Latest on Regulation & Reform – Page 376
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News
Lack of advisers''toolkit' knowledge raises TPR concerns
[16:30 CEST 20-07] UK – The Pensions Regulator (TPR) has admitted to concerns that certain parts of the pension industry, particularly advisers, are "not as familiar" with its 'toolkit' on trustee knowledge and understanding (TKU) requirements as they claim to be.
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OECD says DC needs 'careful' regulation after losses
[16:15 CEST 20-07] GLOBAL – The regulation of investment choices and default options in defined contribution (DC) pension schemes need to be more carefully implemented than has been done in the past, the Organisation for Economic Co-operation and Development (OECD) has warned.
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Slovak funds down amid 'dramatic changes'
SLOVAKIA – The six funds in the Slovak mandatory second pillar posted negative returns for the second quarter of this year, halving the six-months’ performance just as a new bill introduced structural changes.
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TPR warns of tougher stance under new ECR
[16:25 CEST 16-09] UK – The Pensions Regulator (TPR) has warned the pension industry it will "see a very different regulator" once it implements the Employer Compliance Regime (ECR) for the 2012 pension reforms.
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Irish pension complaints rise 56% in 2009
[16:20 CEST 16-07] IRELAND – The number of complaints received by the Pensions Ombudsman increased 56% in the first half of 2009, driven by the increased vigilance of pensions members.
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ABV gains assurances on 'first pillar' pensions status
[16:50 CEST 15-07] GERMANY – Politicians from the government coalition partner CDU have told the ABV, an association of pension funds for self-employed people such as doctors, lawyers or notaries, that the funds they represent will not be incorporated into the first pillar pension system.
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Legal issues prevent early UK pensions auto-enrolment
[14:30 CEST 15-09] UK – The UK government has claimed auto-enrolment cannot be brought forward before 2012 as the obstacles related to legal and European issues are "insurmountable".
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Retirement age review may cause DB admin headache
[16:50 CEST 14-09] UK – The potential removal or increase of the default retirement age (DRA) of 65 could cause "administrative wrinkles" for defined benefit (DB) schemes with different normal retirement ages.
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UK gov't defends limited tax relief concession
[17:30 CEST 13-07] UK – The government has defended its decision to raise the ‘special allowance’ for receiving higher rate tax relief on pension contributions by just £10,000 on the basis it would only cost an additional £70m (€81m).
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NewsIrish ministerial pension cut is 'political cowardice'
[17:00 CEST 10-07] IRELAND – The government has been accused of "political cowardice" for reducing the pensions of former ministers by 25% instead of abolishing the entitlement immediately.
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NewsFoster Wheeler ruling could trigger further legal action
[17:15 CEST 09-07 UK – The Court of Appeal's judgement in the Foster Wheeler case has received conflicting reactions from the industry including a suggestion that the ruling could lead to further litigation.
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NewsDNB approves ABP and PFZW recovery plans
[15:45 CEST 09-07] NETHERLAND – The pensions regulator, De Nederlandsche Bank, has approved proposals presented by the ABP and PfZW pension funds for recovery of their plans assets.
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News'Buy and hold' pension strategies is over, claims banker
[17:10 CEST 08-07] AUSTRIA – New strategies and reforms are needed in the Austrian pensionskassen system, according to banking officials, yet politicians have claimed the first pillar is good enough even when young Austrians disagree.
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News
Judges allow Foster Wheeler appeal
[17:05 CEST 08-07] UK – Foster Wheeler has been allowed an appeal by the UK Court of Appeal against an earlier High Court judgment, which allowed members of its pension scheme with mixed Normal Retirement Dates (NRDs) to take all pension benefits at the earlier age without an actuarial reduction.
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NewsUK pensions could carry 'traffic light' style risk warning
[17:00 CEST 08-07] UK – The UK’s finance minister has unveiled a wide range of proposals concerning financial services regulation which are designed to tighten risk management of the entire UK financial system after the recent crisis, but could also impose some form of ‘traffic light system’ style risk warning ...
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News
Norway prepares review of active management
[16:55 CEST 07-07] NORWAY – The Norwegian ministry of finance is seeking a consultant to prepare a report which will then feed into the government’s evaluation of the active investment management of the NOK 2.3trn (€254.9bn) Norwegian Government Pension Fund – Global.
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NewsKeva chief resigned ahead of exoneration
[16:00 CEST 07-07] FINLAND – Markku Kauppinen, the chief executive of Finland’s Local Government Pensions Institution (Keva), resigned yesterday following allegations of corruption concerning his political role and investments made by the pension fund. Yet supervisory officials today stated its own investigation found there was no sign of any wrongdoing.
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NewsRomanian funds return 7% amid consolidation
ROMANIA – Funds in the Romanian mandatory second pillar reported an average return of 6.97% for the first half of 2009, and there are further consolidations in the pipeline.
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News
Gov't Finance Bill amendments not enough
[17:10 CEST 06-07] UK – Government amendments to anti-forestalling proposals ahead of the restriction of higher rate tax relief in 2011 have addressed some concerns held by pensions experts, though officials warn yet more needs to be done.
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NewsSwiss gov’t looks abroad for supervision
[15:45 CEST 06-07] SWITZERLAND – The Swiss government is searching for researchers to conduct a comparative study of pension supervision and to check the applicability of Solvency II as part of a project to collect ideas for pensions reform.
