Latest on Regulation & Reform – Page 368
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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.
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UK pension funds saved from short-selling reform
[15:50 CET 26-01] UK – A proposed amendment to the UK Financial Services Bill 2009-10, which would require pension schemes to give express permission for their funds to be lent for short-selling purposes, has has been withdrawn after MPs described it as "blunt and inflexible".
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EHR unveils ideas to address ageing UK workforce
[16:10 CET 25-01] UK – Abolishing the default retirement age (DRA) alone will have "little impact" on extending people's working life, according to research from the Equality and Human Rights Commission.
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Pensions Board advises trustee to review admin focus
[16:00 CET 25-01] IRELAND – Trustees have been warned they must still resolve thier own administration issues even though administrators are now separetely regulated by the Pensions Board.
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Hammersmith explores 'intra London' admin service
[16:50 CET 22-01] UK – The London Borough of Hammersmith & Fulham is exploring the possibility of establishing an "intra-London authority" framework for pensions administration, as its existing mandate with the London Pensions Fund Authority (LPFA) is about to expire.
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Pensions should be top priority in CEE, says IMF
[16:35 CET 22-01] EUROPE – When it comes to structural reforms CEE countries should tackle pension first, a representative of the International Monetary Fund (IMF) said – and Romania is taking a first step.
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Ports in a storm over who pays pensions contributions
[16:05 CET 22-01] UK – Trustees behind a pension fund for marine pilots have launched a complex legal case has begun in the UK High Court to determine the definition of an employer for the purpose of funding pension scheme liabilities, and the point at which an employer stops being an employer.
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FRC seeks overseas feedback on Stewardship Code
[16:30 CET 20-01] UK – The Financial Reporting Council (FRC) is urging cross-border investors to highlight any potential conflicts between the proposed Stewardship Code for institutional investors and existing requirements and codes in other countries.
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Pensions sector must raise consumer knowledge - AFM
[16:30 CET 20-01] NETHERLANDS – The Dutch pensions communications regulator AFM will initiate a discussion with the pensions sector about the need to increase employees’ pensions knowledge, as research found over 30% of pensioners are disappointed with the pensions income they receive at retirement.
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NewsFTK should target the real cover ratio – Frijns Committee
[16:15 CET 20-01] NETHERLANDS - The financial assessment framework (FTK) for pension funds must be aimed at the real cover ratio, rather than the nominal funding ratio as at present, an adviser committee to the Dutch government has recommended.
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Irish trustees offered online training
[16:15 CET 18-01] IRELAND – The Pensions Board has launched an e-learning system, to help trustees meet the training requirements coming into force next month.
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NewsUK public authorities forced to ring fence pensions
[15:45 CET 18-01] UK - Local authorities will no longer be able to borrow money from public sector pension funds and will be forced to ring fence assets in separate bank accounts.
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Czech Republic should apply IORP Directive - ECJ
CZECH REPUBLIC – The European Court of Justice (ECJ) has ruled the Czech Republic has acted in breach of European law by failing to implement the Institution for Occupational Retirement Provision (IORP) Directive, even though the country does not actually have any IORPs.
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Alternatives Directive predicted to raise Dutch pension costs by 6%
[16:40 CET 14-01] NETHERLANDS - Current European Commission proposals to introduce a directive governing alternative investments managers would increase pension costs by 6%, as it would limit investment options and the spreading of risk, a large sector of the Dutch pensions market has claimed.
