Latest on Regulation & Reform – Page 365
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NewsFrijns proposals would transform pension funds' status - Ortec
[16:30 CET 05-02] NETHERLANDS - Guus Boender, the chairman and non-executive director of ALM and pensions advisor Ortec Finance, has welcomed proposals the Frijns committee’s recommendations suggesting FTK should target the real cover ratio and enforce a hard lower limit to that ratio.
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NewsSpain faces challenge over pension age increase
[16:10 CET 05-02] SPAIN - The Spanish government’s plans to raise the state retirement age from 65 to 67 have already run into fierce opposition, and pension consultants warn such a move could be difficult to enact.
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NewsGreece to suffer fresh strikes over pensions
GREECE - The biggest trade union in Greece, the General Confederation of Greek Workers (GSEE), has announced a general strike will take place on 24 February, to protest against government plans for a higher retirement age and other key budgetary reforms.
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NewsUK roundup: C&W, Hertfordshire, Institute of Directors
[15:00 CET 04-02] UK – Cable & Wireless have agreed a pension settlement with the trustees of its UK defined benefit scheme, which is to be split as part of its demerger, while Hertfordshire County Council is seeking a pensions administrator and the Institute of Directors is calling for the ...
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Dutch cover ratios hit by falling bond rates
[14:00 CET 04-02] NETHERLANDS - The cover ratio of the average Dutch pension fund decreased by two percentage points to 109% in January, according to data produced by Hewitt Associates.
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NewsTPR cracks down on poor pension admin
[17:10 CET 03-02] UK – The Pension Regulator (TPR) has warned trustees it is strengthening its approach to regulating record keeping and administration, as only 19% of schemes have checked they hold all the fundamental common data required about members.
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Ireland roundup: IAPF, IAA and Fáilte Ireland
[17:00 CET 02-02] IRELAND – The Irish Association of Pension Funds (IAPF) has issued guidance for trustees on how to comply with the organisation's new investment guidelines for defined contribution (DC) schemes.
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NewsSlovakia faces EC action over non-euro pension stance
SLOVAKIA – The European Commission has warned Slovakia it must remove restrictions on statutory second pillar pension funds which prevent schemes from investing in non-euro area assets.
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Serbia outlines major first pillar reform
SERBIA – Serbia is planning to raise its state retirement age by five years and create a pension register for all employees over the next 10 years.
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Pension deficit could force closure of Reader's Digest UK
[16:00 CET 02-02] UK – The UK arm of the Reader’s Digest Association (RDA) could be forced into administration if a solution to its £125m deficit cannot be found after the Pensions Regulator rejected a funding deal, its American parent company has warned.
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DB disclosure proposals are 'dross' - IASB chairman
[17:00 CET 29-01] GLOBAL - IASB chairman David Tweedie has slammed staff proposals for improving defined benefit disclosure proposals as "dross".
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Hard-hit PME changes board structure
[16:55 CET 29-01] NETHERLANDS - The €21bn metal scheme PME has decided to change its governance structure as a result of the financial crisis which reduced its cover ratio to 84% last year.
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TPR praised for risk-based regs, but DC focus needed
[16:30 CET 29-01] UK – An independent review of The Pension Regulator's (TPR) risk-based approach to regulation has highlighted a number of key strengths but noted more work needs to be done on targeting advice at smaller schemes and communicating risks inherent in trust-based defined contribution (DC) schemes.
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Bafin seeks clarity on Germany custody rules
[16:50 CET 28-01] GERMANY – The German regulator Bafin has issued a consultation paper on changes to the regulations governing custodian banks and asset managers, including KAGs.
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European Parliament paints gloomy forecast for pensions
[16:30 CET 28-01] EUROPE - The impact of population ageing in the European Union is ten-fold that of the damage caused by the economic crisis, a briefing paper presented to the European Parliament has suggested.
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Social partners back Goudswaard Panel views
[16:00 CET 28-01] NETHERLANDS – Dutch employer and employee groups have backed findings presented yesterday by the Goudswaard Committee, claiming pension funds must scale down their ambitions and get members to accept increased risk, if they are to keep the pension system future-proof.
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Norway's pension reforms hinge on tackling sick benefits - IMF
[15:45 CET 28-01] NORWAY – The International Monetary Fund (IMF) has warned Norway must tackle the very high inflow into sickness and disability benefit schemes if the pension reforms implemented in 2010-11 are to be effective.
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UK older workers more likely to opt out of auto-enrolment
[16:30 CET 27-01] UK – Workers aged 55 years or older are more likely to opt out of an occupational pension scheme once auto-enrolment is introduced in 2012, according to research from employee benefits provider B&CE.
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Rapporteur swamped by over 1000 AIFM amendments
[16:10 CET 26-01] EUROPE – Jean-Paul Gauzès, rapporteur for the European Parliament’s Committee on Economic and Monetary Affairs, has received over 1000 proposed amendments from MEPs while recommendations from other sources suggest the entire Directive should be widened to cover all alternative investment funds.
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IMF tells Czechs to grow the second pillar
CZECH REPUBLIC – Moving to a fully-funded second pillar should be part of a sustainable pension reform in the Czech Republic, the International Monetary Fund (IMF) has argued.
