Latest on Regulation & Reform – Page 366
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News
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).
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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.
