Latest on Regulation & Reform – Page 375
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News
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.
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Latvia plans pension changes from 2011
LATVIA – The Latvian government has revealed new pension reforms are being planned to come into effect from January 2011 in an attempt to further reduce the budget deficit.
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AIFM directive would restrict global investments - IMA
[17:45 CEST 08-09] EUROPE – The UK's IMA has sharpened the debate on the EU's Alternative Investment Fund Managers (AIFM) draft directive and has called for institutional investors to participate in lobbying activity.
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Pensions Board prosecutes firm over funding certificate
[17:15 CEST 08-09] IRELAND - The Pensions Board has successfully prosecuted an engineering company for failing to submit an actuarial funding certificate for its pension fund within the required time frame.
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Swiss funds need board member training
[17:50 CEST 07-09] SWITZERLAND – While close to all Swiss pension funds are complying with the law and have both worker and employer representatives on the board, the level of knowledge differs greatly, according to a study commissioned by the government and published this summer.
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Irish public sector review to feed into pension policy
[17:45 CEST 07-09] IRELAND – A review of public service pensions conducted by the Comptroller and Auditor General, expected to be released by the government shortly, will feed into a range of "possible initiatives" relating to public sector pensions.
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News
Ireland proposes reform of pension tax relief
[17:15 CEST 07-09] IRELAND – The Commission on Taxation has recommended the existing arrangement for tax relief on pension contributions should be changed to a system of matching contributions.
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News
AIFM depository could increase systemic risk - EFAMA
[16:30 CEST 03-09] EUROPE – The European asset management industry’s central lobbying group has warned key changes are still needed to the Alternative Investment Fund Managers Directive or politicians could end up ratifying legislation which in fact increases the potential for systemic risk.
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Solvency II could slash pensions by 20% - UK insurer
[16:30 CEST 03-09] UK – Legal & General (L&G) has repeated a warning that annuity levels for UK-based defined contribution pension scheme members in the UK could fall by up to a fifth, if Solvency II is enacted in its current form.
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Parliament seeks balance on Dutch pension boards
[15:30 CEST 03-09] NETHERLANDS - MPs in the Dutch parliament have rejected calls for a higher number of pensioner members on pension scheme boards and instead argued lobbying groups should be better represented at industry-wide pension funds.
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News
Dutch asset managers can opt for supervision
[17:25 CEST 02-09] NETHERLANDS - The Dutch government has offered local asset managers the option of a voluntary supervisory regime. The aim is to increase their attractiveness to foreign institutional investors.
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NewsExpert panel to review Norway Global active strategy
[16:30 CEST 01-09] NORWAY – The Ministry of Finance has appointed an international group of specialists to evaluate the active management of Norges Bank in relation to the Government Pension Fund – Global as part of an external review into the continuation of active management strategies.
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Poland to reform pension sales activity
POLAND – The Polish government is working on a reform of the second pillar, which would see the end of sales agents working for pension funds, IPE understands.
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FeaturesAustria: Pensionskassen under construction
Austria’s coalition partners will outline a reform to the Pensionskassen system this autumn, finds Barbara Ottawa
