Latest on Regulation & Reform – Page 363
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Pickering sees UK pensions pressure as result of 'silver bullet' search
[16:40 CET 26-02] UK – Pension regulation in the UK has become "intrusive and short-lived" because the private sector is being asked to provide against poverty instead of the state, and politicians are constantly trying to find the "silver bullet" to the retirement issues, Alan Pickering has claimed
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NewsExperts disagree on steps needed on French retirement
[16:25 CET 26-02] FRANCE - Increasing the retirement age in France would be the "obvious" step to take in reforming the country’s pension system, a French academic has declared.
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NewsSlovakia amends its pension investment rules
SLOVAKIA – The Slovak government has proposed minor changes to the investment regulations for second pillar pension funds, to comply with EU legislation.
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PwC claims retiring at 70 would save UK £9bn a year
[16:40 CET 25-02] UK – The government is being urged by consultants to increase the level of the state pension age (SPA) “faster and further” than currently planned to the age of 70 by 2046, to help pay for a higher state pension and reduce public debt.
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Internal risk models could reduce Dutch buffer needs - VBA (amended)
[16:30 CET 25-02] NETHERLANDS - The average pension fund could reduce its required financial buffers by up to 3% if it applied the risk and return parameters proposed by the Dutch Association of Investment Professionals (VBA), the organisation has claimed.
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EC to unveil green paper on EU pensions framework
[16:00 CET 25-02] EUROPE – The European Commission is preparing to launch a pensions green paper by the middle of this year on the creation of an EU framework for pensions.
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NewsNAPF to investigate pensions accounting alternative
[15:15 CET 25-02] UK – The UK’s National Association of Pension Funds (NAPF) is launching a major project this year to try and find a better solution to pensions accounting, as there is growing concern about the impact of UK and international pensions accounting rules on defined benefit pension plans.
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LPFA proposes Dutch solution to local council pensions
[16:20 CET 24-02] UK – The London Pension Fund Authority (LPFA) has suggested a non-political Independent Commission should be set up to manage the long-term sustainability of the Local Government Pension Scheme (LGPS), following consultations in the Netherlands.
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European Foundation Statute gets further boost
[16:45 CET 23-02] EUROPE - The creation of a cross-border statute for EU foundations has received a further boost as Michel Barnier has been confirmed as the new internal markets commissioner.
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UK roundup: BAA, Aegon Trustee Solutions, PADA, Westminster, Cornwall
[16:20 CET 23-02] UK – BAA made a £218m (€248.5m) one-off deficit payment into its defined benefit (DB) scheme in 2009, following an increase in the actuarial deficit.
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TPR pursues Nortel in Canada for £2.1bn pension fund bill
[16:45 CET 22-02] UK/CANADA – The UK Pensions Regulator (TPR) has issued a warning notice setting out the case for a Financial Support Direction (FSD) against Nortel Networks and its group of companies that could require it to contribute up to £2.1bn to the UK pension plan. However Nortel is arguing the action is in breach of an order issued by the Canadian courts.
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News
Coalition collapse could bring AOW compromise - economist
[16:30 CET 22-02] NETHERLANDS – Dutch economist Professor Lans Bovenberg says the collapse of the Dutch government coalition late last week now offers social partners a new opportunity to resolve their dispute about an increase in the state (AOW) retirement age from 65 to 67 and for second pillar pensions.
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Irish roundup: Bank of Ireland, AIB
[15:00 CET 22-02] IRELAND – The Irish Bank Officials Association (IBOA) has highlighted important safeguards for members of the Bank of Ireland Staff Pension scheme, after a review of the trust deed and rules revealed the scheme cannot be discontinued without the consent of at least 75% of the membership.
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Spanish Presidency puts 'protectionist' AIFM clause back in
[15:00 CET 19-02] EUROPE - The hedge fund industry is protesting against the reinsertion of what is considered to be a ‘protectionist’ clause in the EU’s proposed Alternative Investment Fund Managers Directive of provisions, relating to third country dealings.
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AKA calls for legal certainty in German provincial pensions
[16:50 CET 18-02] GERMANY - A key figure at the German association of local and church pension schemes (AKA) has claimed postponing funded pension schemes because of the financial crisis could be detrimental to trust in the pensions system.
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Hungary needs to enhance second pillar pensions - OECD
[16:25 CET 18-02] HUNGARY – More attention should be directed at enhancing the mandatory second pillar pension provision in Hungary, as existing contributions to these pensions are barely adequate to cover defined contribution (DC) costs, the OECD has warned.
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TPR urged to explain rejection of Reader's Digest deal
[16:20 CET 18-02] UK – The National Association of Pension Funds (NAPF) has called on the Pensions Regulator to clarify its reasons for not approving the Readers Digest UK pension deal to help improve the understanding of employers of other defined benefit (DB) schemes.
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Updated GIPS targets risk and compliance
[16:10 CET 18-02] GLOBAL – Revisions to the Global Investment Performance Standards (GIPS) will come into force in January 2011 requiring fund managers to publish a compliance statement on how they have met the GIPS standards and whether they have been verified.
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Improve pensions info or else, warns AFM
[16:00 CET 18-02] NETHERLANDS – Dutch pension administrators have been warned they could face formal action from the communications regulator AFM if they continue to be in breach of legal requirements on pensions information.
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Pension deficit forces Reader's Digest UK into administration
[15:30 CET 17-02] UK – The UK arm of the Readers Digest Association (RDA UK) has filed for insolvency after a pension deal agreed by the company, the trustees and the PPF to address a £125m (€144m) deficit failed to meet the approval of the Pensions Regulator (TPR).
