Latest on Regulation & Reform – Page 378
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News
Tories propose to abolish compulsory annuities
[16:30 CEST 10-06] UK – The Conservative Party has claimed it will abolish compulsory annuitisation at age 75 if they win the next general election, as part of an effort to "rebuild our savings culture".
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Austrian pension fund doubts value of reform
[16:30 CEST 10-06] AUSTRIA – The Victoria-Volksbanken Pensionskasse is not convinced that making it easier for people to switch between several pension vehicles will help the second pillar, IPE was learnt.
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SSRB consults on future of MP pensions
[16:10 CEST 10-06] UK – The Senior Salaries Review Board (SSRB) has issued a consultation to gather feedback on the future of the Parliamentary Contributory Pension Fund (PCPF), which includes proposals for reducing costs and the possibility of switching to a different pension arrangement.
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News
CEIOPS maintains cross-border focus
[16:00 CEST 10-06] EUROPE – The body of regulatory officials knows as CEIOPS is planning this year to try and identify those European pensions schemes which are not currently covered by any European Union legislation, as part of its continuing review of cross-border pensions supervision.
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Arcandor pensions could face the PSV
[17:20 CEST 09-06] GERMANY – Arcandor, the firm behind German high street retail giant Karstadt, may eventually see its defined benefit pension obligations placed in the hands of Germany’s lifeboat fund for pensions, as the firm today announced it had filed insolvency papers.
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News
Average Danish retirement age drops to 63
[17:15 CEST 09-06] DENMARK – The average retirement age in Denmark fell by almost two years between 1992 and 2008, according to a new study by Forsikring & Pension, the Danish Insurance Association (DIA).
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News
Workplace healthcare 'key' to delaying retirement
[17:15 CEST 08-06] FINLAND – The average retirement age for employees would increase by a year if “effective occupational health care schemes” are provided at all workplaces, the Central Organisation of Finnish Trade Unions (SAK) has claimed.
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Fear of DB closures pre-empted tough week for pensions
[17:05 CEST 05-06] UK - Seven out of 10 Britons fear company pension schemes could be closed to all workers because of the tax changes in this year's Budget.
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Altering IFRIC 14 is right - consultants
[16:50 CEST 05-06] EUROPE - Two major pensions consultancy firms have broadly welcomed the recent move by the IASB to amend its asset-ceiling interpretation of IFRIC 14.
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Cooper to replace Purnell as pensions secretary
[15:45 CEST 05-06] UK – Yvette Cooper, chief secretary to the UK Treasury, is expected to be named later today as work and pensions secretary in a Cabinet reshuffle, following the shock resignation of James Purnell late last night.
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Features
Regulation and ALM
Samuel Sender argues that IAS19 should tolerate funding volatility for DB obligations and that pension funds should improve internal risk models
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Features
A better approach to solvency
The Dutch regulator is using the wrong measure to assess pension liabilities, argue Piet Duffhues and Anton van Nunen. They offer a different approach
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News
Competition rules applicable to pension funds - watchdog
[16:10 CEST 02-06] NETHERLANDS - All Dutch pension funds are to be treated as companies under the Dutch competition legislation known as the ‘Mededingingswet’.
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Shell ordered to pay €316m class action settlement
[16:45 CEST 01-06] EUROPE – Pension funds and institutional investors of a securities class action against Royal Dutch Shell have won a higher compensation payout than earlier expected, following a landmark decision by the Amsterdam Court of Appeals.
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Madoff fraud cost Dutch pensions €166m
[15:00 CEST 29-05] NETHERLANDS - Dutch pension funds have lost €166m to the Ponzi scheme run by Bernard Madoff, Wouter Bos, the Dutch finance minister has claimed.
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IASB admits 'unintended consequences' to IFRIC 14
[13:00 CEST 29-05] GLOBAL – The International Accounting Standards Board (IASB) has unveiled proposed amendments to IFRIC 14 rules concerning pensions minimum funding rules shown on the balance sheets as officials say “unintended consequences” mean some prepayments are not shown as an asset.
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News
AIMA rallies against EC alternatives directive
[16:30 CEST 28-05] GLOBAL - The Alternative Investment Management Association (AIMA), which represents the global hedge fund industry, is planning to lead members in opposition to certain provisions in the European Commission's draft directive for alternative investment fund managers.
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Growing private pensions not enough – IMF
SLOVENIA – The Slovenian government wants to increase incentives for people to save privately for their retirement and work longer, but the International Monetary Fund (IMF) thinks this is not enough the pensions regime.
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Eq Life judicial review passes to next stage
[15:30 CEST 28-05] UK – Equitable Life policyholders have been given permission to proceed with a full judicial review hearing, over the government's failure to implement the Parliamentary Ombudsman's recommendations on compensation.
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News
'Duty to report' replaces ban on short-selling
[15:15 CEST 28-05] NETHERLANDS - The ban on short-selling of Dutch equities will be replaced by a temporary but mandatory registration of short positions in Dutch financial institutions.
