Latest on Regulation & Reform – Page 354
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Philips scheme reclaims millions from property fraud
NETHERLANDS - The €14.3bn Philips pension fund will receive millions of euros in settlements with suspects in the large-scale property fraud.
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German pension liabilities set to surge as BilMoG takes effect
GERMANY - German pension liabilities are set to increase by up to 30% by the end of the year as new accounting regulations take effect.
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PMI and JLT join forces on UK pension governance
UK - JLT Benefit Solutions (JLT) has teamed up with the Pensions Management Institute for a joint research initiative investigating the relationship between pension scheme administration and effective scheme governance.
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Marine pilots ruling clarifies funding for multi-employer schemes
UK – A legal ruling clarifying the powers of trustees to recover deficits in a multi-employer pension scheme confirms that trustees can require employers to make greater contributions. It also outlines when an employer triggers a section 75 debt on leaving the scheme.
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Complementa not under suspicion, public prosecutor confirms
SWITZERLAND – In the ongoing scandal over alleged corruption at the Canton of Zurich pension fund (BVK), the fund’s investment controller Complementa has now received confirmation from the public prosecutor that it is not under suspicion.
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Netherlands sees first multi-opf
NETHERLANDS - The first so-called ‘multi-opf’ will soon become a reality in the Netherlands through a merger between the two corporate schemes of SCA.
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AIFM Directive postponed until September
EUROPE – Jean-Paul Gauzès MEP, the rapporteur for the Alternative Investment Fund Managers (AIFM) directive, has confirmed the European Parliament has postponed the adoption of the new rules on alternative investments such as hedge funds and private equity until September.
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CBI predicts one-off profit spike for UK asset managers
UK – Asset managers are likely to see their profits grow this quarter, but it will be a one-off spike, the Confederation of British Industry (CBI) has warned.
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Romanian court rejects pension reforms, as Greece ratifies theirs
The Romanian Constitutional Court this afternoon rejected planned reforms of the pension system as unconstitutional in a move that could endanger a €2bn bailout by the International Monetary Fund (IMF).
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NewsDutch pension trade bodies submit proposals for 'new' FTK
NETHERLANDS – Pension fund trade bodies have called on the next Dutch government to make the pension fund system financially sound, with "no concealed shift of current losses to the future".
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NewsLeaked EC paper on national pensions calls for 'urgent' reform
EUROPE – A version of the European Commission's forthcoming policy paper on national pension schemes, which calls for "necessary and urgent" reform, was leaked earlier this week.
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NewsPublic consultation launched into changes to UK state pension
UK – A public consultation into "radical" changes to Britain's retirement system was today launched by the Department for Work & Pensions.
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NewsISLA urges EC to harmonise short-selling regulation
EUROPE – The International Securities Lending Association (ISLA) has called on the European Commission to adopt "consistent and proportionate" regulation for short selling.
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NewsUK to cut gilt sales by £20bn; PwC warns on asset management industry
UK – Planned UK gilt sales in 2010-11 are being reduced by £20.2bn (€24.6bn) to £165bn as a consequence of new forecasts for public finances published in the Budget.
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NewsPensions Board laments massive deficits for Irish DB schemes
IRELAND – Three-quarters of Irish defined benefit (DB) schemes were still in deficit at the end of last year, according to The Pensions Board's 2009 Annual Report.
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NewsHessen chemical companies divert 'demography' funds into pensions
GERMANY – Chemical companies in the German province of Hessen are increasingly spending money from so-called 'demography funds' on occupational retirement provision, a poll has revealed.
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NewsUK Pensions Regulator tenders offers for administration, governance
UK – The UK Pensions Regulator (TPR) is searching for advisers on administration and pension scheme governance.
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NewsUK Budget notes 'huge' public-sector pension liabilities
UK – The first Budget of the UK coalition government – expected to unveil the deepest spending cuts for decades – has produced few surprises for the pensions industry.
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NewsItalian asset managers struggling with new rules, survey says
ITALY – Asset managers in Italy may be hard pressed to comply with new governance rules taking effect at the end of this month, according to a survey from RBC Dexia.
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Hutton appointed chairman of UK pensions commission
UK – John Hutton, a secretary of state for work and pensions in the previous Labour government, has been appointed chairman of the UK's Independent Public Service Pensions Commission.
