Latest on Regulation & Reform – Page 405
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Regulators should aid pension consolidation – OECD
[16:40 CEST 29-07] GLOBAL – Regulators should promote pensions consolidation as small pensions funds are handicapped when it comes to setting up internal governance, a new working paper by the OECD argues.
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Ireland denies plans for 'pension holiday'
[15:00 CEST 28-07] IRELAND – Officials of the Irish ministry of finance have today strenuously denied the government is working on legislation to take a two-year pension holiday from the National Pension Reserve Fund (NPRF).
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LAPFF issues deadline for M&S governance
[16:50 CEST 25-07] UK – The Local Authority Pension Fund Forum (LAPFF) has confirmed plans to file a resolution calling for an independent chair of Marks & Spencer (M&S) if the retailer fails to split the roles of chairman and chief executive by 2009.
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Poor record-keeping could add 5% to buyout cost
[17:05 CEST 23-07] UK – The Pension Regulator (TPR) is targeting poor record keeping with a consultation on new proposals for "good practice" guidelines for trustees and administrators, as evidence suggests poor practice significantly adds to the scheme's costs.
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BVI sees trend towards specialisation
[16:45 CEST 23-07] GERMANY – Investors are once again choosing separate providers for portfolio management and fund administration, according to the German investment and asset management federation BVI.
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Demands for SWF transparency 'will fail'
[15:25 CEST 23-07] GLOBAL – Growing demands for transparency by sovereign wealth funds (SWFs) from recipient countries will fail unless more diplomacy is used, asset management giant State Street has claimed.
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AFG 'confident' UCITS will include passport
[16:05 CESAT 22-07] EUROPE – The Association Française de la Gestion Financière (AFG), the French asset management association, today said it is confident the European Commission will include full fund passports as an element of the fourth Undertakings in Collective Investments and Securities (UCITS) directive.
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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.
