Latest on Regulation & Reform – Page 384
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Dutch schemes lost 17% in 2008 - DNB
[15:30 CET 26-03] NETHERLANDS - Dutch pension funds lost an average of 17% on investments in 2008, according to pensions regulator De Nederlandsche Bank.
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Unions ponder 'next steps' over Waterford pension
[17:00 CET 25-03] IRELAND – Trade unions are considering their next steps against the Irish government over the fate of Waterford Crystal pension fund, but may still pursue legal action concerning the enactment of EU pension rules.
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IAPF warns gov't against pension tax cuts
[16”50 CET 25-03] IRELAND – The Irish Association of Pension Funds (IAPF) has warned the government against cutting tax relief on pensions to provide short-term financing, in a pre-emptory move ahead of the Irish supplementary budget in April.
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Swiss parliament rejects tougher investment rules
[16:45 CET 25-03] SWITZERLAND – The smaller chamber of the Swiss parliament has rejected a motion by the Social Democrats to ban certain types of investments, such as hedge funds, within pensionskassen.
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Netherlands to raise state retirement age
[16:40 CET 25-03] NETHERLANDS - The Dutch government has said it will raise the official retirement age from 65 to 67, unless social partners can come up with acceptable alternatives.
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Pension funds challenge powers of M&S chairman
[17:00 CET 24-03] UK - UK pension funds have raised concerns once again over the level of power and influence of Sir Stuart Rose, the executive chairman and chief executive of Marks & Spencer’s (M&S).
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DNB sticks firm to yield curve for liabilities
[17:20 CET 23-03] NETHERLANDS - Pensions regulator DNB is sticking to its earlier position stating it will not consider an instrument change for calculating liabilities, despite continued calls from the industry.
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New group to reveal int'l pension opportunities
[16:50 CET 23-03] EUROPE - Europe’s first international pension education group will hold its first course on 25 May and is looking for the backing of more national pension associations.
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DNB’s own pension fund must submit recovery plan
[16:00 CET 23-03] NETHERLANDS - The financial buffers of the Dutch financial regulator’s own pension fund have dropped below the minimum level set by the regulator.
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VFPK renews pensions tax demands
[16:30 CET 23-03] GERMANY – The Association of company pension schemes in Germany, VFPK, wants to see more tax incentives encouraging employees to contribute to retirement plans.
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Icelandic pension funds under investigation
[17:20 CET 20-03] ICELAND – Iceland's special prosecutor is investigating five pension funds over claims they exceeded the investment limits laid down by law.
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Individual trustees at more risk of legal action
[17:10 CET 19-03] UK – A recent legal judgement could mean individual trustees are more at risk of legal action from scheme members than corporate trustees, Wragge & Co has warned.
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PPF consults on solution to s161 concerns
[17:10 CET 19-03] UK – The Pension Protection Fund (PPF) is consulting on a solution to address concerns regarding its powers to “disclaim” an investment contract when a scheme enters the PPF.
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IORP review confirms pensions solvency complications
[16:30 CET 19-03] EUROPE – Pension funds operating under Article 17 of the Institutions for Occupational Retirement Provision (IORP) rules would have to undergo significant overhaul were the EC to ever consider making IORPs adapt to Solvency II rules, suggest responses to the European Commission consultation on harmonisation of solvency ...
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Pension system risks underestimated - DNB
[16:00 CET 18-03] NETHERLANDS - The current Dutch pension system carries more risks than expected because the existing management instruments are less effective than envisaged, De Nederlandsche Bank is understood to have acknowledged.
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Auto-enrolment 'postponement' will double contributions
[12:30 CET 18-03] UK – Employers have been given some flexibility in the implementation of auto-enrolment in 2012 with the provision of a three-month ‘postponement’ in return for a doubled contribution.
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Polish gov’t to slash pension fund contribution
POLAND – The Polish government would like to see several changes to the mandatory second pillar including contribution and fee cuts, the introduction of a life-cycle model as well as alterations to the sales procedure.
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DWP auto-enrolment regs "bureaucratic"
[17:15 CET 17-03] UK – Draft regulations on the practical arrangements for auto-enrolment into pension schemes from 2012 are "overly bureaucratic", according to the pensions industry.
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Myners wants legal governance duty for managers
[17:20 CET 16-03] UK – Lord Myners has suggested the Institutional Shareholder Committee (ISC), established in response to his review of institutional investment in 2001 "has not really achieved anything".
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Pension funds file class action against RBS
[17:10 CET 16-03] GLOBAL – Two UK local authority pension funds and the Dutch metalworkers fund have filed a motion to become lead plaintiffs in a US class action against Royal Bank of Scotland (RBS).
