Latest on Regulation & Reform – Page 358
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EU ministers back AIFM after ECON revises rules (amended)
EUROPE – European Union finance ministers have backed proposals to regulate hedge funds and private equity funds just hours after the European Parliament's Economic and Monetary Affairs Committee (ECON) adopted a revised position on the Alternative Investment Fund Managers (AIFM) Directive on Monday.
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Pension managers to increase focus on data quality
UK – A study of some of the UK's largest pension schemes has revealed that accuracy of data and consistency in data security are two important concerns for scheme managers when assessing data management.
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UK roundup: ONS, Lincolnshire, Visteon trustees
UK – Membership of UK employer sponsored pension schemes dropped to 50% of the total workforce in 2009, according to latest figures from the Office of National Statistics (ONS).
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Barnier calls for 'dynamic compromise' but sticks to script ahead of AIFM vote
EUROPE – EU commissioner Michel Barnier has said he is hopeful that the Alternative Investment Fund Managers (AIFM) Directive will remain "as close as possible" to its original proposals ahead of this evening's vote by the European Parliament's Economic and Monetary Affairs Committee (ECON).
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Nascent Turkish pensions sector surges 40%
TURKEY – Assets managed by Turkey’s nascent private pension system grew by more than 40% in 2009, higher than in any other OECD country.
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Overseas equities drive up Icelandic pension assets
ICELAND – Net pension fund assets at the end of March increased by approximately ISK44bn to ISK1.846trn (€11.3bn) as the value of foreign equity investments increased, figures from the Central Bank of Iceland have revealed.
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Irish roundup: IAPF on DC contributions, PIPS guidance
IRELAND – Contribution levels set out in the National Pensions Framework will send out the wrong message to members of defined contribution (DC) schemes, the Irish Association of Pension Funds (IAPF) has warned.
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NPRF increases stake in AIB
IRELAND – The National Pension Reserve Fund (NPRF) has received almost two million shares in Allied Irish Banks (AIB) worth approximately €250m instead of an annual €280m cash payment.
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Proposed reforms will not make French pensions sustainable
FRANCE - A French government minister has conceded that sustainable funding for its current pension system “is not possible”. The admission comes after simulations exposed funding shortfalls facing the country’s pension system, despite proposed reforms.
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Norway’s occupational DB schemes given more time to reform
NORWAY - Defined benefit (DB) occupational pension structures in Norway will be allowed to operate in accordance with existing rules beyond 1 January 2011 when the new legislation for the state old-age pension comes into force.
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Barnier calls for EU-US convergence on financial oversight
EUROPE – Michel Barnier, EU Commissioner for the internal market and services, has claimed 2010 is the "year of convergence" and says legislation to strengthen the regulatory and supervisory systems for financial services will be implemented by next year.
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Iain Duncan Smith appointed UK pensions secretary
UK – Iain Duncan Smith, a former Conservative party leader, has been appointed secretary of state for work and pensions in the UK's first coalition government for more than 30 years.
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NewsGreece overhauls its pensions system
GREECE – The Greek government yesterday approved a law to bring in a number of pension cuts in a bid to prevent the country’s ailing retirement system from collapsing.
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NewsAba pushes for separate pension supervisor
GERMANY – The German government has been urged by the country's occupational pension association (Aba) to create a separate entity for pension supervision.
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NewsIASB changes fly in the face of harmonisation - LCP
GLOBAL – Proposed changes to the international pension accounting standard could unwittingly lead to a divergence between European and US accounting practices, according to Lane Clark & Peacock (LCP).
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NewsEU Parliament postpones AIFM vote
EUROPE – The Economic and Monetary Affairs Committee (ECON) has agreed to postpone a vote on the Alternative Investment Fund Managers (AIFM) Directive for one week to allow time to consider legal opinions.
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NewsUK roundup: UK election, Croydon, John Lewis, Freshfields
UK – The pensions industry in the has called for stability around government pensions policy in the wake of indecisive UK election results. Meanwhile Croydon is seeking actuarial and investment consultants, John Lewis has appointed a legal adviser, and Freshfields is closing its defined benefit (DB) scheme to future accrual.
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NewsEC to publish corporate governance green paper
EUROPE – Michel Barnier, EU Commissioner for Internal Markets and Service, has confirmed that the Commission will publish a draft green paper on strengthening corporate governance at financial institutions later this month.
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Finnish working group to examine future pension reform
FINLAND – The Finnish government and representatives from labour market organisations have agreed to extend the remit of the working group on the extension of working lives.
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Irish ombudsman rejects Parc member complaints
IRELAND – Complaints from members of the Parc Group pension fund that the company failed in its "moral obligation" to make up a shortfall in the scheme have been rejected by the Pension Ombudsman.
