Latest on Regulation & Reform – Page 380
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Slovak funds grow 0.5%
SLOVAKIA – The six pension fund companies managing mandatory funds for Slovakia’s second pillar posted a positive return for the first quarter of 2009.
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DNB 'very critical' on recovery plans – actuaries (updated)
[16:00 CEST 12-05] NETHERLANDS - Actuarial firms have claimed the pensions regulator, De Nederlandsche Bank, is sticking too rigidly to its checklist when judging the mandatory recovery plans of pension funds with a funding shortfall.
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Absolute return may be future for default funds
[17:20 CEST 11-05] UK - Recent volatility in pension default fund investments has suggested there is a need to shift away from lifestyling towards alternatives such as absolute return funds, according to Punter Southall Financial Management.
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PADA rebuts personal accounts 'failure'
[17:10 CEST 11-05] UK - The Personal Accounts Delivery Authority (PADA) has hit back as claims that the new pension regime for personal accounts will not work and research which suggested just two in 100 employers will use the scheme.
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Pension reforms to lessen gov’t spending, initially
[15:30 CEST 11-05] EUROPE – Just as many governments are now trying to rectify potential future shortfalls in retirement income, the European Commission has found the anticipated higher costs on domestic budgets will be at their lowest among some countries over the next decade before rising again in later years.
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Gov't publishes trivial commutation rules
[17:10 CEST 08-05] UK – The government has today published regulations allowing pension scheme members to commute occupational pension funds of less than £2,000 (€2,233), even if they have larger pension savings elsewhere.
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Highland pension unable to exclude tobacco
[17:05 CEST 08-05] UK – The Highland Council has been warned that attempts to exclude investments from the £801.7m (€897.8m) pension scheme on ethical grounds would be unlawful and could lead to the council being forced to make up any shortfall to the scheme.
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Romania to look at pension reserve fund and life-cycling (updated)
ROMANIA – Pension fund companies in Romania will soon have to pay into a general reserve fund and they are likely to introduce the life-cycle model in their funds from 2010, according to the pensions regulator.
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MPs say 'abolish' default retirement age
[17:10 CEST 07-05] UK – Members of Parliament (MPs) serving on the Work and Pensions Committee have recommended regulation allowing a statutory default retirement age of 65 be abolished - a move which contradicts the government's recent defence in a legal action brought by ageing population charities.
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PADA initiates discussion on investment
[17:05 CEST 07-05] UK - The Personal Accounts Delivery Authority (PADA) has issued a discussion paper to help inform its trustee corporation of its thoughts on investment strategy, and which includes thinking on corporate governance and responsible investing.
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Budget forces rethink on pension plans
[17:00 CEST 07-05] UK – Planned reductions in higher rate tax relief on pension contributions have caused nearly 60% those in charge of pension schemes to rethink existing pension projects, according to Hewitt Associates.
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Ombudsman criticises gov't over Eq Life response
[17:20 CEST 06-05] UK – The Parliamentary and Health Service Ombudsman has warned the UK government's 'alternative' proposal to make ex-gratia payments to members of Equitable Life who suffered "disproportionate impact" of losses will not remedy the injustice resulting from maladministration.
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TPR simplifies 'material detriment' code
[16:50 CEST 06-05] UK – Feedback on a draft code of practice concerning the "material detriment" test has resulted in The Pensions Regulator (TPR) restructuring the code to make it clearer and more "accurately reflect the policy intent".
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AFM extends UPO deadline
[15:00 CEST 06-05] NETHERLANDS - The Authority Financial Markets (AFM) has extended the deadline by which the Uniform Pension Statement must be send out by pension funds and insurers.
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ASB sticks to immediate recognition of pension values
[16:35 CEST 05-05] UK – The UK Accounting Standards Board (ASB) has revealed it has made some "tentative" decisions on proposals relating to the financial reporting of pensions including immediate recognition of pension assets and liabilities.
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NewsDonner to change rules on pensions connections
[14:30 CEST 01-05] NETHERLANDS - Social affairs’ minister Piet Hein Donner wants to undo the present ban which prevents pensions providers from linking their financial products to the mandatory industry-wide pension funds.
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UK seeks pension fund investment in housing
[14:00 CEST 01-05] UK - Plans to encourage pension funds to invest in private rented housing have been announced by the UK government’s Housing and Communities Agency (HCA).
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NewsWarnings surface over Irish early retirement plan
[12:00 CEST 01-05] IRELAND – Government plans to cut the public sector wage bill by incentivising early retirement may not be "legally sound", Impact, the trade union, has warned.
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NewsEC to raise insolvency issue with Irish gov't
[17:10 CEST 30-04] IRELAND/EUROPE – Trade union representatives for SR Technics workers have been told the European Commission will "shortly" be raising the issue of pension protection, when a scheme is wound up in deficit, with the Irish government.
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NewsRegulators urged to leave pension funds alone
[17:00 CEST 30-04] EUROPE – Regulators came under strong criticism at a conference in Salzburg earlier this week, when Swiss consultant Felix Kottmann and Dutch fiduciary adviser Anton van Nunen told them to back away from damaging pensions.
