Latest on Regulation & Reform – Page 387
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Credit crisis puts DC back in the spotlight
[15:50 CET 24-02] UK – Employer-sponsored defined contribution (DC) pension schemes may have to step up their game as the financial crisis has thrust governance issues into the spotlight, according to research published by Watson Wyatt.
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Iceland to cut senior government pensions
[16:00 CET 23-02] ICELAND – The Icelandic government has submitted a Bill which proposes to abolish legislation enabling senior civil servants and politicians to receive higher pensions - a move which it claimed would reduce costs by 14% within four years.
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Pension funds must decide on openness - Donner
[14:30 CET 23-02] NETHERLANDS – The Dutch government has dismissed calls for more transparency of pensions fund investments and argued existing governance arrangements are strong enough.
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PPF succumbs to pressure for levy deferral
[16:50 CET 20-02] UK – The Pension Protection Fund (PPF) today confirmed it may allow companies to defer risk-based levy payments if they are struggling, after a week of pressure form industry bodies.
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Dutch government eyes more recovery time
[16:50 CET 20-02] NETHERLANDS – Piet Hein Donner, the Dutch pensions minister, is today expected to tell the Dutch cabinet pension funds should be granted a recovery period of five instead of three years, IPE understands.
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Commission delays IORP hearing
[16:15 CET 20-02] EUROPE - The European Commission’s public hearing to discuss the revisions to IORPs pension funds rules, which had been scheduled to take place on 16 February, has now been postponed until Wednesday 27 May.
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Pension fund managers back short-selling proposal
[15:45 CET 20-02] NETHERLANDS – Large Dutch pension funds appear to be backing a proposal from the Dutch Financial Market Authority (AFM) to lift the ban on short-selling.
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French supreme court acts on pensions rebates (amended)
[17:10 CET 19-02] NETHERLANDS – Dutch pension funds are set to receive a dividend tax refund from the French tax office, matching a similar ruling issued in the Netherlands for European schemes last month.
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Research supports call for flexible payout phase
[16:30 CET 19-02] EUROPE – Academic research suggests European pensions policy could give pensioners increased potential retirement income and flexibility in the long-term by allowing pension pots to be diversified beyond mandatory annuities across the life of the payout phase.
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EFRP warns hedge funds could flee EU regulation
[13:30 CET 19-02] EUROPE – The European Federation for Retirement Provision has warned the European Commission against “rushing into ill-considered regulation” of hedge funds, as it believes "too stringent regulation" would encourage hedge funds to serve their clients from outside the EU".
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Levy suspension debate pre-empted by gov't Bill
[16:03 CET 18-02] IRELAND – The debate on a private member's motion calling for the suspension of a new public sector pension levy is expected to conclude tonight, after the government publishes final legislation on the proposed pay deduction.
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Chapter 11 Sea Containers supports UK funds
[15:55 CET 18-02] UK – Sea Containers has said it has made financial support arrangements for two of its UK group pension schemes, as part of the company’s attempt to exit its Chapter 11 proceedings.
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TPR warns firms not to put dividends ahead of pensions
[16:05 CET 18-02] UK – The Pensions Regulator (TPR) has reassured employers it will continue to implement its scheme funding rules "pragmatically" in the economic crisis, but warned pension plans should not suffer to allow firms to pay dividends to shareholders.
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NewsNAPF updates corporate governance guidelines
[16:06 CET 18-02] UK - The National Association of Pension Funds (NAPF) has updated its Corporate Governance Policy and Voting Guidelines urging investors to adopt a "stronger stance" on companies' application of the Combined Code.
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Expert demands state hand-outs for Pensionskassen
[16:05 CET 18-02] AUSTRIA – Austrian pension expert Johannes Rudda would like to see the federal state put money into Pensionskassen with employers being another possible source for financial aid.
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UBS adopts IAS19 accounting
[15:45 CET 17-02] SWITZERLAND – Swiss bank UBS has changed the way it is accounting for its pension assets thereby increasing the group’s assets by CHF1.6bn (€1.07bn).
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UK considers switch to DC for ministerial pensions (amended)
[17:05 CET 16-02] UK – Gordon Brown has ordered a review of final salary parliamentary pension arrangements which could see ministers moved into a defined contribution scheme.
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Pension consultants plead for levy amnesty
[16:50 CET 16-02] UK – The UK Society of Pension Consultants has claimed the UK government should grant pension schemes of companies which are in financial distress temporary amnesty from PPF levies, to enable corporate sponsors to continue their defined benefit scheme.
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Trade bodies warn against hard-hitting measures
[11:00 CET 16-02] NETHERLANDS - Dutch pension funds’ lobbying organisations have warned they will oppose any recovery measures that are could hit schemes’ participants hard, as long as it is not clear whether the consequences of the credit crunch will be lasting.
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NewsDNB to scrutinise schemes’ reporting
[16:30 CET 13-02] NETHERLANDS - Pensions regulator De Nederlandsche Bank (DNB) intends to pay extra attention to the reliability of reporting by pension funds, as part of its supervision in 2009.
