Latest on Regulation & Reform – Page 364
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UK roundup: New lobby calls for DC reform, Church of England
[17:00 CET 15-02] UK – A new think tank, the Centre for Retirement Reform has been established to help develop a long-term savings product structure to replace the private pension model that is “no longer fit for purpose”.
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MEP brands changes to EU pension scheme 'unacceptable'
[16:35 CET 15-02] EUROPE – One of the UK MEPs involved in legal action against the European Parliament’s decision to alter the terms of its ABSL voluntary pension scheme for MEPs has claimed the reforms are “unacceptable” since they alter existing benefit terms.
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Swedish update: Pension transfers, Länsförsäkringar AB
[17:00 CET 12-02] SWEDEN - Mats Odell, the minister for financial markets in Sweden, has promised to open all insurance-based pensions to free transfers between insurers, while Länsförsäkringar AB has a new chief executive.
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UK roundup: CofE, Rolls Royce, Lothian, Clwyd
[16:55 CET 12-02] UK – The Church of England (CofE) has passed a motion to extend the backdating of pension benefits to surviving civil partners of clergy scheme members, despite already holding a £352m (€405m) deficit.
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Finland plans to extend solvency measures to 2012
[16:50 CET 12-02] FINLAND – The Finnish government has proposed extending emergency legislation, designed to reinforce the solvency position of pension funds, for a further two years.
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NewsAba dismisses idea for fund-based pensions as counterproductive
GERMANY – The German investment federation (BVI) has unveiled proposals for investment fund-based occupational pensions which could lead to further self-management of the second pillar. But the pension fund association aba has warned it is sceptical of the new idea.
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USS highlights importance of global engagement
[17:00 CET 11-02] UK – Pension funds should not underestimate the role foreign investors play in shaping domestic markets, a trustee of the Universities Superannuation Scheme (USS) has warned.
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DC governance framework targets investment and accountability
[16:55 CET 11-02] UK – A new framework of principles, 'best practice' guidance and a table of accountabilities for UK defined contribution (DC) schemes has been proposed by the Investment Governance Group (IGG), including a focus on appropriate investment options and accountability for decisions.
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BT could face TPR intervention over £9bn deficit
[16:00 CET 11-02] UK – The Pensions Regulator (TPR) has “substantial concerns” about a funding agreement agreed between BT and trustees of the £34bn (€38.6bn) BT Pension Scheme (BTPS), and could impose technical provisions or a recovery plan on the company if its concerns are not addressed.
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UK trustees can take 'far-sighted' approach to fiduciary duty
[16:45 CET 10-02] UK – Pension funds may increasingly be able to argue the need to apply ESG principles to all invesment management, according to pensions and legal experts, as ESG strategies could in future be related to the wealth creating capacity of economies.
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Estimated 80% of Irish DB schemes are in deficit
[16:35 CET 10-02] IRELAND – Around 80% of Irish defined benefit (DB) schemes were in deficit at the end of 2009, according to estimates from the Pensions Board. However, “very few” schemes have requested approval for extended funding periods or benefit reductions.
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Stewardship Code could trigger EU guidelines, claims ICGN
[16:30 CET 10-02] UK/EUROPE – The introduction of a UK Stewardship Code for institutional investors could lead to similar guidelines being issued by the European Commission across all member states.
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NewsPolish PM halts pension reform wrangling
POLAND – The Polish government has decided not to proceed with plans to direct less money into the pensions second pillar.
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DNB to focus on pension fund 'integrity'
[16:15 CET 09-02] NETHERLANDS- Pensions regulator De Nederlandsche Bank intends to focus its supervision this year on the effect that behaviour and culture has on the integrity of pensions funds and insurers.
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NewsDonner to adopt real cover ratio-based FTK
[16:00 CET 09-02] NETHERLANDS – An FTK financial assessment framework modelled on a real cover ratio, rather than the existing nominal one, is among Cabinet proposals being prepared by the Dutch department of social affairs.
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NewsMyners says trustees must meet governance 'legal duty'
[15:45 CET 09-02] UK – Paul Myners, the City Minister, has warned trustees should do more to use their shareholder positions, as part of their "legal duty" to protect the value of assets held on behalf of beneficiaries.
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Austrian court throws out push for pension pot withdrawals
[17:00 CET 08-02] AUSTRIA – The Austrian Constitutional Court has dismissed a petition by Austrian MPs to allow beneficiaries to withdraw their benefits early should they wish so.
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NewsDetails sought in UK Tory plan to end annuities at 75
[16:45 CET 08-02] UK – The Conservative Party has announced it will end compulsory annuitisation at age 75 if they are elected into power at the next General Election.
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Swedish roundup: AP-Fonden, Electrolux
[17:05 CET 05-02] SWEDEN – Financial markets minister Mats Odell has told the Swedish parliament that the future of the Swedish AP buffer funds is a matter for the parliamentary five-party Pensions Group.
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NewsSwedish update, Part 2: East Capital, Pensioner tax
[17:05 CET 05-02] SWEDEN - East Capital has temporarily closed one of its funds in the Swedish national defined contribution pension system, known as the PPM.
