Latest on Regulation & Reform – Page 392
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FeaturesMoves to maintain the balance
Spain’s €57bn reserve fund is intended to help plug the anticipated deficit in the social security budget. Diego Valero Carreras explains the background
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Features
Filling in the GAAP
Spain has introduced new accounting rules. Guillermo Ezcurra explains how the new regulation is organised and identifies which parts are relevant to pensions accounting
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Special ReportSupervision of Portugal’s market
New regulations came into force last year. Gert Verheij assesses their implementation at a challenging time for pension funds and their sponsors
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FeaturesPensions in Obama’s sights
When Barack Obama is inaugurated as president in January 2009, provisions affecting the pension fund industry could well be an important part of his intended new economic stimulus. But this follows little debate about the retirement system during the campaign, except when US employee’s losses in 401(k) individual accounts were ...
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FeaturesTaxing developments
Peter Schonewille reports on infringement procedures against 14 EU member states over withholding tax, on a recent opinion on Finnish dividend taxation and on real estate taxation
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FeaturesBeware Japanese proverbs
The experience of Japanese pension funds in the 1990s provides an interesting lesson for Western investors, finds David White
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Country Report
Putting the focus on regulation
Regulation was one the main issues mentioned in responses to the government’s Green Paper on Pensions, with many submissions focusing on the funding standard for DC pension schemes. “There were always potential problems around the issue of the funding standard and it has become a lot more real now,” says ...
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Features
Sovereign funds under pressure
Sovereign pension funds (SPFs) have emerged in recent years as part of governments’ moves to ensure they had enough financing to cover state pension obligations without relying on pay-as-you-go tax schemes. In recent months, however, two of Europe’s largest government schemes - Norway’s Government Pension Fund - Global and the ...
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News
BNP Paribas and Belgium reach Fortis agreement
[16:45 CET 30-01] BELGIUM/FRANCE – Belgian-Dutch bancassurer Fortis said today BNP Paribas, France’s largest bank, and the Belgian state had agreed on revised terms on the transactions concluded in October last year.
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News
Norway rules out investing in gold mining giant
[16:40 CET 30-01] NORWAY – The ministry of finance has excluded two companies from the investment universe of the NOK 2.090trn (€240bn) Government Pension Fund – Global, over concerns relating to cluster munitions and environmental damage.
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News
Zurich to set up new Royal Mail DC scheme
[16:10 CET 30-01] UK – Royal Mail has appointed Zurich to provide a new defined contribution (DC) scheme starting in April 2009.
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News
EDHEC sees banking solution in Solvency II-type funding
[16:30 CET 29-01] EUROPE – Applying Solvency II flexible funding rules to banks would have substantially reduced the need for recent government monetary support to the sector, academics from French business school EDHEC have claimed.
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News
Pensionskassen to be reformed
[16:55 CET 29-01] AUSTRIA – The Austrian government has put in place a reform commission today to discuss changes to the laws on pensionskassen, at the same time as pensioners are demonstrating in Vienna.
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News
State fund to boost economy through corporate debt
[16:20 CET 28-01] FINLAND – The ministry of finance is to allow the State Pension Fund VER to purchase commercial paper in “significant and solid Finnish companies” as part of a series of proposals to help boost the Finnish financial markets.
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News
Talking Point: The future of DB schemes
TALKING POINT – Research from the National Association of Pension Funds (NAPF) - suggesting 52%, or 1,000, open defined benefit (DB) schemes could close as a result of the impact of the economic crisis - has raised a debate on whether DB schemes can be saved.
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News
Finland not 'prepared' for ageing challenges
[15:45 CET 26-01] FINLAND – Finland is still not "adequately prepared" to meet the challenges of an ageing population despite recent pension reforms, according to the Economic Council of Finland.
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News
Complaints rise 43% in 2008
[15:45 CET 23-01] IRELAND – Preliminary figures suggest complaints to the Irish Pensions Ombudsman increased by 43% in 2008, primarily driven by issues over the whereabouts of contributions.
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News
1,000 open DB plans could switch to DC [updated]
[15:00 CET 23-01] UK – More than 50% of open defined benefit (DB) pension schemes could close to new members as a result of the economic crisis, claims new research by the National Association of Pension Funds (NAPF).
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NewsIrish MFS needs increase from 'junk' bond level
[16:00 CET 22-01] IRELAND – The minimum funding standard (MFS) for defined benefit (DB) pensions needs to be revised "as a matter of urgency" as it provides the same level of asset backing as a 'junk' bond, the Statistical & Social Inquiry Society of Ireland (SSISI) has warned.
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News
DNB to decide on more rescue measures
[14:30 CET 22-01] NETHERLANDS – Dutch pensions minister Piet Hein Donner has said the Dutch central bank and pension regulator DNB will decide in the second half of February whether additional measures need to be taken to help pension funds survive the credit crunch.
