Latest on Regulation & Reform – Page 382
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Ukraine to receive second IMF instalment after reforms
UKRAINE – A mission from the International Monetary Fund (IMF) confirmed it has recommended the second tranche of a loan should be paid to Ukraine following the implementation of budget reforms which include the balancing of the state pension fund.
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MEP's pension faces reforms to cut deficit
[17:15 CEST 17-04] EUROPE – Members of the ABSL voluntary pension fund for Members of the European Parliament (MEPs) have been told they will have to retire later, as part of a number of reforms aimed at reducing the growing pension deficit.
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IASB to unveil draft IFRIC14 amendments
[16:40 CEST 16-04] GLOBAL – The International Accounting Standards Board is planning to publish an ‘exposure draft’ of amendments to certain aspects of IAS19 later this year, which will allow a firm to recognise certain assets within its holdings as reducing future pension contributions.
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Estonian gov’t takes contribution holiday
ESTONIA – The government of Estonia is suspending payment of its contributions to the second pillar pension regime for two years.
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Vodafone class action reopened on appeal (updated)
[17:20 CEST 15-04] UK/USA – An appeal by plaintiffs in a class action against Vodafone, including Lothian Pension Fund, has resulted in the case being reopened after it was originally dismissed over jurisdiction issues.
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Gov't faces Eq Life legal challenge for compensation
[17:15 CEST 15-04] UK – The UK government is facing a high court challenge from Equitable Life policyholders over its failure to fully implement the compensation recommendation of the Parliamentary Ombudsman.
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Russia moves on reforms as Ukraine seals IMF loan
UKRAINE – Dmitry Medvedev, president of Russia, has confirmed draft laws to change the country's pension system onto an insurance basis are being finalised, while Ukraine has implemented anti-crisis measures, including balancing of the state pension fund, to secure continued IMF funding.
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IMF warns Croatia against changing second pillar
CROATIA – The International Monetary Fund (IMF) has warned there could a negative repurcussions which go beyond the pension system should Croatia abolish occupational pension provision.
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ECJ to review Poland's overseas investment limit
POLAND – The European Commission has referred Poland to the European Court of Justice for limiting the amount of money that local pension funds can invest overseas to just 5%, arguing this in turn breaks EC rules concerning the free movement of capital.
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Quantitative easing has 'distorted' pension liabilities
[17:00 CEST 09-04] UK – The Bank of England’s policy of quantitative easing has indirectly increased the pension scheme deficits of FTSE 100 companies as the price of gilts “soared to their highest level in 20 years”, Deloitte has claimed.
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Maltese reforms cut 2006 liabilities by €1.6bn
MALTA – Pension reforms introduced in 2006 to raise the state pension age from 61 to 65 between 2014 and 2023 have reduced pension liabilities by €1.6bn, according to figures from the National Statistics Office (NSO).
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TPR seeks consultancy for DC review
[16:55 CESt 08-04] UK – The Pensions Regulator (TPR) is seeking a consultant to review the risks surrounding defined contribution (DC) schemes and to propose a new regulatory framework.
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NewsGreece ordered to raise women’s pension age
GREECE – The European Court of Justice has told the Greek government it must increase the women’s state pensions age for people working in the civil service and military as current rules discriminate in the favour of mothers especially and therefore penalise men.
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CEIOPS seeks to solve cross-border IORP conflicts
[16:15 CEST 08-04] EUROPE – The Central European Insurance and Occupational Pensions Supervisors’ body (CEIOPS) has attempted to tackle problems with the ‘Budapest Protocol’ for IORPs cross-border regulation and unveiled proposals explaining how supervisors might communicate concerns over a cross-border pension scheme’s compliance with local rules.
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NewsUnions to sue gov't over Waterford pension collapse
[14:00 CEST 08-04] IRELAND – Trade unions are preparing to take legal action against the Irish government for failing to protect the pension benefits of employees in insolvent companies, as the Waterford Crystal pension schemes are now being wound-up with a deficit of €110m.
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NewsGermany needs more private pension - Rürup
[17:15 CEST 07-04] GERMANY – The German pension system should be made up of 60% state pension and 40% private retirement provision, pension expert Bernd Rürup has told a conference in Berlin.
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NewsUnfair dismissal of DB members could cost more
[17:00 CEST 07-04] UK – Lawyers have warned employers they could face significant compensation costs if an employee found to have been unfairly dismissed is a member of a defined benefit (DB) pension scheme rather than defined contribution (DC).
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Ukraine wants to abolish senior state pensions
UKRAINE – Special pensions for judges and top-level officials should be abolished and replaced with a single pension based on salary and length of service, according to Ukraine’s president, Victor Yushchenko.
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50 pension funds miss DNB deadline
[16:45 CEST 07-04] NETHERLANDS - Almost 50 Dutch pension funds with a funding shortage have yet to submit a recovery plan, a spokesman for De Nederlandsche Bank (DNB) has confirmed.
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NewsAP7 voting constraints 'should be lifted'
[17:10 CEST 06-04] SWEDEN – A Swedish government committee has recommended restrictions prohibiting the Seventh AP Fund (AP7) from voting in relation to its Swedish holdings should be removed while other constraints preventing AP funds from being an active owner should be reviewed.
