Latest on Regulation & Reform – Page 394
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Russia changes pension law for voluntary savings
[16:00 CET 13-02] RUSSIA – The Russian government has implemented a new law introducing subsidies for voluntary pension savings guaranteeing matching state contributions.
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New research body to target regulation
[15:45 CET 13-01] UK – A new research institute has been launched in the UK which is claiming to be an independent, non-partisan global research body designed to restore confidence and stability in financial regulation.
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TPR guides on ‘common’ and ‘conditional’ data
[16:40 CET 12-01] UK – The Pensions Regulator has concluded its consultation on record-keeping by noting a good standard of record-keeping is needed across all UK pension schemes to help sponsor parties understand the true status of their arrangements.
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WWH urges accounting swaps be switched
[16:00 CET 12-01] GERMANY – Watson Wyatt Heissmann has called for revised German accounting standards, the so-called BilMoG bill, to be reversed as new accounting terms could lead to an enormous increase in German companies’ pension obligations.
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NewsDutch regulator sticks to liability measure
[16:45 CET 08-01] NETHERLANDS - Pensions regulator De Nederlandsche Bank told pension funds today it will not reconsider the way pension funds have to calculate their liabilities.
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NewsBT fund 'retains stock lending ban'
[16:30 CET 08-01] UK - The £39.7bn (€44bn) BT Pension Scheme plans to keep in place a ban on stock lending - despite the lifting of an official ban on the practice, according to reports.
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NewsAon fined €5.8m by UK over bribery controls
[16:30 CET 08] UK – Aon Corp., the parent of actuarial and pension consulting firm Aon Consulting, has been fined £5.2m (€5.8m) by the UK’s financial regulator for “failings in its anti-bribery and corruption systems and controls”.
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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.
