Latest on Regulation & Reform – Page 365
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IMF wants higher fees in Romanian second pillar
ROMANIA – The IMF has made a list of reforms it wants to see in the mandatory Romanian second pillar, including higher fees, but some of the demands are unnecessary, according to experts at the pension fund association, APAPR.
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Irish regulator may gain power over pension scheme investment
IRELAND – The Pensions Board could be given new powers relating to the investment approaches adopted by pension trustees, such as the use of lifestyling, and the option of licensing defined benefit (DB) schemes, in an attempt to protect scheme members from future turbulence in financial markets.
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Ireland follows UK path for pension reforms
IRELAND – The Irish government has unveiled plans for a pension framework which will require the auto-enrolment of all employees aged 22 or over from 2014, along with matching contributions from the employer, and State contributions equal to 33% tax relief. The State retirement age will also be increased to ...
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Dutch pension talks sought in the wake of cabinet collapse
NETHERLANDS - Social partners see new possibilities for an agreement on pensions, in the wake of the collapsed Dutch coalition government.
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ASIP hopes for mood change on Swiss referendum
SWITZERLAND – The Swiss pension fund association ASIP is "hoping for a mood swing" in public opinion, just days before the Swiss referendum on the pension conversion rate, its president Christoph Ryter has told IPE.
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FTK offers false security, says Donner
[16:00 CET 01-03] NETHERLANDS - A recent evaluation of the Dutch Financial Supervisory Framework (FTK) has led government officials to conclude the framework offers false security and hampers efforts to achieve inflation-proof pensions, according to outgoing minister of social affairs and labour, Piet Hein Donner.
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Irish pension framework to be aired on Wednesday
[14:00 CET 01-03] IRELAND – The Irish government will finally reveal details of its pensions framework this week – over two years after the original consultation into pensions policy began.
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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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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.
