Latest on Regulation & Reform – Page 378
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News
Benefits of default retirement age are 'exaggerated'
[17:00 CEST 29-07] UK – The advantages of a mandatory retirement age of 65, implemented under employment equality regulations in 2006, "have been exaggerated", claims research conducted for the Employers Forum on Age (EFA) and The Age and Employment Network (TAEN).
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Pension funds rally against need to report cooperation
NETHERLANDS – Representatives of the Dutch pension funds arena have lodged an appeal with the competition regulator NMa against a duty to report any cooperation of activity between pension funds.
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AIFM could bring less fund choice, claims law firm
[17:00 CEST 24-07] EUROPE – A Paris-headquartered law firm has warned current proposals for the Alternative Investment Fund Managers (AIFM) Directive could lead to a lack of choice of funds in the future unless European officials can work with US and international counterparts to improve regulatory terms on alternative investments.
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TPR 'willing to enforce' DC improvements
[16:50 CEST 23-07] UK – The Pensions Regulator has signalled its intention to take a tougher stance on defined contribution (DC) pensions governance, with a particular focus on retirement options and processes and employer engagement.
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DC trustees forced to focus on admin
[16:45 CEST 22-07] UK – The majority of defined contribution (DC) fiduciaries, such as trustee boards or monitoring committees, claim they are forced to focus on the administrative side of scheme governance rather than qualitative activities such as investment strategy, according to a study conducted by Watson Wyatt.
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UK pension complaints keep stable in 2008/09 despite ‘turmoil’
[16:45 CEST 21-07] UK – The number of complaints to the Pensions Ombudsman remained steady in 2008/09 at 742, despite receiving the highest level of enquiries for four years.
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Discipline board investigates actuaries about First Quench fund
[17:15 CEST 20-07] UK – The Accountancy and Actuarial Discipline Board (AADB) has initiated an investigation into the conduct of actuaries in relation to the substitution of the sponsoring employer of the First Quench Pension Fund.
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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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News
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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News
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.
