Latest on Regulation & Reform – Page 355
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ICGN pressures White House on 'proxy access' and majority voting
GLOBAL – The White House is being pressured not to implement a 5% ownership threshold and a two-year holding period for investors to nominate board directors on corporate proxies.
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UK's NAPF calls for sharp reduction in tax-free contribution levels
UK – The National Association of Pension Funds (NAPF) has called for radical reductions to the amount UK workers can pay in tax-free pension contributions.
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NewsEC, ECB and IMF endorse proposed revamp of Greek pension system
GREECE – The European Commission, the European Central Bank and the International Monetary Fund have thrown their weight behind the Greek government's proposed reform of its pensions system.
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NewsACA says public-sector pensions review 'not enough'
UK – The Association of Consulting Actuaries (ACA) has called for the UK government's proposed review of public sector pensions to have a wider remit.
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Dutch cabinet may tinker with pension fund 'parameters', says Donner
NETHERLANDS – The outgoing Dutch cabinet is thinking to increase the equity yields pension funds are allowed to factor in for expected returns, according to social affairs minister Piet Hein Donner.
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Listed companies still 'major part' of Austrian pension system, says Arithmetica
AUSTRIA – The unfunded pension reserves of Austrian listed companies weathered the financial crisis well and will remain a major part of the country's pension system, according to Christoph Krischanitz, chief executive of Austrian consultancy Arithmetica.
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France to increase retirement age to 62 in bid to tackle deficit
FRANCE – France's statutory retirement age is set to increase to 62, according to government plans unveiled today.
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UK Pension Regulator consults on web-based employer covenant guidance
UK – New guidance for trustees on monitoring employer support for the pension scheme has been devised as a web-based product and replaces the separate contingent assets guidance from the Pension Regulator (TPR).
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Government should focus on current pension costs, says Towers Watson
UK – The government should be focusing on how much pension promises being made today are worth rather than the increasing cost of past pension promises, Towers Watson has warned.
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Slovenia government waters down second-pillar reform
SLOVENIA – Second-pillar funds in Slovenia will not have to shift from insurance funds to mutual funds under a new pension reform proposal, the government has said.
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EC consults on derivatives and naked shorting rules
EUROPE – The European Commission is asking interest groups for fast input on various points as it draws up its own proposals to regulate derivatives and naked shorting.
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DC is preferred vehicle for UK auto-enrolment, says PwC
UK – Most employers expect to use defined contribution (DC) schemes to comply with auto-enrolment legislation from 2012, as more than one in 10 intend to reduce or close their existing defined benefit (DB) schemes, a study from PricewaterhouseCoopers (PwC) has claimed.
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IMF warns Slovenia pension reform is critical to fiscal stability
SLOVENIA – The International Monetary Fund (IMF) has warned Slovenia comprehensive pension reforms in the country are “critical” to ensuring long-term fiscal sustainability.
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UK think tank calls for auto-enrolment into ISAs
UK – Pensions and individual Savings Accounts (ISAs) should be brought closer together through tax harmonisation and auto-enrolment into ISAs in an effort to boost long-term savings in the UK, a report from the Centre for Policy Studies has argued.
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Fischer drops hints on EC pension reform green paper
EUROPE – Further hints of the contents of the European Commission's forthcoming green paper on EU pension legislation were aired at a conference in Brussels yesterday.
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Asset managers to focus on building trust, increasing transparency
GLOBAL – A large majority of asset managers worldwide consider clients' trust and transparency as the biggest challenges during the coming years, according to consultant KPMG.
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BP oil spill triggers call for tighter UK ESG pension rules
UK – The government is being urged to tighten regulations requiring pension schemes to disclose what environmental, social and governance (ESG) issues are taken into account in their investment policy following the impact of the Gulf of Mexico oil spill on the BP share price and its consequences for pension ...
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EU Council calls for better co-ordination on pensions
EUROPE – The European Council has stressed the need for urgent action to enhance the long-term sustainability of pensions across Europe, following the publication of an interim joint report on pensions.
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UK RDR changes may deter pension saving
UK – Changes to UK regulation forcing employees to pay for advice and management costs upfront rather than by commission could lead them to opt-out of pension saving once auto-enrolment is introduced, Creative Benefit Solutions has warned.
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Cuts to UK pension tax relief may cost industry £2.5bn, says Standard Life
UK – Proposals to phase out the higher rate of pensions tax relief could cost employers, pension schemes and providers £1.05bn (€1.27bn), while the cost to employees could be a further £1.38bn, Standard Life has claimed.
