Latest on Regulation & Reform – Page 370
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OECD calls on Ireland to shift public sector pensions to DC
[15:30 CET 05-11] IRELAND – Ireland could reduce its budget deficit by introducing a combination of “major reforms” to public sector pensions, according to the OECD. These could include moving new entrants to a defined contribution (DC) scheme rather than adding them to existing defined benefit plans.
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Loyalis to compensate for high investment costs
[13:00 CET 05-11] NETHERLANDS - APG subsidiary Loyalis has agreed to compensate 800 clients with investment policies with what campaign groups say were very high costs.
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NewsFormer head of Valais fund convicted
[14:00 CET 03-11] SWITZERLAND – Ignace Rey, the former head of the teacher’s pension fund for the Swiss canton of Valais (RVKL), has been convicted of a string of offences and sentenced to four years' imprisonment.
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NewsDanish SP money likely to be reinvested, claims PKA
[17:00 CEST 02-11] DENMARK - Members of Denmark’s closing SP pension scheme are likely to put the money that they will get back into savings and pensions, rather than simply spending the extra money, according to a new survey.
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EC regs could increase derivative trading costs - APG
EUROPE - Dutch asset management firm APG Asset Management has raised concerns about European Commission proposals to regulate derivatives, and warned additional costs could be added to trading if activity is required to go through exchanges or central clearing houses.
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LPFA calls for commission to assess LGPS sustainability
[17:00 CEST 30-10] UK – The UK government should establish an independent commission to examine potential solutions to keep the Local Government Pension Scheme (LGPS) sustainable, according to the London Pension Fund Authority (LPFA).
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EC pursues Germany on pension dividends
[16:00 CEST 30-10] EUROPE – The European Commission has stepped up its action against German authorities to remove discriminatory legislation concerning dividend tax paid by overseas pensions institutions.
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NewsAustrian bodies call for 2nd pillar tax incentives
[16:20 CEST 28-10] AUSTRIA – The majority of companies would like to see more tax incentives to warrant the offering of an occupational pension scheme, a study by the Austrian economic research institute Wifo has found.
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NewsDenmark extends pensions solvency deal
[16:55 CEST 27-10] DENMARK – The Danish Government has extended for another year the pensions rescue package it put in place a year ago to protect pension savers in the wake of the recent financial crisis.
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NewsUK gov't clarifies rules for personal account trustees
[16:40 CEST 27-10] UK – The trustee corporation behind the proposed UK personal accounts regime will be given a specific requirement in the legislation to make information about deductions or charges transparent to members when they are auto-enrolled in the scheme.
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Swiss pensions could be 131 days from fresh conversion
[16:30 CEST 27-10] SWITZERLAND – The Swiss government has confirmed a referendum will be held on 7 March 2010 and will include a question on the pensions conversion rate.
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Half of UK DC schemes need to improve communication
[15:45 CEST 27-10] UK – A review of the communications issued by trustees or insurers to members of defined contribution (DC) schemes has found more than half have scope for improvement, according to the Pensions Regulator (TPR).
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DC plans need better design – actuaries
[15:45 CET 26-10] EUROPE – Defined contribution plans need risk mitigating features in order to banish their image as a “poor cousin” of defined benefit plans, attendees at the conference of the Groupe Consultatif, the European umbrella organisation of national actuarial associations, were told last week.
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Governance for Owners CEO calls for engagement levy
[15:30 CET 26-10] UK - Companies and institutional pension and saving funds should be made to pay a levy to support effective shareholder engagement, Peter Butler, CEO and founding partner of Governance for Owners, told IPE last week.
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Auto-enrolment could boost UK DC assets to £900bn
[14:30 CEST 23-10] UK – The planned introduction of auto-enrolment in UK pensions could increase defined contribution (DC) assets from £600bn (€654bn) to as much as £900bn by 2050, according to the Pensions Policy Institute (PPI).
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Longevity growing faster than UK pensions age target
[16:40 CEST 22-10] UK - Life expectancy may be growing at a faster rate in the UK than the government had anticipated, suggest figures from the Office of National Statistics, and may prompt the need for yet another review of the retirement age, consulting firm Watson Wyatt has suggested.
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Dutch minister 'complicating pension mergers'
[16:00 CEST 22-10] NETHERLANDS - The Netherlands could face a raft of pension mergers following the implementation of a new law, reports our Dutch sister publication IPN.
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IASB cancels plan to alter IAS19 discount rate source
[13:00 CEST 22-10] GLOBAL – The International Accounting Standards Board (IASB) has scrapped plans to widen the range of bonds which companies might use to calculate their discount rate under IAS19 to include government bonds, following polarised responses to a consultation.
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Switzerland sets indexation at 2.7%
[15:00 CEST 21-10] SWITZERLAND – All mandatory second pillar pensions paid out since 2006 will get a 2.7% indexation, the Swiss government has decided.
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AP1-4 target global voting service for joint project
[16:40 CEST 20-10] SWEDEN – The first four Swedish National Pension buffer funds (AP1-4) are seeking a provider of a global voting service to assist its move into voting on more specific stocks.
