Latest on Regulation & Reform – Page 409
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Agenda shifting from EU harmonisation to convergence
[12:30 CEST 30-05] EUROPE – Member states of the European Union are facing a trend of increasing economic convergence on pension policies, rather than a more encompassing passage of harmonisation, former Belgian prime minister Guy Verhofstadt has found.
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Legal 'certainty' needed over schemes' ESG duty
[12:00 CEST 30-05] EUROPE/GERMANY – Pension funds are calling for "legal certainty" over how sustainable development affects their fiduciary duty along with improvements to the quality of long-term sustainability information provided in company reports, a study commissioned by ASSET4 and the German government has revealed.
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German first pillar funds defended
[16:25 CEST 29-05] GERMANY – Pension funds for the self-employed have been given fresh support by the German government in a fight against dissolution plans put forward by unions and left-wing parties.
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EC eyes pan-European pensions for 'researchers'
[16:00 CEST 29-05] EUROPE – The European Commission has submitted a proposal suggesting companies should be encouraged to provide pan-European pension schemes for researchers working in the EU.
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Pension body questions 'API lite' (amended)
[16:05 CEST 28-05] NETHERLANDS - A general pensions vehicle (API) aimed at defined contribution schemes is not an adequate response to the problems in the pensions sector, according to the pension representative body OPF.
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Belgian pensions minister makes first move
[16:30 CEST 27-05] BELGIUM – Marie Arena, the newly-appointed minister for social integration and pensions, has announced the Belgian government will top up first pillar pensions by €100m in the next few months.
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EC eyes pension reserves 'hole'
[16:00 CEST 27-05] EUROPE - Guy Verhofstadt, former Belgian prime minister and now deputy chairman of the APG Groep Supervisory Board, has argued the European Commission is likely to increase its focus on the lack of pension reserves held.
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AnalysisAnalysis: The struggle to balance pensions accounting standards
[15:30 CEST 27-05] UK/GLOBAL - Discussion around Accounting Standards Board (ASB) proposals for pensions accounting reforms really began in earnest last week, and what an uphill struggle it seems ASB officials face.
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Finland to merge supervisory authorities
[16:05 CEST 23-05] FINLAND - The Finnish government has submitted a legislative proposal to merge the country's Financial Supervisory Authority (FIN-FSA) with the Insurance Supervisory Authority.
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EU investors miss out on €2.4bn in legal settlements
[12:00 CEST 22-05] EUROPE – Non-US investors failed to claim around $3.7bn (€2.4bn) of monies resulting from securities fraud legal actions in the last four years, according to DRRT.
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Malta knocks on door to pensions reform
MALTA – The Maltese government will implement second- and third-pillar pension schemes by 2011, IPE has learnt.
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Accounting standards are key cross-border barrier – EC
[14:00 CEST 19-05] EUROPE – David Wright, deputy director-general of the Internal Markets and Services division at the European Commission (EC), has warned current accounting standards are a key obstacle for cross-border activity.
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Pensions industry takes anti-free choice stance
[16:25 CEST 16-05] SWITZERLAND – Giving individuals the option to choose their pension fund freely would “destroy the solidarity in the system”, participants at a panel discussion in Zurich have argued.
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EU allows GPP auto-enrolment
[16:00 CEST 16-05] UK/EUROPE – The European Commission has confirmed employees can be auto-enrolled into contract-based group personal pensions (GPPs) when the new personal accounts regime comes into force in 2012.
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Call for ‘levensloop’ terms to be widened
[13:00 CEST 15-05] NETHERLANDS – The Labour Foundation (Star) has suggested terms of use for the “levensloop”, or life course, tax-friendly savings scheme would be more attractive to workers if they were widened to help people deal with a general loss of income.
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NewsSwiss funds join critics of new solvency rules
[12:30 CEST 15-05] SWITZERLAND – Swiss Pensionskassen fear there could be major financial burdens arising from the discussed application of the country's very own revised solvency regime for insurers, known as Swiss Solvency Testing.
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Hewitt Wassum attacks AP fund limits
[12:00 CEST 13-05] SWEDEN - Hewitt Wassum Investment Partners, the Stockholm-based investment consultant, has criticised the investment restrictions imposed in the country’s AP pension-buffer funds, as creating unwanted and irrational investment decisions.
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UK pension fund mounts VAT challenge
[16:50 CEST 12-05] UK – The National Association of Pension Funds (NAPF) and the £8bn (€10.14bn) Wheels Common Investment Fund (WCIF) plan to bring a joint legal challenge against the UK government over the application of value added tax (VAT), which could result in £300m payout for the pension fund ...
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PADA to bring in personal account advisers
[16:40 CEST 12-05] UK – The Personal Accounts Delivery Authority (PADA) has begun search for three groups of specialist advisers to support the implementation of the personal accounts pension regime, due to begin in 2012.
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EC fires warnings over tax and governance
[15:00 CEST 12-05] EUROPE – The European Commission is making fresh moves to rectify the discrimination of overseas pension funds by the Spanish and Portugese governments over dividends tax along with legal breaches concerning corporate governance.
