Latest on Regulation & Reform – Page 352
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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.
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NewsLobbying bodies urge Dutch Parliament to resist wholesale rights cuts
NETHERLANDS – Pension fund organisations VB, OPF and UvB have urged the Dutch Parliament to resist a wholesale cut of pension rights based solely on the applied method for calculating pension funds' coverage in the wake of historically low interest rates.
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NewsLast five funds on Dutch list remain tight-lipped
NETHERLANDS – Five of the 14 Dutch pension funds facing rights cuts still have not made themselves known despite calls from regulator De Nederlandsche Bank (DNB), the Authority Financial Markets (AFM) and the pension schemes' lobbying organisation VB.
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NewsNorway Global excludes companies for breaching Geneva Convention
EUROPE – The NOK2.8trn (€352bn) Government Pension Fund Global (GPFG) is planning to exclude two Israeli companies and one Malaysian company, worth a combined NOK15m, from its investment universe.
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NewsMercer warns pension tax-relief proposals could accelerate demise of DB
UK – Mercer has warned that current proposals for pension tax relief could accelerate the demise of defined benefit (DB) schemes in the UK.
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NewsNAPF calls for six-month grace period for auto-enrolment
UK – The National Association of Pension Funds (NAPF) has called on the UK government to introduce a waiting period for auto-enrolment as to not damage already existing employer pension schemes.
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NewsDutch Parliament calls emergency meeting as pension storm rages
NETHERLANDS – The Dutch Parliament is set to discuss the possibility of rights cuts at 14 pension funds with social affairs minister Piet Hein Donner during an emergency debate on Tuesday.
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NewsMetal scheme PME facing rights cut
NETHERLANDS – The €22bn metal scheme PME is among the 14 pension funds likely to cut their pension rights and benefits following an announcement by Dutch social affairs minister Piet Hein Donner.
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Supervisors' criticism leads chairman of Dutch notaries scheme to resign
NETHERLANDS – The chairman of the occupational pension fund for Dutch notaries (SNPF) has stepped down, following serious criticism from both internal supervisors and the accountability body on how the executive board is run.
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NewsDutch schemes to consider alternative measures before cuts
NETHERLANDS – A number of Dutch pension schemes with very low coverage ratios have said they will consider alternative options before cutting pension rights and benefits.
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NewsAIMA: AIFM directive could damage German Spezialfonds
EUROPE – Andrew Baker, chief executive of the Alternative Investment Management Association (AIMA), has warned that the European Union's Alternative Investment Fund Manager (AIFM) directive risks damaging hedge funds and German Spezialfonds if not carefully drafted.
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NewsDonner calls on 14 Dutch schemes to cut benefits by 2011
NETHERLANDS – Fourteen Dutch pension funds must start cutting pension rights and benefits on 1 January 2011, as their shortfalls have grown too large, social affairs minister Piet Hein Donner has decided.
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NewsEuropean Commission 'analysing' EU members' proposal on pension debt
EUROPE – Nine countries have sent a letter to the European Commission asking for changes to how private pension debt is included in the calculations of a country's debt levels.
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NewsDanish pension funds in talks over €670m VC fund
DENMARK – Key players in Denmark's pensions industry have begun talks with the government to set up a DKK5bn (€670m) venture capital fund.
