Latest on Regulation & Reform – Page 403
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Few Slovaks move to opt out
SLOVAKIA – Just 6% of Slovakians had chosen to leave the second pillar pension system by the end of the recently implemented 'opt-out' deadline, figures reveal, but new member inflow will be slower from now on as it is no longer mandatory.
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Czech senate approves pension reform
CZECH REPUBLIC – The Czech senate has approved legislation that will raise retirement and implement tougher requirement for early retirement.
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Turkey reforms should remain "priority"
[13:30 CEST 21-07] TURKEY – Reform of the Turkish public pension system should "continue as a matter of priority", according to the OECD. Organisation for Economic Co-operation and Development (OECD).
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Pension funds will change Romania - National Bank
ROMANIA – Private pension funds will change the financial landscape of Romania, accelerate the development of the equity and bond markets, according to the National Bank of Romania.
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Trustees concerned over transfer incentives - TPR
[16:21 CEST 18-07] UK – Trustees were concerned about potential conflicts of interest in a third of cases where schemes have offered members an inducement or incentive to transfer out of the scheme or accept reduced benefits, The Pensions Regulator (TPR) has revealed.
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1 in 3 Dutch funds have long term reserve shortage – Mercer
[14:37 CEST 18-07] NETHERLANDS – Currently one out of every three Dutch pension funds has a long term reserve shortage, according to investment consultancy, Mercer.
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Ireland to review ethical investments
[13:57 CEST 18-07] IRELAND – The Irish government will examine ethical investment following increased calls for independent scrutiny of the National Pension Reserve Fund's (NPRF) holdings in companies operating in Zimbabwe.
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Landmark case points funds to insurance arena
[13:08 CEST 18-07] NETHERLANDS – A Dutch court has ruled that pension funds turned asset managers can continue working under the same name.
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New group targeted for German second pillar
[10:27 CEST 18-07] GERMANY – German insurance company R+V will offer low earners second pillar pension products.
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German SMEs confused by pension disclosure
[15:36 CEST 17-07] GERMANY – The pension provider Dgbav has warned that smaller companies are struggling with transparency rules for pensions. (amends Dgbav's label)
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NewsBulgaria changes risk options for schemes
[15:38 CEST 15-07] BULGARIA – The Bulgarian government has agreed to implement changes proposed by the Financial Supervision Commission to enable different risk levels in the third pillar and raise the equity cap for second pillar funds.
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NewsUkraine's second pillar on hold
UKRAINE – Adverse financial market conditions have led to a further postponement of the introduction of a second pillar in Ukraine.
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Dutch scheme assets drop to €793bn
[16:21 CEST 11-07] NETHERLANDS - Total liabilities of the Dutch pensions sector decreased by €14bn in 2007 thanks to the rise in interest rates, according to pensions regulator De Nederlandsche Bank.
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SocGen to launch Serbian pension fund manager
SERBIA – French banking group Société Générale has announced it has received regulatory approval to set up its planned pension fund management company in Serbia.
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TLPs could be 'foundation' for wider mortality market
[16:55 CEST 08-07] UK – Traded Life Policies (TLPs) could become a successful new asset class and provide a "firm foundation" for the development of the wider life market in trading mortality and longevity-indexed securities and derivatives, according to research from the Pensions Institute at CASS Business School.
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Investors back reform of 'disturbing' CRA conduct
[14:30 CEST 08-07] UK – Investors have backed calls for the reform of credit ratings agencies (CRAs) after identifying a lack in professional conduct, according to the Chartered Financial Analysts (CFA) Institute.
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EC lifts hold-up on Ucits IV
[13:30 CEST 08-07] EUROPE - Ucits IV, described as a badly-needed upgrade of European Union rules governing pan-EU cross-border fund movements, is back on the European Commission’s agenda.
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Pension deal dies along with coalition
[12:30 CEST 08-07] AUSTRIA – Austrian voters will have to choose a new government as the coalition between the SPÖ and ÖVP parties has broken over pension, health and EU issues.
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Serbia mulls second pillar (amended)
SERBIA – Within the next few years Serbia will be next in line in the CEE region to introduce a mandatory second pillar, Marija Medenica, director of Erste Invest Beograd, has told IPE.
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Gov't wants 'formal' research into 50% MNTs
[12:00 CEST 02-07] UK – The UK government says more "formal" research is needed to assess potential issues before the government will increase the legal requirement for member-nominated trustees (MNTs) on pension boards from one-third to 50%.
