Latest on Regulation & Reform – Page 362
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IASB 'willing to listen' on pensions accounting (updated)
GLOBAL – The IASB has confirmed it is willing to listen to alternative proposals to using mark-to-market pricing for pensions accounting standards.
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Austrian severance pay fund finally gains licence
AUSTRIA – After a two year’s wait the tenth severance pay fund fair-finance could announce its licensing today.
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APG staff sacked for running parallel trades
NETHERLANDS - Asset manager APG has sacked two investment employees for breaching the firm’s code of conduct and parallel trading.
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'Broken' accounting standards need rational thought - Tomlinson
UK - The current system of pension accounting standards is "broken", and standard setters need to remove excesses of volatility as well as exercise some "rational thinking", according to the National Association of Pension Funds.
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Underfunding prompts Mercer to question the future of Irish pensions
IRELAND – A pensions expert has called on firms to consider whether the costs and risks of DB schemes are still affordable, as a study has found 80% Irish defined benefit (DB) pension plans are underfunded, and 15% are likely to wind-up because of funding difficulties.
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NewsIAS19 pension charge to hit at a lower level than first proposed
GLOBAL – Reported pension costs will rise on a corporate sponsor’s profit and loss account under revised International Accounting Standards Board proposals. However, this higher charge is the lesser of two evils, according to Hewitt Associates, as earlier proposals would have cost substantially more.
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IMF maintains pension reform pressure on Czechs
CZECH REPUBLIC – The 10 funds in the Czech second pillar pensions regime posted an average return of 1.46% in 2009. And the IMF and a pensions reform committee are now discussing reform plans.
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Finnish pension reforms look 'promising' - OECD
FINLAND – Research published by the OECD suggests proposals to increase the lower boundary of the Finnish earnings-related pension age range from 63 to 65 years of age would increase pension wealth for low to average earners until the age of 66.
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IAS19 could force sponsors to push for lower risk strategies
GLOBAL – Changes to international accounting rule IAS19 pension rules could force many sponsors and corporates to encourage lower risk pension strategies, as reforms could mean they are no longer rewarded for taking risks under the 'expected return on assets' portion of their profit and loss accounts.
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Seven in 10 voted against Swiss conversion rate cut
SWITZERLAND – Almost 73% of voters rejected a proposal in a Swiss referendum yesterday to cut the conversion rate on Swiss second pillar pensions.
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Pensions declared 'controversial' by Dutch Parliament
NETHERLANDS - In the aftermath of the Dutch coalition government collapse, the Dutch Parliament declared most pension reforms, including second pillar reforms, 'controversial' last Tuesday.
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Success of Irish reforms will be detailed implementation, say experts
IRELAND – Implementation of the Irish government's pensions framework will require "much additional work", according to pensions experts, as there is a lot of detail still to be clarified on areas such as auto-enrolment, tax relief and the future shape of defined benefit (DB) schemes.
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Solvency II to spark search for asset management alternatives
FRANCE - Asset managers will have to offer alternatives to equities if they are to guarantee the best possible return for their investors under the likely constraints of Solvency II, the author of a recent survey of French institutional investors claims.
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IMF wants higher fees in Romanian second pillar
ROMANIA – The IMF has made a list of reforms it wants to see in the mandatory Romanian second pillar, including higher fees, but some of the demands are unnecessary, according to experts at the pension fund association, APAPR.
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Irish regulator may gain power over pension scheme investment
IRELAND – The Pensions Board could be given new powers relating to the investment approaches adopted by pension trustees, such as the use of lifestyling, and the option of licensing defined benefit (DB) schemes, in an attempt to protect scheme members from future turbulence in financial markets.
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Ireland follows UK path for pension reforms
IRELAND – The Irish government has unveiled plans for a pension framework which will require the auto-enrolment of all employees aged 22 or over from 2014, along with matching contributions from the employer, and State contributions equal to 33% tax relief. The State retirement age will also be increased to ...
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Dutch pension talks sought in the wake of cabinet collapse
NETHERLANDS - Social partners see new possibilities for an agreement on pensions, in the wake of the collapsed Dutch coalition government.
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ASIP hopes for mood change on Swiss referendum
SWITZERLAND – The Swiss pension fund association ASIP is "hoping for a mood swing" in public opinion, just days before the Swiss referendum on the pension conversion rate, its president Christoph Ryter has told IPE.
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FTK offers false security, says Donner
[16:00 CET 01-03] NETHERLANDS - A recent evaluation of the Dutch Financial Supervisory Framework (FTK) has led government officials to conclude the framework offers false security and hampers efforts to achieve inflation-proof pensions, according to outgoing minister of social affairs and labour, Piet Hein Donner.
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Irish pension framework to be aired on Wednesday
[14:00 CET 01-03] IRELAND – The Irish government will finally reveal details of its pensions framework this week – over two years after the original consultation into pensions policy began.
