Latest on Regulation & Reform – Page 392
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Aegon takes control of Romanian pension business
[16:00 CET 07-01] ROMANIA – Dutch pension firm Aegon has taken control of its joint venture pensions business in Romania.
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Optas case can be solved – SBPVH
[16:00 CET 06-01] NETHERLANDS – The dispute over the proceeds of Optas’ sale to Aegon can be solved with the current court case, according to Ton Jansen, chairman of the representative body of the Dutch harbour workers (SBPVH).
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Fair value changes could worsen crisis – Edhec
[16:00 CET 06-01] GLOBAL – Over a quarter of investors fear the amendments to IAS 39 and IFRS 7 adopted by the International Accounting Standards Board (IASB) in mid-October 2008 could worsen the current financial crisis, according to a survey by French business school Edhec.
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Presidential veto overruled
POLAND – An alliance between the Polish right of centre coalition government and the left of centre opposition party has overturned a presidential veto on legislation to create so-called bridge pensions and replace early retirement benefits.
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9% of DB schemes avoided risk levy
[16:00 CET 23-12] UK – One in 11 of the schemes eligible for entry into the Pension Protection Fund (PPF) paid no risk-based levy in the 2007/08 year, according to figures from the third version of the Pensions Universe Risk Profile (PURPLE) Book.
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DNB hints at change to liability discounting
[16:45 CET 19-12] NETHERLANDS - Dutch pensions regulator De Nederlandsche Bank has hinted it might reconsider the way pension funds must calculate their liabilities.
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TPR outlines protection against new powers
[16:00 CET 17-12] UK – The Pensions Regulator (TPR) has initiated a consultation on the code of practice for applying the "material detriment test" when deciding whether to issue a contribution notice.
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Fortis Investments remains under state control
[17:00 CET 16-12] BELGIUM – Fortis has confirmed its asset management arm will remain under state control, following a Brussels’ Court of Appeal ruling freezing the sale of Fortis Bank's Belgian assets to French bank BNP Paribas.
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Defuse pensions time bomb, warns employers' group
[16:40 CET 15-12] UK – The Confederation of British Industry (CBI) has called for an independent commission to analyse the assumptions and the ballooning real cost of public sector pensions.
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Geroa tackles regulator on domestic equity
[16:35 CET 15-12] SPAIN – Geroa Pentsioak, the €712m defined contribution pension fund set up to complement the Spanish state pension scheme for the employees in Basque Country region of Gipuzkoa, is challenging its regulator for more investment freedom.
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'Go with the bond curve', say Dutch actuaries
[17:15 CET 12-12] NETHERLANDS – The Dutch Actuarial Association has advised pension funds they can now invoke an exemption rule of Dutch pensions law which allows them to use the bond curve rather than the swap curve to calculate the value of their liabilities.
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Swiss parliament rallies behind rate cut
[16:00 CET 12-12] SWITZERLAND – The smaller chamber of the Swiss parliament (Ständerat) has now agreed the conversion rate of second pillar pensions should be cut to 6.4% by 2015 in light of the financial crisis.
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ABP and VBL work together on border scheme
[15:50 CET 12-12] GERMANY/ NETHERLANDS – ABP, the €193bn Dutch pension fund for civil servants, and VBL, the €13bn German public sector supplementary insurer, are working together to create a new scheme for a Dutch-German border hospital.
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Pensions market pushes for private equity self-regs
[15:30 CET 12-12] NETHERLANDS - Mn Services, the €65m service provider for the large metal pension schemes PME and PMT, has initiated a drive for increased self-regulation by private equity firms and hedge funds and delivered key recommendations through a consultation with the industry.
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No stays as 'no' on conditional indexation
UK – The UK’s Department for Work and Pensions has said it believe there is sufficient benefit in allowing occupational pension funds to apply conditional indexation but it will do further work next year into the feasibility of introducing collective DC schemes and risk sharing.
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Pensionskassen could be reformed
[17:15 CET 10-12] AUSTRIA – The new Austrian government coalition has signed a working paper which contains plans to discuss reform of the Pensionskassen system in Austria.
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EC mulls short-selling ban
[16:20 CET 09-12] EUROPE – Niall Bohan, the head of the asset management unit at the European Commission (EC), today revealed the EC is reviewing short-selling and looking at possible bans on the practice, while seeking to organise stock-lending.
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'Cherish and embrace' activist shareholders
[16:10 CET 09-12] EUROPE – Shareholder activism is an incentive to better governance and value creation which should be “cherished and embraced”, a panel discussion on hedge funds in London stressed today.
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Voluntary retirement confusion forces French law change
[16:00 CET 09-12] FRANCE – The French government is expected to announced adjustments to a new law covering voluntary retirement, following confusion over indemnities payable by employers.
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'Smoothed' accounting could help pensions woes
[16:35 CET 08-12] EUROPE – The introduction of ‘smoothing’ on the accounting of pension fund asset valuations would significantly improve pension fund valuations and management without fundamentally changing the risks they need to manage, according to BlackRock Asset Management.
