Latest on Regulation & Reform – Page 362
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VB questions real cover ratio and ‘soft’ pension rights
NETHERLANDS - The Association of Industry-wide Pension Funds (VB) has expressed serious doubts about the introduction of more conditional rights for pensions members and questioned the use of the real cover ratio as a benchmark for a scheme’s health.
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NewsIASB's defined benefits exposure draft still expected this month
GLOBAL – An Exposure Draft (ED) on the recognition and disclosure of changes in defined benefit pension scheme obligations has been scheduled for publication by the International Accounting Standards Board (IASB) this month.
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DC governance needs to develop globally - State Street
GLOBAL – State Street has claimed defined contribution (DC) regulations and fiduciary oversight need to develop in a global rather than national context as the shift from defined benefit (DB) to DC continues.
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NewsZurich prosecutor confirms investigation into UBS
SWITZERLAND – The department for financial crime of the Zurich public prosecution office has started preliminary research into the Swiss bank UBS, a spokesman for the prosecutor confirmed to IPE.
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Serbian second pillar pensions on hold indefinitely
SERBIA – Neither the IMF nor local market players now expect to see a Serbian funded second pillar happening under the current government, despite the earlier prospect of reform.
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IMF tells Luxembourg it needs to reform pensions
LUXEMBOURG – The International Monetary Fund (IMF) has warned Luxembourg its continued fiscal stability requires substantial reforms of the pension system.
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NewsBasel framework needs pension fund input - academic
EUROPE - An academic with specialist knowledge of financial regulation has advised MEPs to expand the Basel agreement and in future include pension funds among the groups of investors who should be consulted in a financial crisis long-term regulatory review.
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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.
