Latest on Regulation & Reform – Page 360
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CBI claims charges will drive savers out of NEST
UK – High initial charges on the proposed National Employment Savings Trust (NEST) could mean savers would be better off in private sector pension funds with annual management charges of up to 0.6% for at least the first six years, according to the Confederation of British Industry (CBI).
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NewsTax reclaim on dividends for exempt investors in Spain
SPAIN - Pension funds in EU member states outside Spain can now reclaim withholding tax on dividends from Spanish companies, following a change in the country’s tax law last month.
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FTK parameters could cost extra 50% in contributions - VB and OPF
NETHERLANDS - The new parameters for the financial assessment framework FTK, as proposed by social affairs’ minister Piet Hein Donner, could require a 50% rise in contributions, the pensions bodies VB and OPF have claimed.
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UK Conservative Party promises to keep DB schemes viable
UK - Shadow pensions minister Nigel Waterson has called for the end of mandatory indexation along with other reforms to UK defined benefit (DB) schemes, on the day the UK Conservative Party launched its election manifesto.
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Swiss left-wing raises pension issues on referendum tailwind
SWITZERLAND – The Swiss Social Democrats (SP) want to separate pension money from other assets within insurance companies while another left-wing politician wants pension funds to be supervised by the financial supervisory authority “Finma” in future.
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Calls for Slovak pension reform grow louder
SLOVAKIA – The Slovak Academy of Sciences has been joined in its calls for pension reform in Slovakia by the ministry of social affairs, a government adviser and a representative of the trade unions, during an AEIP conference in Bratislava.
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Finland should build up third pillar DC, says OECD
FINLAND – Third pillar defined contribution (DC) pension systems play a minor role in Finland, and the government should consider measures to encourage a more significant DC pillar to improve risk sharing between generations, the OECD has suggested.
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Flexible model needed for governance - Donner
NETHERLANDS - Pension funds will not have to adopt a one-size-fits-all model as part of of pension fund governance improvement proposals, according to social affairs’ minister Piet Hein Donner.
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Latvia admits second pillar contributions too high
LATVIA – Contributions to the Latvian mandatory second pillar will remain at 2% for 2010 and then increase to 4% next year, reaching 6% in 2012.
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Funded first pillar raises CEE mobility questions
EUROPE – Non-accumulated pension assets from various first pillar pension systems might lead to problems for people wanting to buy an annuity, a representative of the Slovak ministry for social affairs has warned at a conference in Vienna.
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Donner to give pension funds more leeway on recovery
NETHERLANDS - Dutch pension funds will be given more time to submit recovery plans during times of financial crisis, so they can avoid the effects of volatile markets.
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German court rules employers must top up outsourced pensions
GERMANY – A regional German court has ruled an employer must compensate retired former employees if the Pensionskasse they are signed up to eventually cuts employees’ benefits.
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Making pensions mandatory is vital to Czech Republic - OECD
CZECH REPUBLIC – Pensions is by far the most important issue the Czech Republic has to tackle over the coming years, according to the OECD, as the absence of any policy change on age-related spending will drastically increase public debt.
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Debate on Polish second pillar transfers fails to resolve row
POLAND – The Polish social ministry believes the current second pillar pensions regime is still too expensive, but officials are still struggling to reach a consensus on how to cut these costs.
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Dutch pensions industry warns of 'communications bottleneck'
NETHERLANDS - The Dutch pension sector is becoming increasingly worried about the effectiveness of pensions communication when it comes to explaining new pension contracts to their participants.
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NewsDutch pension bodies call on government to limit reforms
NETHERLANDS - The Dutch pension fund lobbying organisations have called on a new Dutch government to hold back from adding further pension regulations, as fundamental system changes would be seen as risky to an already under pressure sector.
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NewsTPR eyes admin and employer covenant as key targets
UK – Pension administration and the employer covenant are two of the key areas of focus for the Pensions Regulator (TPR) in 2010.
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Donner seeks to dissuade from allowing pensioner board members
NETHERLANDS - Social affairs’ minister Piet Hein Donner has advised Parliament against allowing pensioners onto the board of industry-wide pension funds at this time.
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NewsECJ-triggered Riester changes passed
GERMANY – The German parliament has passed a government bill which will ensure that discrimination against migrant workers receiving Riester subsidies is eliminated and that employee share-ownership becomes more attractive.
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NewsUK roundup: PPF, Taylor Wimpey, GP Noble fraud charges, ONS
UK – The Pension Protection Fund (PPF) has initiated a search for a panel of infrastructure investment managers and Taylor Wimpey has awarded a global custody mandate for its UK scheme.
