Latest on Regulation & Reform – Page 382
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Poland contributes cash as pensions rise
POLAND – Polish pension funds rose in value by 5.7% last month, following improved performance for the second consecutive month in a row along with fresh cash contributions from the government – the first to be made since 2003.
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Belgian pensions hit by IAS19 review
BELGIUM – Belgian pension plan sponsors could face a double-whammy of problems as a result of recent decisions made by the International Accounting Standards Board, a pensions consultant has warned.
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NAPF backs UK short-selling strategy
[16:40 CEST 15-05] UK – The National Association of Pension Funds (NAPF) has urged the UK’s Financial Services Authority to steer clear of a blanket ban on short-selling of equities, arguing certain investments strategies “depend on the ability to go short”.
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Croatian funds back in positive territory
CROATIA – Croatia’s four pension fund companies collectively lost 0.9% on investments in the first quarter, but data reveals they are back in positive territory now.
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EC steps up action against Poland
[17:00 CEST 14-05] EUROPE – The European Commission has moved to stage two in its pursuit of changes to Polish taxation policy, for what officials claim is discrimination against foreign pension and investment bodies.
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Pensions Board grants DB schemes further reprieve
[16:40 CEST 14-05] IRELAND – The Pensions Board has further extended the deadline by which defined benefit (DB) schemes must file funding proposals for approval, following the introduction of new measures for DB schemes announced by the government last month.
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Downturn unlikely to drive Ombudsman complaints
[17:25 CEST 13-05] UK – The Pension Ombudsman has predicted the economic downturn will not have a “direct or obvious effect” on its workload over the next three years, although the switch from defined benefit (DB) to defined contribution (DC) schemes could lead to more investment-related complaints.
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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".
