Latest on Regulation & Reform – Page 364
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Market upturn failed to increase DAX-related pensions' funding levels
GERMANY – The funding levels of pension schemes at Germany’s top stock market-listed companies have not improved despite last year’s market rally, consultancy firm Mercer has found.
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Dutch pensions sector recovery is still far off - DNB
NETHERLANDS - Pensions regulator De Nederlandsche Bank (DNB) has warned the Dutch pensions sector has a long way to go to a full recovery, despite no longer being seriously underfunded.
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EC pensions green paper to carry focus on transparency and knowledge
EUROPE – Transparency, member information, investment strategy and governance are all key elements that will fall under the spotlight of the European Commission’s consultation on a European pensions framework, according to Karel van Hulle, head of the insurance and pensions unit for the EC’s DG of internal market and services.
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EFRP survey: DC pension contributions need to rise
EUROPE – Approximately one in four workers in the European Union are now members of defined contribution pension schemes. But serious work is still needed to raise contributions as the distribution of assets is very different to the location of active members, a survey by the European Federation for Retirement Provision (EFRP) has found.
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NEST combination charge includes 2% for set-up
UK – The expected charging structure for the National Employment Savings Trust (NEST) will be a combined charge of a 0.3% annual management charge (AMC) and an admin contribution charge of 2% that may fall away once the set-up costs of the scheme have been recovered.
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NewsUK gov't studies DC charging levels
UK – Trust-based UK defined contribution (DC) schemes operate on an overall average cost of just over 2% based on contributions, or 1.23% if the charge is based on the size of the fund, according to a government report.
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NewsTPR appeals Nortel ruling over FSD 'misinterpretation'
UK/CANADA – The UK Pensions Regulator (TPR) has appealed rulings by the Canadian courts that declared the Financial Support Direction (FSD) process initiated against Nortel Corporation breaches the legal 'stay' of further financial claims on the company.
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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.
