Latest on Regulation & Reform – Page 369
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Starting gun misfired on UK’s pensions
[16:00 CET 13-01] UK – Consulting firm Towers Watson has criticised the UK government’s pensions auto-enrolment strategy for all employers and likened its application to hosting just one event at the 2012 Olympics.
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Swiss gov't to keep lump sum pension tax advantages
[16:00 CET 12-01] SWITZERLAND – People who choose to take lump sum payouts at retirement get tax advantages under the Swiss mandatory second pillar compared with those who choose regular pension payments. And it is going to stay this way, according to the government.
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FTK only needs fine-tuning, claim Dutch actuaries
[14:30 CET 12-01] NETHERLANDS – The Dutch Actuarial Society (AG) believes the existing financial assessment framework for pensions (FTK) requires only fine-tuning and is not in need of a major overhaul.
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Merging LGPS 'impossible' for governance reasons
[13:00 CET 12-01] UK – The case for merging the administration of the Local Government Pension Scheme (LGPS) is strong enough to overcome any minor obstacles, however the practicalities of consolidating the investment side would be “difficult if not impossible”, according to a former manager of two LGPS schemes.
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Northern Rock creates separate pension plan for future accrual
[17:00 CET 11-01] UK – Northern Rock is launching a new pension plan for existing active members which offers the same benefits and terms as an existing £367.5m (€408.6m) defined benefit pension plan but then leaves past liabilities with the division known as the ‘bad bank’.
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Experts warn of cracks in pension NEST egg
UK – The new national workplace pension scheme that will begin operating early next year has been rebranded as the National Employment Savings Trust (NEST). However, pensions experts say they are still concerned about the impact of means-testing and the delay of full implementation until 2017.
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UK government 'acting too slowly' on LGPS
[16:00 CET 07-01] UK – The department for communities and local government (CLG) has issued an informal consultation on draft amendments to clarify the Local Government Pension Scheme (LGPS) regulations. However there are concerns the government is not acting quickly enough to address the sustainability of the scheme.
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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.
