Latest on Regulation & Reform – Page 383
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NewsÖPAG head says second pillar loss is unrealistic
[16:50 CEST 06-04] AUSTRIA – The Austrian Pensionskassen system has been harshly criticised in the wake of the financial crisis but no politician can seriously think about abolishing the system, claimed Andreas Zakostelsky, head of the ÖPAG Pensionskasse.
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Finland reviews pensions at state firms
[16:35 CEST 02-04] FINLAND – The Finnish government has set up a working group to evaluate the remuneration guidelines of state-owned companies, including pension arrangements, and to propose reforms of the system.
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Sponsor threatens pensions withdrawal at LDI pioneer
[15:30 CEST 02-04] NETHERLANDS – Super de Boer, the employer sponsor behind the Super de Boer pension fund, will withdraw its support from the scheme from 1 January 2010 under the current terms, unless all parties involved can agree a funding recovery plan that the employer is happy with.
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Germany faces Riester changes
[17:00 CEST 01-04] GERMANY – The state-subsidised German supplementary pension vehicle Riester violates EU labour laws and changes must therefore be made, according to Advocate General to the European Court of Justice (ECJ).
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IASB postpones IAS19 discount rate decision
[16:30 CEST 01-04] GLOBAL - The International Accounting Standards Board has deferred any shake-up of the current IAS19 AA-rated corporate bond discount until at least 2011.
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PMT ups contributions to tackle shortfall
[15:30 CEST 01-04] NETHERLANDS – PMT, the €28bn industry-wide pension fund for Dutch metal workers and technicians, has decided to maintain its current asset allocation strategy but increase the contributions required in a bid to pull back its funding position.
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National funding rules deter multinational derisking
[16:50 CEST 31-03] GLOBAL – AEGON Global Pensions has warned local regulations on pension fund governance have added an extra layer of complexity for multinational companies who want to derisk pension schemes.
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Croatia pensions threatened with second pillar opt-out
CROATIA – Croatian pension funds have a “cloud of insecurity” hanging above them, according to market experts, following a statement by the prime minister claiming the mandatory second pillar had been “a failure”.
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ABP opts for rise in premiums and lower risks
[15:45 CEST 31-03] NETHERLANDS - ABP will temporarily increase contributions by 1% as of July and by another 2% from 1 January 2010, in a bid to restore the underfunded civil servants’ pension scheme to its required regulatory funding level.
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PFZW bases recovery plan on 6.9% yield
[16:45 CET 30-03] NETHERLANDS - Pensioenfonds Zorg & Welzijn (PfZW), the Dutch industry-wide pension fund, is pinning its hopes on achieving a yield of 6.9% alongside with a long-term interest rate of 3.6%, as the basis for its recovery plan presented to the financial regulator.
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FI to roll traffic light model into barometer
[16:40 CEST 30-03] SWEDEN – Finansinspektionen (FI), the Swedish Financial Supervisory Authority, is incorporating its existing ‘traffic-light’ model of stress-testing into a new ‘insurance barometer’.
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PME backtracks on plan to cut benefits
[16:00 CEST 30-03] NETHERLANDS – PME, the €18.7bn industry-wide pension fund for metal workers, has decided it will not cut pensioner benefits as part of its proposals to improve the underfunded pension plan but it will freeze benefits paid and the contributions required for the next five years.
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Dutch funds given go-ahead to merge
[30-03 CEST 13:00] NETHERLANDS - Dutch company pension funds will be allowed to merge their activities into a multi-company scheme as the cabinet has backed a proposal by social affairs minister Piet Hein Donner to amend the current Pension Act accordingly.
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DNB still insists on April date for recovery plans
[17:05 CET 27-03] NETHERLANDS - Pensions regulator De Nederlandsche Bank (DNB) insists on pension funds submitting their recovery plans before 1 April, despite easing the rules on recovery.
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Royal Mail trustees 'agnostic' about part-privatisation
[16:50 CET 27-03] UK – Trustees of the Royal Mail Pension Scheme have written to all 450,000 members to confirm it “has no position” on government plans for the part-privatisation of Royal Mail.
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ONS to monitor signs of DC 'levelling down'
[15:00 CET 27-03] UK – The Office of National Statistics (ONS) intends to monitor changes in the average level of employee and employer contribution rates to contracted-in defined contribution (DC) schemes to see if there are signs of “levelling down” ahead of 2012.
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PPM sees info as priority for new Swedish authority
[16:50 CET 26-03] SWEDEN – The development of a new pension authority to cover both the state pension and the Premium Pension savings will be a “golden opportunity to increase knowledge and interest on pensions”, the Premium Pension Authority (PPM) has claimed.
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ICTU calls off pension strike to enter talks
[16:40 CET 26-03] IRELAND – The Irish Congress of Trade Unions (ICTU) has called off next week's planned one-day national strike over pensions, and is returning to talks with the government over the development of an "integrated national response".
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Norway targets ageing via an active workforce
[16:30 CET 26-03] NORWAY – Increasing labour market participation and extending working lives is a “key response” to the challenges of an ageing population that could see the number of people over the age of 67 double over the next 50 years.
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Donner allows three-year leeway on pension cuts
[16:45 CET 26-03] NETHERLANDS - Pension funds working on short-term recovery plans are not required to cut benefits during the next three years, according to Social Affairs’ minister Piet Hein Donner.
