Latest on Regulation & Reform – Page 367
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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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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.
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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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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.
