Latest on Regulation & Reform – Page 355
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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.
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UK Pensions Regulator issues FSD against Nortel for £2.1bn deficit
UK – The UK Pensions Regulator (TPR) has confirmed it has issued a Financial Support Direction (FSD) against 25 companies in the Nortel Group in Canada, the US, the UK and Europe, requiring them to provide support to the UK pension scheme to cover a £2.1bn (€2.5bn) deficit.
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NewsEuropean Parliament backs EIOPA and pension stability fund
EUROPE – Members of the European Parliament (MEPs) have backed plans to establish three new European Supervisory Authorities for financial services.
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NewsEC Green Paper on pensions draws mixed reactions from industry
EUROPE – The European Commission has called for public consultation on how the EU can best support national efforts to ensure an "adequate, sustainable and safe" pension system.
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NewsEC sanctions state aid for UK's NEST
EUROPE – The European Commission (EC) has approved the establishment of the National Employment Savings Trust (NEST) in the UK under State Aid rules on the basis that it would not receive "overcompensation".
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NewsEFRP launches consultation website to coincide with pensions green paper
EUROPE – The European Federation for Retirement Provision (EFRP) will tomorrow launch a website allowing anyone to give feedback on the European Union (EU) green paper on pensions [amended].
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NewsDifferent ring-fencing rules could hinder cross-border pensions
EUROPE – The safeguards expected from ring-fencing pension assets may not work as expected in certain situations or countries, raising potential risks for cross-border pension provision, CEIOPS has warned.
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NewsDutch parliament gives green light on cross-border DC schemes
NETHERLANDS – The Dutch parliament has endorsed a new pension vehicle that would be able to carry out cross-border defined contribution (DC) arrangements.
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NewsGerman occupational schemes using consultants for divorcee rights
GERMANY – The majority of occupational pension schemes (bAVs) in Germany employ external consultants to help calculate pension rights for divorcing couples, Towers Watson has reported.
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NewsDutch minister rejects calls for DB cost-transparency rules
NETHERLANDS – Dutch social affairs minister Piet Hein Donner has resisted calls to issue additional rules to increase the cost transparency of defined benefit (DB) schemes offered by insurers and pension funds.
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NewsDutch parliament rebukes central bank head over DSB failure
NETHERLANDS – Nout Wellink, president of the Dutch central bank (DNB), has drawn harsh criticism from parliament after he yielded to pressure to apologise for his agency's role in supervising the failed DSB Bank.
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NewsNordic roundup: Finanstilsynet, KPA, ITP, AP3
EUROPE – Norway's regulator, Finanstilsynet, has lifted a ban on hedge fund sales and marketing to institutional investors in the country.
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NewsUK roundup: TPR, PADA-NEST
UK – The Pensions Regulator (TPR) has issued guidance on multi-employer scheme support, while the Personal Accounts Delivery Authority (PADA) has claimed it remains on track to deliver the National Employment Savings Trust (NEST) "on time and at low cost" ahead of the transition to the NEST Corporation next week.
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NewsUK Financial Reporting Council unveils Stewardship Code
The Financial Reporting Council (FRC) today published its long-expected Stewardship Code, aimed at improving communication between shareholders and companies.
