Latest on Regulation & Reform – Page 385
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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.
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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.
