Latest on Regulation & Reform – Page 383
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News
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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News
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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News
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.
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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.
