Latest on Regulation & Reform – Page 372
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IBM trustees seek legal clarity on UK DB closure
[16:00 CET 10-11] UK – Trustees of IBM's £4.36bn (€4.87bn) UK defined benefit (DB) pension schemes have told members they plan to seek legal approval for the proposed changes to the schemes before they amend the trust deed and rules.
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NAPF calls for working group to assist DWP regs
[17:00 CET 09-11] UK – The National Association of Pension Funds (NAPF) has initiated calls for a new joint working group, to consider the implementation issues around the second batch of regulations relating to the UK's 2012 pension reforms.
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Slow IORP growth highlights cross-border complexity
[16:30 CET 09-11] EUROPE – The development of cross-border pension plans is making slow progress and the number of IORP vehicles set up has increased, according the latest report by the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS).
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State Street ups fund to fight investor claims
[14:00 CET 09-11] GLOBAL – State Street has increased the battle fund it set aside in November 2007 to cover potential legal claims regarding its fixed income investment strategies, which were alleged to have exposed institutional investors to sub-prime mortgages.
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Pension bodies dismiss cover ratio benefit from AOW rise
[16:35 CET 06-11] NETHERLANDS - Pension fund bodies have warned the Dutch government that raising the age of the AOW state-led retirement system will not automatically lead to a recovery of pension funds’ cover ratios or speed up indexation.
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IMF urges Ukraine to backtrack on pensions policy
UKRAINE – The International Monetary Fund has urged Ukraine to return to earlier commitments for wage and pension increases, as it argued the new social standards law passed by the parliament last month could cost up to 7% of GDP in 2010.
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Poland plans cut to role of pension funds
POLAND – The Polish social insurance body ZUS may be granted the right, from next summer, to manage the money that pension fund companies have to invest in government bonds.
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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.
