Latest on Regulation & Reform – Page 402
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6% Finnish pensioners below poverty line
[15:45 CEST 16-09] FINLAND – Around 6% of pensioners in Finland rely solely on the national pension in retirement, even though a full pension provides less than half of the median income of 60% - putting them below the poverty line, the Ministry of Social Affairs and Health has revealed.
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TPR seeks consultants for specialist disciplines
[15:20 CEST 15-09] UK – The Pensions Regulator (TPR) is seeking a number of specialist consultants in at least five areas including actuarial services and branding, as part of a new framework agreement.
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Swedish buffer funds exclude cluster bomb investment
[16:15 CEST 15-09] SWEDEN – Four AP-funds have agreed to divest from companies involved in the manufacture and sale of cluster munitions following a recommendation by the Ethical Council of the Swedish National Pension Funds.
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Profond goes international
[16:00 CEST 15-09] LIECHTENSTEIN – Swiss retirement service provider B+B, which runs the Profond Pensionskasse, has set up a subsidiary in Liechtenstein in a bid to target international clients.
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IASB proposals could force status change for BASF pensions
[14:45 CEST 15-09] GERMANY - German multinational BASF AG has revealed around 95% of its active-member pension obligation will shift to the IASB's proposed fair value pension measure, if the standard-setter's recently-published proposals to reform pension accounting become GAAP.
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NewsDNB wades into the IFRS pensions campaign
[17:05 CEST 12-09] NETHERLANDS – De Nederlandse Bank (DNB), the Dutch central bank and pensions regulator, has confirmed it is contributing to Dutch efforts to limit the impact proposed changes to the international accounting standards rules could have on the Dutch pension system.
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Dutch funds intensify Brussels lobby efforts
[14:45 CEST 12-09] NETHERLANDS – Mn Services is the latest of Dutch pension providers to intensify its presence in Brussels, as several pension funds and providers have already appointed lobbyists in the administrative centre of the EU, IPE has learnt.
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IASB and FASB convergence edges closer
[16:30 CEST 11-09] GLOBAL – The International Accounting Standards Board (IASB) and US Financial Accounting Standard Board (FASB) have updated their Memorandum of Understanding (MoU) concerning joint projects and likely convergence, and effectively confirmed the US’ move to follow international financial reporting standards (IFRS).
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NewsThird of employers unsure of 2012 response
[15:15 CEST 11-09] UK – The National Association of Pension Funds (NAPF) has warned a third of organisations operating UK occupational schemes do not know what to do with their existing arrangements in response to the UK pension reforms, despite the implementation date being less than four years away.
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NewsSwiss study suggests change to pension age and VAT
[16:45 CEST 10-09] SWITZERLAND – A study produced by the Swiss social ministry has recommended raising the VAT rate and getting rid of the statutory retirement age could help the Swiss pension system to remain sustainable.
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NewsAnti-fraud guidance unveiled on Dutch real estate
[13:30 CEST 10-09] NETHERLANDS – The Dutch Association of Institutional Property Investors (IVBN) has extended its earlier framework to prevent fraud in institutional real estate investment, as the second Dutch pension fund to be hit in the ‘bouwfraude’ case continues its internal probe.
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EC finally consults on pensions impact of Solvency II (amended)
[17:05 CEST 09-09] EUROPE – The European Commission has issued a consultation paper asking the fundamental, yet controversial, questions concerning the competition and cost implications of requiring pension funds to meet the same requirements as insurers under the Solvency II directive.
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NewsNorway excludes Rio Tinto over environmental damage
[13:30 CEST 09-09] NORWAY – The Norwegian Government Pension Fund – Global has withdrawn NOK4.84bn (€604m) investment from Rio Tinto over concerns it is causing "severe environmental damage" through a joint mining operation in Indonesia.
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Irish Bill to stop pensions investment in cluster bombs
[13:00 CEST 09-09] IRELAND – The Irish government has drafted a new Bill on investment in munitions such as cluster bombs that will specifically change the investment policy of the National Pension Reserve Fund (NPRF).
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Brinkman foresees Optas agreement
[11:00 CEST 09-09] NETHERLANDS – Elco Brinkman, the exiting chairman of the Dutch teachers and civil servants pension fund ABP, will continue his mediation in the Optas case and may deliver his a conclusion within the next four weeks.
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NewsUCITS III 'heading for mid-life crisis'
GLOBAL – The investment industry is calling for next generation UCITS IV structures as the credit crunch is hindering the short-term growth of Undertakings in Collective Investments and Securities (UCITS) funds, suggests a survey by Create-Research.
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NewsEuropean investors excluded from US class action
[14:15 CEST 08-09] EUROPE – A US federal judge has ruled institutional investors in France, the Netherlands and UK should be wholly or partially excluded from a US class action against French transportation manufacturer Alstom SA.
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Polish payout bills get first reading
POLAND – Two bills intended to complete Poland's pension reform had their first reading in the Polish Parliament on Friday and will now be passed to the parliamentary social insurance committee.
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Reforms to close two-thirds of small firm pensions
[15:15 CEST 05-09] UK – Over 60% of small employers believe the introduction of personal accounts and auto-enrolment will lead to an increase in the closure of existing schemes, according to the Association of Consulting Actuaries (ACA).
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Governance statement is 'tick-box exercise'
[16:50 CEST 04-09] UK – The Governance Compliance Statement proposed by the Department of Communities and Local Government (CLG) is likely to become “a simple tick-box exercise” for pension schemes, according to consultancy firm Mercer.
