Latest on Regulation & Reform – Page 356
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Hungary may yet raid private pension schemes, industry experts warn
HUNGARY – Hungary's new government may yet return to recently shelved plans to raid the country's private pension schemes to help finance public debt, according to industry figures.
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European Commission calls on Italy to raise retirement age for women
ITALY – The European Commission (EC) has urged the Italian government to increase the minimum retirement age for women in a bid to speed up the reform of the country’s retirement laws.
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Trustees need to prepare covenant arrangements, says UK Pensions Regulator
UK – Trustees should prepare plans to access employer support to the scheme, such as contingent assets, ahead of time, instead of waiting to ask for extra security when it would weaken the sponsoring employer, The Pensions Regulator (TPR) has said.
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Handful of Pensionskassen failed 2009 stress test, BaFin says
GERMANY – Only six Pensionskassen failed their stress tests for the year to the end of 2009, according to BaFin, the German supervisory authority.
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Pension fund investors must protect against BP-style financial risk, says lobby group
UK – Doubt as to whether BP will pay out the next quarterly dividend have underlined the need for pension funds to protect against future financial risk, according to FairPensions, a group lobbying for UK pension funds and managers to adopt responsible investment practices.
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Dutch social partners agree on retirement at 66
NETHERLANDS – The Dutch social partners have agreed on a flexible retirement age for second-pillar pensions and the state pension AOW by linking them to life expectancy.
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German public auditor calls for risk-free pension fund investment
GERMANY – The public auditing board of the German province of Saxony-Anhalt has criticised the finance ministry for taking "unnecessary risks", such as investing pension fund assets in equities.
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Dutch DC providers still fail on cost transparency – AFM
NETHERLANDS – Insurers still do not provide sufficient clarity about the costs they charge on defined contribution (DC) arrangements, causing overly high retirement expectations among members, according to the Netherlands Authority for the Financial Markets (AFM).
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Recession delays retirement for one in four Irish workers
IRELAND – A quarter of Irish workers admit the current economic climate means they will have to retire later than planned, particularly as more than a fifth of those aged 55 and over have not made retirement preparations, a study from Mercer has revealed.
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Amended EU directive targets risk in bank bonuses
EUROPE – A new version of the EU’s Capital Requirements Directive, due to be voted on this month, will place limitations on banks in relation to their remuneration packages, and could make them less risky as investments for pension funds.
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Swedish roundup: Pioneer, fee structures, Max Matthiessen, Länsförsäkringar Liv
SWEDEN – Mats Langensjö, the head of Nordic institutional business at Pioneer Investments, is leaving the company as a result of a change in focus away from the defined contribution (DC) pension sector.
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EC warns Italy over pension age discrimination
ITALY – The European Commission has warned Italy it needs to comply with a European Court of Justice (ECJ) ruling to equalise pension ages for civil servants or it may face another court hearing.
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Credit rating agencies face centralised EU supervision
EUROPE – The incoming European Securities and Markets Authority (ESMA) will take control of the registration and supervision of credit rating agencies, the European Commission has confirmed.
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UK regulator sets 2012 deadline for record-keeping improvements
UK – The Pensions Regulator (TPR) has set out specific targets for the standard of data and record keeping expected of pension schemes, along with a deadline for funds to have made the necessary improvements and a warning of possible enforcement action for breaches of the regulation.
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EC issues green paper on corporate governance
EUROPE – The European Commission plans to require institutional investors to publish their voting and engagement policies and records, and "adhere to stewardship codes", a green paper on corporate governance has revealed.
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ECON revises proposed derivatives rules
EUROPE – The European Parliament’s Economic and Monetary Affairs Committee (ECON) today voted in favour of a compromise version of its proposed new legislation for over-the-counter (OTC) derivatives.
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AMIC to push corporate governance with EU paper
EUROPE – The Asset Management and Investors Council (AMIC) is working on a corporate governance paper in conjunction with the European Union.
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Swiss Gemini fund wins fees battle
SWITZERLAND – The CHF2.3bn (€1.6bn) Swiss Gemini multi-employer fund is set to receive CHF6.4m in compensation following a three-year legal battle with an affiliate that withheld fees payable to the scheme.
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AIFM rules needed to protect investors from themselves
EUROPE – The EU's Alternative Investment Fund Managers (AIFM) Directive should be welcomed as a way to protect investors from exposing themselves to unnecessary risks in the pursuit of higher hedge fund returns, according to an academic study.
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Pension funds concerned over FRC call for annual re-elections
UK – Pension funds and asset managers have expressed concerns over the introduction of annual re-elections of directors of FTSE 350 companies as part of the revised UK Corporate Governance Code.
