Latest on Regulation & Reform – Page 389
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Smaller funds advised to claim tax refund
[16:20 CET 26-02] NETHERLANDS – Dutch pension funds are being advised to safeguard their rights to the refund of dividend withholding tax in European countries, as recent cases in both the Netherlands and France suggest taxes claimed in contravention of EU rules may also have been taken by governments elsewhere.
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Investments may need clearance under 'vague' TPR code
[15:15 CET 26-02] UK – The Pension Regulator's (TPR) draft code of practice on the 'material detriment' test is "too vague" and could lead to pension schemes requiring clearance on normal business activity such as changes in investment strategy, consulting firm Mercer has warned.
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EC advised to replace CEIOPS and CESR
[15:00 CET 26-02] EUROPE – A report assessing the shortcoming of European financial services regulation has advised the European Commission to replace the existing regulatory supervision system and improve monitoring by splitting the regulatory regime into banking, insurance and securities sectors.
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AFM prolongs short-selling ban after all
[16:50 CET 25-02] NETHERLANDS - The Dutch financial regulator AFM has made a surprise and extended its measures on short-selling, despite its earlier proposal to lift them.
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Pension contributions slowed in 2007 - ONS
[16:35 CET 25-02] UK – Total contributions to private pension schemes, including funded and unfunded occupational schemes, increased by 2% in 2007 to reach £85.2bn (€95.3bn) the Office for National Statistics (ONS) has revealed.
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Danish tax reforms to "undermine pensions"
DENMARK - Thousands of Danes may be forced to stop or lower their payments into retirement savings if the government’s gets approval to reform tax laws.
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Schemes granted five years recovery – but is it enough?
[16:35 CET 24-02] NETHERLANDS - Dutch minister of social affairs and labour Piet Hein Donner has confirmed he will allow pension funds with a funding shortfall – now approximately half of all Dutch funds – to have up to five years to bring their solvency ratios up to 105%, rather than the three years the Dutch Pension Ac currently prescribes.
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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.
