Latest on Regulation & Reform – Page 379
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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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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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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.
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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.
