Latest on Regulation & Reform – Page 374
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NewsCall for Dutch self-employed to stay in pension funds
[17:20 CEST 06-10] NETHERLANDS - Self-employed individuals should be given the legal right to temporarily stay in the pension fund of their former employer so they may save for a pension, a Dutch academic expert has suggested.
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NewsUK Conservatives plan to speed up pension age increase
[17:15 CEST 06-10] UK – The Conservative Party has confirmed it will reinstate the earnings link for the basic state pension in the next Parliament if they are elected, but warned it would be funded by a faster increase in the state pension age (SPA).
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NewsNBIM wants more accountability from UK directors
[16:55 CEST 02-10] NORWAY/UK – Norges Bank Investment Management (NBIM), responsible for managing the assets of the NOK2.5trn (€290bn) Government Pension Fund – Global, has supported recommendations from the Walker Review for increased accountability but officials say they want it to go further.
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Norway targets US firms over combined CEO role
[16:50 CEST 02-10] NORWAY – Norges Bank Investment Management (NBIM) has for the first time submitted shareholder proposals to four US companies requiring them to have an independent chairman.
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Eureko secures exit from Polish PZU row
POLAND – Eureko, the Netherlands-headquartered insurance group, has finally secured a financial settlement and exit strategy from its ownership of PZU following a long-running dispute with the Polish government.
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DWP to allow non-UK schemes for auto-enrolment
[17:00 CEST 01-10] UK – The government has confirmed non-UK pension schemes can be used for auto-enrolment purposes from 2012, although it stressed it would amend regulations to exclude non-European Economic Area (EEA) schemes if there are suggestions of an unacceptable risk to member benefits.
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UK employers may avoid certifying 'borderline' DC
[16:40 CEST 01-10] UK – Employers operating defined contribution (DC) schemes on the "borderline" of meeting the quality requirements for the 2012 reforms may be less likely to use self-certification because of cost issues, Hymans Robertson has suggested.
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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.
