Latest on Regulation & Reform – Page 393
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Lithuania overrides veto on contribution cut
[13:00 CET 22-01] LITHUANIA – The Lithuanian parliament, the Seimas, has overruled a presidential veto of a law that cuts contributions to second pillar pension funds to 3% of a salary from the 5.5% to be paid in 2009 and 2010.
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Second pillar faith not withered yet
[16:30 CET 21-01] CEE – The current credit crisis has yet to damage people’s faith in the recently introduced funded pension systems in the CEE, suggested delegates at a conference on the region today.
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Pensions sector rejects recovery term age proposal
[15:00 CET 21-01] NETHERLANDS - The Dutch pension sector has revealed it is far from enthusiastic about proposals from the ministry of Social Affairs which would give underfunded pension funds leeway on the deadline for recovery plans if they agree to raise the official retirement age of 65.
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Swedish debt office highlights foreign currency demand
[13:00 CET 21-01] SWEDEN – Riksgälden, the Swedish National Debt Office (SNDO), has reported a strong demand for a new foreign currency bond, valued at around SEK 16bn (€1.5bn), the first to be issued by the organisation in two years.
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SPK awards IT contracts for pension reform
[15:15 CET 20-01] NORWAY – Statens Pensjonskasse (SPK), the Norwegian Public Service Pension Fund, has appointed Accenture and Steria to develop a new system for the pension fund portfolio as part of the pension reform project.
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Prospects for new-born Riester dampened
[14:30 CET 20-01] GERMANY – People should wait for better offers instead of signing the first Riester contracts for purchasing homes which have come onto the market, the consumer group Verbraucherzentrale NRW said.
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European Parliament approves UCITS IV proposal
[14:00 CET 20-01] EUROPE – The European Parliament has approved the proposed reform of the UCITS (undertakings for collective investment in transferable securities) directive, and inserted provision for a management company passport.
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Pensions 'must be more responsible' or face legislation
[16:30 CET 19-01] UK – MPs, trade unions and members of the pensions investment industry have jointly backed a series of responsible investment proposals to get pension funds to "play their part" in creating a "sustainable financial system" or potentially face new regulation by 2010.
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Recovery rules may force premiums up
[16:15 CET 19-01] NETHERLANDS - Pension funds could be forced to increase their pension contributions further in a bid to meet the recovery plans rules of regulator De Nederlandsche Bank, consultancy firm Hewitt Associates has suggested.
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Pension funds invited for banking rescue talks
[16:15 CET 16-01] NETHERLANDS – A group of pension funds and insurers today have taken part in talks between banks and the Dutch ministry of finance for a €200bn guarantee scheme for the Dutch banking sector.
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TPR seeks support for employer compliance
[15:30 CET 16-01] UK – The Pensions Regulator (TPR) has launched the search for a provider to develop an employer compliance regime in relation to the new system of personal accounts.
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IBEC criticised over pension reform plans
[15:00 CET 16-01] IRELAND – The Irish Business and Employers Confederation (IBEC) has been criticised for recommending new public sector workers should be offered entrance to a defined contribution (DC) scheme with a state guarantee of certain minimum investment returns instead of the existing define benefit (DB) schemes.
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Dutch accounting rules to relieve companies
[16:35 CET 15-01] NETHERLANDS - The Dutch Accounting Standards Board (RJ) has adjusted its guidelines for pension accounting at non-listed companies, in a bid to slow down the trend of firms changing to defined contributions (DC) plans.
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PADA targets admin in first tender
[15:45 CET 15-01] UK – The Personal Accounts Delivery Authority (PADA) has launched its procurement process for services, to establish the new system of personal accounts, with a search for a scheme administrator.
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AFM to challenge EU real estate supervision cap
[16:55 CET 14-01] NETHERLANDS – The Dutch Financial Market Authority (AFM) has asked the Dutch ministry of finance to lobby with the European Commission (EC) for changes to the European Prospectus Directive to increase the cap on supervision of real estate investments.
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POB to consult on quality rules for pension actuaries
[16:40 CET 14-01] UK – The Professional Oversight Board (POB), an operating body of the Financial Reporting Council (FRC), is to consult on possible improvements to the professional quality assurance requirements for actuaries, following a review of the monitoring and scrutiny of actuarial work.
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Front against conversion rate cut grows
[16:15 CET 14-01] SWITZERLAND – The largest union in Switzerland as well as several opposition parties are calling on people to sign up for a referendum against a cut of the conversion rate in second pillar pensions.
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EC launches probe into S&P
[16:40 CET 13-01] EUROPE - The European Commission (EC) will investigate ratings agency Standard & Poor’s (S&P) for what is says is potential abuse of its market position, by setting pricing policies for European financial institutions which use international securities identification numbers (ISINs) applied to North American securities.
