Latest on Regulation & Reform – Page 371
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Definition crucial to French pensions review
[15:45 CET 25-11] FRANCE – The French government has begun to assess its pensions regime ahead of an official review in 2010. But one pensions industry official involved in discussions says there can only be development of the pensions regime if the government can define what a pensions vehicle is.
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TPR targets trustees with governance campaign
[16:55 CET 24-11] UK – The Pensions Regulator (TPR) has signalled it will increased focus on good governance and administration in the run-up to 2012 with the launch of a new campaign targeted at trustees.
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ASB maintains support for risk free discount rate
[16:45 CET 20-11] UK – The Accounting Standards Board (ASB) has reiterated its view that pension fund accounting should use ‘risk free’ discount rates, as evidence suggests the UK AA corporate bond rate reduced the level of reported liabilities making schemes appear stronger than they were.
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Ireland to target cross-border pensions - Cowen
[16:00 CET 20-11] IRELAND – Brian Cowen, the Irish Taoiseach (prime minister) says his country will maintain its position as a 'centre of excellence' in the management of European pension funds by targeting cross-border pension activity.
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Kroes tells pension funds to confront corporate misbehaviour
[15:30 CET 20-11] NETHERLANDS/EUROPE - Pension funds have a responsibility to help keep banks on the straight and narrow, says Neelie Kroes, European Commissioner for Competition.
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BA trustees reject calls for chairman to resign
[17:00 CET 19-11] UK - As British Airways gears up to merge with Iberia, British Airways Pension Trustees have rejected calls for the trustee board chairman Roger Maynard to resign over impartiality issues.
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Ireland to 'bring home' the cost of pensions
[16:30 CET 18-11] IRELAND - Brian Lenihan, the Irish minister of finance, has warned the rising cost of public sector pensions needs to be "brought home to people".
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EIOPA might end up with fewer powers – Bernardino
[16:15 CET 18-11] EUROPE – The proposed new supervisory authority replacing CEIOPS might not be as powerful as currently drafted, according to Gabriel Bernardino, the new chairman of CEIOPS.
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Van Nunen brands Dutch regulation 'idiotic'
[13:00 CET 18-11] NETHERLANDS - Anton van Nunen, the creator of fiduciary management, has attacked Dutch pensions regulation for being a key element contributing to the losses suffered by pension fund over the last two years, and described the current system as “idiotic”.
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NewsKnowledge rules drive growth of professional trustees
[13:00 CET 17-11] NETHERLANDS – An increasing focus on education and knowledge for trustees in the Netherlands is beginning to result in the growing use of professional trustees to take on the governance responsibility in smaller pension schemes.
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NewsOPF warns indexation label launch is 'bad timing'
[16:30 CET 13-11] NETHERLANDS - The Foundation of Company Funds (OPF) has voiced serious concerns about social affairs’ minister Piet Hein Donner’s plan to introduce the pension indexation label next spring.
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TPR sharpens education focus ahead of 2012
[13:30 CET 13-11] UK – Educating and enabling employers to comply with new duties will be the key focus for The Pensions Regulator (TPR) over the next two years, ahead of the introduction of auto-enrolment in 2012.
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NewsAPG calls on EC to temporarily withdraw AIFM
[16:00 CET 12-11] EUROPE – APG has called on the European Commission to temporarily withdraw its proposals on the draft directive on Alternative Investment Fund Managers (AIFM) in light of the large number of expected amendments and to produce a "more balanced proposal by the summer".
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Finnish railways pension follows outsourcing track
[15:30 CET 12-11] FINLAND – The VR Pension Fund, which covers the employees of the Finnish State Railways, has announced it will transfer its statutory pension liabilities to Varma, the €28.3bn mutual pension insurance company, by the end of year.
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UK high court blocks attempt to undermine pensions lifeboat
[13:30 CET 12-11] UK – The UK high court has attacked a proposal by trustees of an underfunded scheme to buy out certain member benefits in full, ahead of entering the assessment period of the Pension Protection Fund (PPF), as a "blatant attempt" to undermine PPF legislation.
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Progress' member council loses indexation case
[16:30 CET 11-11] NETHERLANDS - The participants’ council of Unilever’s Dutch pension fund, Progress, has lost a legal case against the scheme concerning indexation.
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Italy's COVIP unveils changes for larger pension plans
[13:00 CET 11-11] ITALY - COVIP, the Italian pension funds regulator, says larger collective open plan pensions funds will in future have to deliver an integrated supervisory board structure.
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Move to DC led by costs calculability – AllianzGI
[12:00 CET 11-11] EUROPE - Pensions analysts in key western European regions believe the move to defined contribution (DC) pension plans is largely being driven by the ability to better calculate costs, according to research.
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Dutch workers warm to part-time retirement
[11:00 CET 11-11] NETHERLANDS - Nearly six out of 10 workers in The Netherlands would consider taking a part-time pension in the final years of their working life, according to a study commissioned by pension provider Aegon.
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Irish rules on DB benefit cuts set 'too high'
[16:30 CET 10-11] IRELAND – The Pensions Board has been accused by the Irish Business and Employers Confederation (IBEC) of setting the bar “too high” for trustees and employers who are seeking to reduce accrued defined benefit (DB) entitlements to help stabilise scheme funding.
