Latest on Regulation & Reform – Page 373
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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.
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EC aims to pursue withholding tax parity
[15:30 CEST 20-10] EUROPE – The European Commission is attempting to push through yet more reforms to local withholding tax regimes by recommending a simplified system be introduced for investors claiming the tax relief.
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Pension experts tout need for longer-term benchmarks
[17:00 CEST 19-10] GLOBAL – A joint meeting of the OECD and IOPS Global Forum on Private Pensions has been warned a “meaningful” long-term performance measure for pension funds must be found which assess pension funds’ ability to meet income replacement.
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USS attacks PPF levy focus on investment strategy
[14:30 CEST 19-10] UK – The chief executive of the Universities Superannuation Scheme (USS) has labelled the Pension Protection Fund’s (PPF) proposal to consider the investment strategy of schemes when calculating the levy as “inappropriate”.
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Savings products review may be key to flexible retirement - Cooper
[17:10 CEST 16-10] UK - Yvette Cooper, secretary of state for work and pensions, has hinted there may need to be a review of financial products within the saving industry to enable individuals to have a more flexible retirement by working longer or part-time if required.
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Dutch MPs reach a deal to raise retirement age to 67
[16:55 CEST 16-10] NETHERLANDS - The Dutch coalition political parties have agreed to raise to official retirement age for the state pension AOW in two steps from 65 to 67 in 2025.
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Ageing population costs to 'dwarf' recent crisis - EC
[16:55 CEST 15-10] EUROPE – European Commission officials have produced a report which claims the ability to meet public pensions liabilities is a higher long-term risk for governments than ever before and in most cases reform of member states’ pensions systems is desperately needed.
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Iceland prepares to free capital restraints
[16:40 CEST 14-10] ICELAND - Iceland has been preparing for the liberalisation from its capital controls, which will eventually conclude with the lifting of currency restrictions.
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AP6 gets caught in anti-competitiveness row
[12:00 CEST 13-10] SWEDEN – A row has erupted between two Swedish bicycle firms, including one wholly-owned by Sjätte AP-fonden (AP6), the sixth Swedish national pension fund, over allegations of anti-competitive behaviour.
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Germany's BDA wants risk-based pensions levy
[16:40 CEST 13-10] GERMANY – Switching to a risk-based levy for the German pension insolvency lifeboat Pensionssicherungsverein could help to considerably reduce contributions to the scheme in the long-run, according to Alexander Gunkel from the German federation of employer representatives.
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Corridor, smoothing would assist pensions risk - EDHEC
[16:15 CEST 08-10] GLOBAL – Companies and pension funds must be allowed to continue to use the ‘corridor approach’ when assessing a sponsor’s pension fund liabilities under IAS19 as any move otherwise would encourage schemes to shed risky assets, according to research by the French business school EDHEC.
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Kenny targets 'unacceptable' directors with MoU
[15:30 CEST 08-10] IRELAND – Paul Kenny, the Pensions Ombudsman has signed a Memorandum of Understanding with the Office of the Director of Corporate Enforcement (ODCE) to allow him to pass on details of “unacceptable behaviour by company directors” - a move bringing closer cooperation against rogue employers.
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NewsUK 2012 regulations may restrict employer innovation
[17:15 CEST 07-10] UK – Employers want a wider range of pension and savings products that meet the changing priorities and immediate needs of their employees, but the upcoming 2012 regulations may be restricting innovation, according to research from BlackRock.
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TPR appoints Deloitte for review of UK's DC regulations
[16:47 CEST 07-10] UK – The Pensions Regulator (TPR) has appointed Deloitte to conduct a review of the existing defined contribution (DC) regulatory framework and make recommendations for a new "robust" framework ahead of the 2012 reforms.
