Latest on Regulation & Reform – Page 377
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Directive could increase systemic risk, warns ex-SEC chairman
[17:00 CEST 02-07] GLOBAL - Harvey Pitt, chairman of the SEC from 2001-2003 and during the 9/11 and Enron years, has warned that the European Commission’s draft directive on alternative investment fund managers could end up exacerbating the systemic risks it is supposed to regulate if it leads to hedge ...
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Private equity 'well ahead' of regulatory thinking - State Street
[16:55 CEST 02-07] GLOBAL - Investors remain committed to private equity and are already benefiting from a “fundamental shift” in power away from general partners (GPs), according to State Street.
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TPR adds buyouts to toolkit as new code is finalised
[17:20 CEST 30-06] UK – The Pensions Regulator (TPR) has added a new module to its ‘Trustee Toolkit’ providing guidance on buy-ins and partial buy-outs to coincide with the publication of a code of practice relating to the ‘material detriment test’.
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Hewitt awarded EC cross-border feasibility study
[17:15 CEST 30-06] EUROPE – The European Commission (EC) has appointed Hewitt Associates to conduct a feasibility study on the requirements for establishing a pan-European pension fund for researchers.
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EC takes action against Italy, Denmark and Finland
[15:30 CEST 26-06] EUROPE - The European Commission has taken the first step in legal action against Italy over failure to equalise pension ages for men and women in the civil service, while Denmark and Finland have been ordered to amend legislation to stop the discriminatory taxation of foreign pension ...
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IORPs should not 'over-react' to crisis
[13:00 CEST 26-06] EUROPE – The impact of the current economic crisis has resulted in closer scrutiny by many European supervisors of occupational pensions and the shared message appears to be pension funds should not over-react, the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) has said.
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Lords warn tax relief cut risks pension damage
[17:20 CEST 23-06] UK – A parliamentary committee has warned that changes to the UK pension tax relief system for higher earners undermine existing rules which were overhauled in 2006 and risk sapping confidence by removing the "simplicity, consistency and certainty" around the tax system.
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OECD fears pensions backtrack in economic pressure
[16:00 CEST 23-06] GLOBAL – The Organisation for Economic Cooperation and Development (OECD) has warned governments should not to try and deal with short-term challenges in economic conditions by postponing pension reforms as the longer-term impact could be more damaging further down the road.
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NewsMEP pension decision will apply to all members
[17:10 CEST 19-06] EUROPE – The European Parliament has agreed to apply a judgment to all members of the MEPs' pension fund if it loses a legal action over changes to the ABSL voluntary pension scheme, and not just to participants who pursue the case.
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Goodwin pension cut avoids legal uncertainty
[17:00 CEST 19-06] UK – Legal protections prohibiting employers from retrieving pension benefits remain in tact after Royal Bank of Scotland (RBS) after Sir Fred Goodwin, the former chief executive, agreed to voluntarily reduce his annual pension to £342,500 (€404,046).
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Mortality projections model tailored to user needs
[16:30 CEST 19-06] UK - The UK Actuarial Profession has unveiled a prototype mortality model for projecting increases in life expectancy which it believes will better reflect recent mortality rates and trends.
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NewsDonner to close ‘levensloop’ hole
[16:00 CEST 19-06] NETHERLANDS - Social affairs’ minister Piet Hein Donner has announced measures to prevent workers who have taken early retirement under the tax-friendly ‘levensloop’ savings scheme from also taking advantage of the tax-facilitated ‘doorwerkbonus’, or non-stop bonus, which is meant to encourage longer working.
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NewsCzech funds survive stress test, for now
CZECH REPUBLIC – All Czech pension funds have passed a stress test by the country’s national bank (CNB) but the results show major weaknesses should interest rate levels climb steeply.
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NewsAuto-enrolment will provide 'small' savings boost
[17:15 CEST 16-06] UK – Pension reforms designed to auto-enrol eligible employees into qualifying workplace pension plans will only produce a "relatively small" increase in overall pension savings, the Institute for Fiscal Studies (IFS) has warned.
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NewsMEPs launch legal challenge over reforms
[17:10 CEST 16-06] EUROPE – Members of the ABSL voluntary pension fund for Members of the European Parliament (MEPs) have launched a legal action against the European Parliament over changes to the pension scheme.
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Pension costs deter private sector bids
[17:05 CEST 16-06] UK – The government needs to “level the playing field” and stop private sector companies having to pay up to three times as much in pension costs than the public sector following staff transfers, the Confederation of British Industry (CBI) has warned.
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Latvia to tackle budget deficit with pension cuts
LATVIA – The Latvian government is planning to reduce its budget deficit for 2009 by LVL500m (€714.3m) but intends to do so, among other routes, through a major cut in pension payouts.
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Britannia files high court claim against advisers
[17:15 CEST 12-06] UK – The pension fund of the Britannia Building Society has filed a High Court claim against some of its advisers related to allegedly negligent equalisation advice.
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Romanian second pillar back on schedule
ROMANIA – The IMF has agreed a financial aid package with Romania which will ensure, that the country can return to its original schedule for changes to second pillar contributions and in turn will put in place reforms.
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NewsAuto-enrolment needs more time - NAPF
[17:00 CEST 11-06] UK – The National Association of Pension Funds has warned current proposals for auto-enrolment in 2012 are “too rigid” as they give employers insufficient time and flexibility and will lead to higher costs as a result.
