Latest on Regulation & Reform – Page 377
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Dutch insurers failing pensions duty of care - AFM
[15:30 CEST 20-08] NETHERLANDS - Many pension insurers are falling short in their duty of care in situations where contracts offer policyholders freedom of choice on investments, the communications watchdog Authority Financial Markets (AFM) has claimed.
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Crisis might speed up Bulgarian reform – CFO interview
BULGARIA – The financial crisis could boost plans to introduce a life-cycle model to the Bulgarian pension system, Miroslav Marinov, CFO of the pension fund management company Doverie, has told IPE.
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Polish second pillar in need of 'fine tuning' – KNF
POLAND – The Polish supervisory authority KNF sees three major challenges for a reform of the Polish second pillar, including lower risk profiles and capital requirements.
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German public funds improve risk management
GERMANY – German public pension funds have followed industry practice in adopting enhanced risk management provisions, even though they are not legally required to.
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Italian pension changes lie in wait
[16:35 CEST 11-08] ITALY - While the financial crisis has put a stop to immediate action in the Italian pension fund industry, changes remain on the horizon, say pension officials. And a reform of decree 703/96, relaxing the investment limits for closed and open pension funds may be one of ...
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Raising retirement to 70 may be necessary – consultants
[16:00 CEST 11-08] UK – Workers may eventually have to consider working until the age of 70 unless they put sufficient money into their pensions, according to consultants. However new research suggests employees are not even aware of the pending change to the UK retirement age so doubts have been ...
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IMF warns Swiss guarantee is at risk
[13:30 CEST 07-08] SWITZERLAND – The International Monetary Fund (IMF) doubts Swiss life insurances have enough buffers to continue guaranteeing a 4% annual interest rate on pension funds.
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Czechs given open pensions choice
CZECH REPUBLIC – Employees in the Czech Republic are being given more free choice over their pension provider in the latest reforms, but switching pension funds will be no longer free for all.
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TPR to use direct marketing for employer compliance
[15:30 CEST 06-08] UK – The Pensions Regulator (TPR) has signalled its intention to use direct marketing services as an initial step to inform employers and their advisers of their duties, under the new auto-enrolment requirements beginning in 2012.
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Pensions risk could lead to use of 'EBITDAP' - LCP
[16:50 CEST 05-08] UK – Pensions consultancy firm Lane, Clark & Peacock has predicted companies might in future adapt their accounting reports to carry financial results which list pensions activity as an extension of their ‘EBITDA’ calculations.
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NewsBalsfjord joins Norwegian pension tenders
[13:30 CEST 05-08] NORWAY – Balsfjord kommune, in the north of Norway, is the latest municipality to re-tender its public occupational pension provision.
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EU committee seeks expert panel on finance
[16:20 CEST 04-08] EUROPE – The European Parliament's Economic and Monetary Affairs Committee is tendering for providers to join a "panel of experts" to provide advice on financial services issues.
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ACA calls for interim changes to PCPF
[16:10 CEST 04-08] UK – The Association of Consulting Actuaries (ACA) has warned against any "significant revisions" to the Parliamentary Contributory Pension Fund (PCPF) until there is a wider review of UK public sector pensions.
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NewsAIFM could cost pension funds €25bn a year
[15:30 CEST 04-08] GLOBAL – The Alternative Investment Fund Managers (AIFM) Directive could cost European pension funds €25bn a year through charges and lower investment returns if is implemented in its current form, the Alternative Investment Management Association has claimed.
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NewsInvestors slam Myners' two-tier shareholder plan
[16:45 CEST 03-08] UK – Investors and bodies representing pension funds have criticised a proposal by UK City minister Lord Myners to boost investor engagement by creating a ‘two-tier’ shareholder regime.
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More Greek reforms needed to alter 'generous' pensions - OECD
GREECE – The Greek government needs to consider yet more reforms to its pensions regime, including a major overall of actuarial calculations used as current projections suggest its public pension payments will account for 24% of GDP in 40 years’ time, suggested a report produced by The Organisation for Economic Cooperation and Development.
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NewsUK could face 'inconsistent' legal actions
[13:00 CEST 03-08] UK – Development of a route for tackling shareholder actions has taken an unexpected route in the UK which lawyers claim could be more complicated than a US-style legal-based civil action framework and is likely to create inconsistencies among cases.
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NewsPressure grows for abolition of default retirement age
[16:15 CEST 31-07] UK – A cross-party group of MPs has reiterated its call for the default retirement age of 65 to be abolished, as it believes the practice is "discriminative and unnecessary".
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NewsIASB trips up in corridor
[16:15 CEST 31-07] GLOBAL - A bid by the International Accounting Standards Board (IASB) to relax the requirements of IAS19 in respect of discount rate determination has run into the sand as staff and board have failed on three occasions to finalise transitional arrangements.
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Highland schemes seeks advice for tax recovery
[17:10 CEST 29-07] UK - The Highland Council is seeking a provider of tax advisory service to help its £627.8m (€730.9m) local government pension scheme (LGPS) claim back withholding taxes on dividends from EU and EEA sources.
