Latest on Regulation & Reform – Page 380
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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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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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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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News
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.
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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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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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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’.
