Latest on Regulation & Reform – Page 372
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News
Swedish government to overhaul AP7
[16:00 CEST 30-09] SWEDEN - The Swedish government is proposing wide-ranging changes to the country’s premium-based pension system (PPM) and AP7 - responsible for managing the premium choice and default funds - which will see both scrapped and transformed into a single new type of fund, in a bid to ...
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Reinsured Dutch schemes given leeway on recovery plans
[16:00 CEST 30-09] NETHERLANDS - Reinsured pension schemes with a shortfall caused by credit risk at a reinsurer are not required to submit a recovery plan before 1 April 2010, the pension regulator De Nederlandsche Bank has announced.
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German BVI expects pension tax changes
[17:00 CEST 29-09] GERMANY – The German investment association (BVI) predict there will be amendments to the occupational pension sector rules, especially when it comes to equal tax opportunities for investment funds, following the change of the government coalition in Germany.
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Danish pensions solvency package could be extended
[16:15 CEST 29-09] DENMARK - The pensions solvency rescue package agreed last autumn between the Ministry of Economic and Business Affairs and the Danish Insurance Association could now be extended beyond the end of this year, and the two parties are now in talks.
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Employers not budgeting for 2012 auto-enrolment
[17:10 CEST 28-09] UK – Employers claim payroll costs could increase by 3-4% if they auto-enrol staff into existing workplace pension schemes, yet just 32% of those planning to take this step from 2012 have so far budgeted for the change, the Association of Consulting Actuaries (ACA) has revealed.
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UK court rules default pension age is legal
UK – The UK High Court has ruled in favour of the government and confirmed the decision to adopt a default retirement age was "legitimate and proportionate", though it warned a review of the regulations next year should consider whether the use of an age 65 retirement date can be ...
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UK: DB schemes given 3-yr auto-enrolment deferment
[17:10 CEST 24-09] UK – The government has proposed giving defined benefit (DB) pension schemes a three-year deferment period before implementing auto-enrolment, and stated employers will have to back-date contributions if they wish to switch to a defined contribution (DC) scheme.
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High-earner pension planning falls under corporate spotlight
[16:30 CEST 23-09] UK – Towers Perrin has revealed FURBS-style pension products are seeing a resurgence of interest, as companies with employees who earn more than £150,000 (€) a year are looking to assist staff who may have to pay pensions tax upfront from next year, when a 50% tax ...
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NewsLatvia retirement age to reach 65 by 2021
LATVIA – The retirement age in Latvia will gradually increase to 65 by 2021 at the rate of half a year annually, as part of reforms to the pension system.
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NewsUK pensions 'quality' standard requires twice 2012 minimum
[16:25 CEST 21-09] UK – A new pensions quality mark for defined contribution (DC) schemes has been developed by the National Association of Pension Funds (NAPF) which requires a minimum contribution of 10% with at least 6% from the employer - double the statutory minimum under the 2012 reforms.
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Personal accounts could lead to mis-selling, claims think tank
[16:15 CEST 21-09] UK – The introduction of UK personal accounts could increase the risk of the UK population being missold pensions unless key changes are made to help deliver great returns and flexibility at retirement, a right-wing UK think tank has claimed.
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NewsDNB: Dutch pension funds underestimate risk
[11:50 CEST 18-09] NETHERLANDS – The pensions supervisor De Nederlandsche Bank (DNB) says that a number of pension funds are underestimating the risk they are exposed to in their investment policies. This was made public at the yearly gathering of pension funds managers organised by DNB, held yesterday.
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UK regulators pushes for more employer interaction
[17:10 CEST 17-09] UK – Employers are being encouraged by UK regulators to become more involved in the promotion of occupational pension schemes to employees in the run-up to auto-enrolment regulations in 2012.
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Court strengthens insurance-based pension terms
[17:05 CEST 17-09] GERMANY – A German court has ruled that charging upfront fees related to setting up a life insurance contract for corporate pensions is only partly within the legal framework for occupational pensions.
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OECD pushes need for life expectancy link to pensions
[16:00 CEST 17-09] GLOBAL – Seventeen OECD countries have yet to implement some form of link to life expectancy against pensions, yet doing so might be a way for governments to convince individuals that they must bear some of the cost of providing for retirement, suggests a report delivered by an OECD pensions expert.
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Pensions Ombudsman maintains legal pressure on employers
[16:40 CEST 16-09] IRELAND – The Pensions Ombudsman is continuing to place pressure on employers to co-operate with its investigations and comply with pensions obligation, after attaining the successful prosecution of another employer in the construction industry.
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Two-thirds of UK workforce ‘unpensioned’ - TUC
[17:35 CEST 14-09] UK - Coverage of defined contribution (DC) schemes is not growing fast enough to fill the gap left by the continuing closure of defined benefit (DB) schemes, leaving two-thirds of the private sector workforce without a pension, according to data from the Trades Union Congress (TUC).
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AIFM Directive may still be strengthened, warns Rasmussen
[17:30 CEST 11-09] EUROPE - Members of the fund management community have reacted angrily to suggestions that the scope of the European Union’s Draft Directive on Alternative Investment Fund Managers (AIFM) could be widened, and its provisions strengthened rather than weakened, before it becomes law.
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Finland imposes DC pensions on state company executives
[16:50 CEST 10-09] FINLAND – The government has agreed new guidelines for the remuneration of executives in state-owned companies including a requirement that new pension schemes should be established on a defined contribution (DC) basis.
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German BMF accepts ECJ ruling on Riester
[16:45 CEST 10-09] GERMANY/EUROPE – The European Courts of Justice (ECJ) ruled today that Germany was violating European Union regulations on freedom of movement with parts of its law on the state-subsidized supplementary Riester pension.
