Latest on Regulation & Reform – Page 393
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New evidence of bad advice on pension transfers
[13:00 CET 08-12] UK – The Financial Services Authority has uncovered fresh evidence of pension transfer mis-selling which indicates some occupational pension members may have been wrongly advised to shift out of schemes in the wake of A-Day.
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NewsItalian funds to discuss investment review
[16:45 CET 05-12] ITALY – The Italian pension fund regulator Commisione di Vigilanza sui Fondi Pensione (Covip) has invited Italy’s largest pension funds to discuss possible changes to the current investment strategy in light of the credit crunch.
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NewsFSCS yet to cover pension scheme buyout protection (amended)
[16:50 CET 03-12] UK – The UK's Financial Services Compensation Scheme (FSCS) has today stressed it has yet to be decided whether it would pay compensation to both members and trustees of pensions schemes where there has been a pensions buyout or buy-in, should the insurance company involved collapse.
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NewsIf IORP ain’t broke, don’t fix it - EFRP
[16:45 CET 03-12] EUROPE – The European Federation for Retirement Provision (EFRP) has told the European Commission there is still no evidence the IORP Directive is failing, making harmonisation of work place pensions and introduction of solvency II-type requirements within the IORP Directive premature.
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Germany warns against ban on dividend payments
[16:45 CET 02-12] GERMANY – German finance minister Peer Steinbrück has warned against a categorical ban on dividend payments by banks which have been rescued by the their governments.
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Pension firms attack Danish contributions ceiling
[11:00 CET 02-12] DENMARK - Pension experts have slammed a proposal from Denmark's 'economic wise mean to place a DKK100,000 (€13,423) a year ceiling on pensions contributions and claim most people could instead finance this tax saving by the payments they make when they retire.
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Conflict potential should not discourage trustees
[17:05 CET 01-12] UK – The potential for conflicts of interests should not put people off from becoming a trustee, as resignation is now seen as the 'last resort', lawyers have claimed.
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EC tackles Portugal, Spain and UK over pensions
[16:45 CET 01-12] EUROPE – The European Commission has initiated action against the governments of Portugal, Spain and the United Kingdom for what it believes is a breach of EU rules concerning the terms applied to European pensions.
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Lithuania to cut private pension contributions
[17:20 CET 28-11] LITHUANIA - An economic crisis plan approved by Lithuania’s incoming government includes a proposal to reduce contributions to the second pillar pension system.
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Ombudsman warns trustees over investment role
[16:55 CET 28-11] IRELAND – The Pensions Ombudsman has warned it is time trustees of pension schemes, including professional trustees, to recognise their responsibilities to members particularly in areas such as investment.
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Late UPOs could trigger AFM sanctions
[16:35 CET 28-11] NETHERLANDS - Pension providers and insurers risk “formal measures” from communications supervisor AFM if they do not send out their 2008 uniform pension statements this year.
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VBV wants variable calculation rate
[16:45 CET 27-11] AUSTRIA – VBV, the largest Pensionskassen in the Austrian pensions market, has called for greater flexibility in the rate at which pensions are calculated, in a bid to minimise the number of cases where payouts are being cut.
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Gov't can't do auto-enrolment before 2012
[15:40 CET 27-11] UK – The UK government does not believe it will be possible to introduce auto-enrolment into pension schemes before 2012, despite calls from the industry to implement the measure now.
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Conservatives will 'reign back' on DB regulation
[16:00 CET 27-11] UK – The UK's Conservatives opposition party has confirmed they would "reign back" on regulation of defined benefit (DB) schemes if they enter power after the next general election.
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Pension members need Europe-wide supervision - actuaries
[17:05 CET 26-11] EUROPE – The European umbrella organisation of actuaries wants to see plans for a Europe-wide supervision of occupational pensions being sped up.
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Section 75 changes aimed at late 2009
[17:00 CET 26-11] UK – Changes to the Section 75 employer debt regulations resulting from government consultations will not be implemented until October 2009.
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Dutch government firm on loans to pension funds
[14:15 CET 25-11] NETHERLANDS – Piet Hein Donner, the Dutch minister of social affairs, has confirmed pension funds will not get any financial aid from the government, reconfirming earlier statements of his colleague Wouter Bos, minister of finance.
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Pensionskassen growth remains slow
[16:50 CET 24-11] GERMANY – A German government report on pensions has revealed there has been little growth, for the third year in a row, in the membership of Pensionskasse as share of employees with occupational pension accounts stood at 52% last year and is likely to stay at that ...
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NewsRise in use of independent trustees
[16:35 CET 24-11] UK – The number of UK occupational pension schemes employing at least one independent trustee has increased to 44% in the last year, Mercer has revealed.
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Donner warns on communicating reserves shortage
[16:35 CET 24-11] NETHERLANDS – Piet Hein Donner, the Dutch minister of social affairs, has today reminded pension funds of their legal obligation to communicate to the Dutch pension regulator and central bank DNB when they hit a reserve shortage.
