Latest on Regulation & Reform – Page 359
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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.
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Europe needs 'consistent' pension system - CEIOPS
EUROPE - The chairman of the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) has called for a more consistent pension system across Europe ahead of the publication of a green paper by the European Commission (EC) later this year.
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UK corporates more wary of pensions risk than regulation
UK – Pension schemes now rank second only to market volatility as the chief risks facing UK employers, according to a survey by Aon Consulting.
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NewsIcelandic pensions initiate review to halt critics
ICELAND – The Icelandic Pension Funds Association (IPFA) has agreed to arrange an independent investigation into the working methods and investment policies of pension schemes in the period before the economic collapse following public criticism of their actions.
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Cable takes charge of abolition of UK default retirement age
UK – Detailed plans for phasing out of the default retirement age will be the responsibility of Vince Cable and the department of Business, Innovation and Skills (BIS) and not the department of work and pensions (DWP) according to Iain Duncan Smith.
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UK auto-enrolment costs could cut pension benefits
UK - Auto-enrolment could cause over half of UK pension plans to lower the amount of benefits paid to members, a survey has revealed.
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France admits raising state retirement age is logical
FRANCE - Increasing the statutory retirement age in France is one of the “logical” options for its government to examine, a senior minister has confirmed.
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EDEKT Asset Management given fiduciary role for Greek pensions
GREECE - New laws on social security and pensions will give EDEKT Asset Management, which oversees the assets of Hellenic Telecommunications Pension Fund, a new role as the fiduciary of the country's social security funds.
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Austrian funds increase equity allocation in Q1
AUSTRIA – Official figures for the first quarter performance show a significant increase in the equity holdings of Austrian pensionskassen, which are the subject of further reform proposals.
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NewsQueen's Speech: UK to review State Pension Age
UK – The Queen today confirmed that the new coalition government in the UK would set a timetable for reviewing the State Pension Age.
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Stewardship Code is 'last chance' says TUC
UK – The Trade Union Congress (TUC) has warned the proposed Stewardship Code for institutional investors "provides a last chance" to develop a corporate governance system that relies less on regulation to discipline companies and more on shareholder engagement and monitoring.
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NewsAba calls for greater German Pensionsfonds flexibility
GERMANY – Pensionfonds will not thrive in Germany unless they are subject to less bureacracy and more regulatory flexibility, members of the German pension fund association Aba have argued.
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IAS 19 proposals would drive down risk appetite – Towers Watson
GERMANY – Proposed changes to the accounting standards for pension benefits (IAS 19) could leave German schemes more risk-averse and increase the implicit costs for insolvency protection PSV, Alfred Gohdes, head of actuarial consulting at Towers Watson in Frankfurt noted.
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NewsDWP to face a £535m spending cut ahead of new Pensions Bill
UK – The Department for Work and Pensions (DWP) will be expected to make savings of more than half a billion pounds this financial year, according to HM Treasury.
