chairman of the supervisory board.
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NewsUK roundup: PPF, NILGOSC, Tesco, Finance Bill 2010
UK – The Pension Protection Fund (PPF) is seeking a number of alternative credit managers to take part in a framework agreement for the fund, while the Northern Ireland Local Government Officers Superannuation Committee (NILGOSC) is tendering for an investment adviser.
