Latest on Regulation & Reform – Page 387
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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).
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PADA mulls target date approach as default
[17:05 CET 16-03] UK – The use of target date funds as the default for the personal accounts system is a “serious proposition” to be put forward in an investment consultation from the Personal Accounts Delivery Authority (PADA) later this year.
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Actuaries claim raising AOW age is unnecessary
[17:00 CET 16-03] NETHERLANDS - A gradual rise in the official Dutch retirement age from 65 to 67 is not necessary and undesired, the Actuarial Society (AG) has suggested, as transitional rules for the creation of additional savings schemes will make pensions much more complex, expensive and time-consuming.
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Pension funds consider valuation date shift
[16:45 CET 16-03] UK – Pension funds might be able to improve their pension funding valuations by a fraction if they shift the exact date on they assess all of their assets each year away from popular target dates in December and March.
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Mark-to-market pricing 'needs addressing'
[16:20 CET 13-03] UK – Mark-to-market accounting is “not helping” pension funds and the issue needs to be addressed, delegates at the National Association of Pension Funds (NAPF) investment conference were told.
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Call for rescue fund in the Netherlands
[16:00 CET 13-03] NETHERLANDS – A Dutch lobbying organisation for the elderly has called for a rescue fund to be set up which will allow struggling pension funds to keep their benefits at their present level.
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FSA attacks investors for not doing enough
[17:00 CET 12-03] UK - Institutional investors have a "major role" to play in addressing issues arising from the current financial crisis, as they share responsibility for the actions of companies and the resulting consequences, the UK's financial regulator has warned.
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Fico set to change pension fund fee structure
SLOVAKIA – Slovakian prime minister Robert Fico has presented parliament with a bill to change the fee structure for pension fund management companies and base it more on positive performance.
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Actuaries challenge PPF levy methodology
[15:15 CET 12-03] UK - Actuaries and consultants firm Barnet Waddingham has called on the Pension Protection Fund (PPF) to change its levy calculations to reflect defined benefit schemes paying cash benefits to its members.
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Danish tax reforms ‘make early retirement attractive’
[16:50 CET 11-03] DANISH - The government wants the elderly to stay longer in their jobs before retiring but pensions experts say proposed tax reforms could have the opposite effect and force individuals to retire early.
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Consultant expects little from pension reform talk
[15:50 CET 11-03] AUSTRIA – Kurt Bednar, occupational pension expert with international consultancy Funk, is sceptical about the recently implemented reform commission for Austria’s pensionskassen system and claims discussions are unlikely to come to any useful conclusion.
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MP's call to curb banker's pensions
[17:15 CET 10-03] UK – A Bill designed to limit the pension provision of board members of banks wholly or partly owned by the state is being introduced to Parliament today.
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ASIP supports cut to conversion rate
[17:05 CET 10-03] SWITZERLAND – The Swiss pension fund association ASIP has waded into the debate on lowering the conversion rate in the second pillar and told unions their demands would lead to a collapse of the system.
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Irish not in position to offer PPF
[17:15 CET 09-03] IRELAND – The Irish government has admitted it is “not in a position” to offer occupational defined benefit (DB) the protection of a state guarantee from a pension protection fund.
