Latest on Regulation & Reform – Page 367
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SSGA ordered to compensate Dutch pension for Lehman loss
[16:10 CET 05-01] NETHERLANDS - A Dutch court has ordered State Street Global Advisers (SSgA) to pay €40m plus interest to the OPG pension fund, for losing its investments in the collapse of Lehman Brothers.
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Call for UK pension rules to be standardised
[16:00 CET 04-01] UK – Rules allowing members of occupational defined contribution (DC) schemes to take benefits of less than £2,000 (€2,245) regardless of other pension savings should be extended to contract-based DC schemes, according to the Association of British Insurers (ABI).
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NewsDonner seeks to reduce level of non-pensioned workers
[16:00 CET 23-12] NETHERLANDS - Social affairs’ minister Piet Hein Donner wants to reduce by 50% the number of workers who are not saving for retirement through a pension fund or an insurer.
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NewsWithout risk there is no need for funded systems – VFPK
[15:30 CET 23-12] GERMANY – Funded pension vehicles need to take some risks to ensure added value for employees, says Peter Hadasch, head of the German federation of company pension schemes VFPK.
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Usual suspects top list of nations needing pension reform
[12:00 CET 22-12] EUROPE – Greece, Slovenia and Spain have topped a list compiled by Allianz Global Investors (AGI) of the most unsustainable pensions systems in Europe.
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NewsGreece to face pensions reform in April 2010
GREECE - The Greek government is expected to publish a new law designed to tackle its ailing social security system in April 2010.
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NewsPPF keeps cut in levy cap despite industry concerns
[17:00 CET 18-12] UK – The Pension Protection Fund (PPF) has confirmed it is "sticking" to plans for a risk-based levy cap of 0.5% for the 2010/11 risk-based levy, despite objections from a number of respondents.
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Ownership rights hinder Russian pensions reform
[17:05 CET 16-12] RUSSIA - The Russian legal system is hindering the progress of the country’s pensions reforms, according to a minister from the Department for National Health Services and Social Welfare.
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DNB condemns 'insufficient' pensions risk management
[16:55 CET 16-12] NETHERLANDS – Dutch pensions regulator De Nederlandsche Bank and the pension fund industry bodies are to overhaul pensions risk management, as a DNB study found several pension funds have underestimated investment risks and are paying insufficient attention to governance.
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UK industry warns CDC schemes should not be 'closed off'
[13:15 CET 16-12] UK – The UK government has been criticised by pensions industry bodies and trade unions for "closing off" the possible introduction of collective defined contribution (CDC) pension schemes in the UK.
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TPR review delays additions to trustee register
[16:30 CET 14-12] UK – Individual and corporate independent trustees wishing to apply to be placed on The Pension Regulator's (TPR) trustee register will have to wait until updated assessment criteria is published in the second quarter of next year.
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TPR accused of 'scaremongering' over enhanced transfers
[16:30 CET 11-12] UK – Consultants have hit out at the Pension Regulator's (TPR) tougher stance on enhanced pension transfer values, and accused it of "scaremongering" or at best of being "unhelpful".
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UK public sector pension cap is 'scam' - Ros Altmann
UK – Expected savings of around £1bn (€1.1bn) a year on public sector pensions, following the introduction of a cap on taxpayer contributions, is a “scam” according to a pensions expert.
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Dutch DC providers fail cost clarity test
[13:30 CET 10-12] NETHERLANDS - Pension funds and insurers must provide their members with more clarity on the costs of their defined contribution arrangements as few are meeting regulatory requirements, according to communications watchdog the Financial Markets Authority.
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UK gov't hints at auto-enrolment delay to pensions
[16:50 CET 09-12] UK – The UK government has revealed that the cost of private pension reform to UK businesses under the current economic climate is behind a decision to slow the implementation of future pensions auto-enrolment.
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PKA faces sanction over undisclosed shareholdings
[16:00 CET 08-12] DENMARK - The Danish financial regulator has reported pensions provider PKA to the police for repeatedly failing to disclose holding large stakes in companies that were above legal limits.
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Sweden’s AP funds should be merged - report
[16:45 CET 07-12] SWEDEN - A report has been published by an independent think-tank from within the Swedish Ministry of Finance suggesting the country’s first four pension buffer funds should be merged into one, to achieve scale advantages and potentially boost assets by SEK1bn (€958m) annually.
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DB Advisors predicts interest rate and accounting change
[16:00 CET 07-12] EUROPE – Georg Schuh, chief investment manager at DB Advisors, has sought to lift some of the worries that German pension have about their bond yields and predicted the US Federal Reserve will increase interest rates by next year.
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Donner considers use of professional pension trustees
[17:15 CET 04-12] NETHERLANDS - Social affairs minister Piet Hein Donner is considering whether to allow professional trustees to sit on Dutch pensions board or even make up the entire board to increase the expertise.
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Irish pension reforms may wait until 2014
[16:55 CET 04-12] IRELAND – Mary Hanafin, minister of Irish social and family affairs, said the national pensions framework will be published in the next few months but admitted the implementation of Irish pension reforms could be delayed until 2014.
