Latest on Regulation & Reform – Page 357
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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.
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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.
