Latest on Regulation & Reform – Page 381
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Features
AMF bonuses become a toxic issue
The outrage sweeping Europe and North America at bonus payments and large pension pots awarded to executives of loss-making financial services entities is also reflected in Sweden. The highest profile victim is AMF, Sweden’s largest pension insurance company and one of its most trusted brands.
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Features
Time to rethink Irish benefits
Accrued benefits in defined benefit (DB) schemes have previously seemed off-limits for employers looking to cut costs. But with an estimated 90% of Irish DB schemes failing the minimum funding standard it may be time for a rethink.
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Features
CEE funds air crisis challenges
The financial crisis and economic recession are taking their toll on the stability of the pension reforms, Chris Verhaegen, secretary general of European Federation for Retirement Provision (EFRP), told her organisation’s 24 March conference in Budapest on the private pension systems in central and eastern European countries.
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NewsDutch gov’t keeps pushing for Flex AOW
[13:00 CEST 30-04] NETHERLANDS – Dutch social affairs’ state secretary, Jetta Klijnsma, wants to carry on with the plan to allow employees to keep on working up to five years beyond the official retirement age.
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News
Hanafin criticised for 'rushing' DB changes
[17:20 CEST 29-04] IRELAND – Last-minute amendments to the Social Welfare Bill introducing measures to support members of defined benefit (DB) schemes, including a state annuity scheme, have been criticised by opposition political parties for being “rushed through” the Oireachtas.
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News
Personal accounts to rollout ahead of auto-enrolment
[17:15 CEST 29-04] UK – The personal accounts delivery authority (PADA) has confirmed it wants to launch the new trust-based occupational scheme before the introduction of compulsory employer contributions and auto-enrolment is introduced in 2012, in a bid to iron out any problems.
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News
Ukraine's pension deficit could reach €1.2bn
UKRAINE – Victor Yushchenko, president of the Ukraine, has warned of a growing deficit in the state pension system, which could reach UAH13bn (€1.26bn) by the end of this year.
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News
AADB to test Mazars' role in PensCorp/ Thresher deal
[15:45 CEST 28-04] UK – The UK’s Accountancy and Actuarial Discipline Board (AADB) has launched an investigation into the advice given by an individual and by accounting and consultancy firm Mazars to trustees of the First Quench Pension Fund, which was bought in 2007 through a controversial deal by Pension ...
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News
Ireland unveils pensions insolvency 'state annuity' scheme
[16:55 CEST 27-04] IRELAND – The Irish government has unveiled a new payment scheme designed to help members of underfunded defined benefit (DB) schemes when an employer becomes insolvent.
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News
Allianz rallies against 'safety pension'
[16:40 CEST 27-04] AUSTRIA – Calls to introduce a 'safety pension' with a lower calculation rate in Austria will not completely rule out the need for pension cuts, officials at Allianz have argued.
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News
Finnish pensions are helping recovery - Katainen
[15:45 CEST 27-04] FINLAND – The Finnish finance minister, Jyrki Katainen, has local praised pension funds for their investment in corporate loans as doing so is expected to contribute to the country’s economic recovery.
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News
Danes to withdraw €3.3bn from pensions 'for luxuries'
[16:35 CEST 24-04] ATP, the manager of the Danish state-owned SP pension scheme, says approximately DKK25bn (€3.35bn) could be withdrawn from the scheme to be spent on luxuries by the Danish population when the government allows access to the assets later this year.
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News
MEP reforms approved as EP votes against extra contributions
[16:30 CEST 23-04] EUROPE – Reforms to the voluntary pension fund for members of the European Parliament (MEPs) should allow the scheme to continue to pay benefits "for as long as necessary", and without the need for taxpayers to cover the actuarial deficit of €120m.
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News
Future provision threatened by early pension access - OECD
[12:00 CEST 23-04] GLOBAL – The OECD has warned future pension provision could be undermined by giving early access to pension funds to aid people in “severe economic difficulties” alongside access to national pension reserves.
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News
The winter of Swiss discontent?
[11:00 CEST 23-04] SWITZERLAND – A referendum against a cut in the conversion rate of the Swiss mandatory second pillar pension regime will most likely happen before Christmas.
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News
EC to focus on member protection at insolvency
[17:00 CEST 22-04] EUROPE – The European Commission (EC) is seeking a contractor to help it further investigate measures for protecting supplementary pension benefits in the event of employer insolvency.
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News
OECD flags need for better pensions governance
[16:35 CEST 22-04] GLOBAL – Pension fund governance and risk management needs to be improved to avoid exposure to risky assets and investments that are not fully understood, the Organisation for Economic Co-operation and Development (OECD) has warned.
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News
UK Budget cuts higher rate tax relief (updated)
[14:25 CEST 22-04] UK – Alistair Darling, chancellor of the Exchequer, has confirmed tax relief on pension contributions for high earners will be reduced from 40% to 20% from April 2011.
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News
EC to regulate alternatives managers worth over €250m
[14:00 CEST 21-04] EUROPE - Managers of hedge funds, private equity and real estate funds would escape regulation under a proposed European Commission directive targeting alternative investment fund managers, if their assets under management total less than €250m.
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News
TPR urges vigilance on fraud and 'unacceptable behaviour'
[17:15 CEST 20-04] UK – The Pensions Regulator (TPR) has highlighted the importance of good governance in the economic downturn as schemes may be more vulnerable to "certain actions which give us cause for concern" such as fraud and inappropriate transfers.
