Latest on Regulation & Reform – Page 410
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NewsOECD warns on budget as Merkel pushes pension rise
[16:15 CEST 09-04] GERMANY – The Organisation of Economic Co-operation and Development (OECD) foresees further budget consolidation may be necessary in Germany, despite major pension reforms.
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News
Pensions Board highlights admin regulation risk
[14:30 CEST 09-04] IRELAND – The Irish Pensions Board has warned trustees they will be committing a criminal offence if they fail to appoint a registered administrator to perform "core administration functions" before November 1 2008.
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News
Union members accept Scottish LGPS changes
[13:30 CEST 09-04] UK – More than 90% of union members belonging to the Scottish local government pension scheme (LGPS) have voted to accept proposals for a new scheme, which come into force from April 2009.
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News
BAS standards must be "targeted" not standardised
[15:30 CEST 08-04] UK – Consultants have warned the introduction of standards around mortality assumptions could become a "worthless compliance exercise" as trustees and employers need "targeted advice".
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News
Switzerland to cut pensions by 8% from 2015
[14:30 CEST 08-04] SWITZERLAND – The Swiss parliament has further slowed down plans by the government to cut pensions in order to make assets in pension funds last longer.
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News
TPR supports fine issued to "misleading" accountant
[13:45 CEST -8-04] UK – A former chartered accountant has been fined £2,000 (€2,534) after he misled The Pensions Regulator (TPR) and staff about the payment of almost £40,000 of outstanding pensions contributions.
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News
Dutch gov’t to reward longer working life
[11:00 CEST 08-04] NETHERLANDS - Employees who work beyond the official Dutch retirement age of 65 will receive an increase to their state pension AOW, according to a plan being considered by social affairs minister Piet Hein Donner.
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News
Need for IAPF guidelines is 'disappointing'
[16:45 CEST 07-04] IRELAND – The Pensions Board has admitted it is "disappointing" the pension industry needs Investment Guidelines launched by the Irish Association of Pension Funds (IAPF), to change and improve behaviour relating to scheme assets governance.
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News
Pension assets granted CGT exemption
[15:15 CEST 07-04] AUSTRIA – The introduction of a capital gains tax (CGT), the so-called Vermögenszuwachssteuer, in Austria will not affect increases in pension assets, finance minister Wilhelm Molterer has confirmed.
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News
CEIOPS raises concerns over IORP interpretations
[16:50 CEST 04-04] EUROPE – The Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) has called on the European Commission's Occupational Pensions Committee (OCP) to provide greater clarity on certain definitions of rules for implementing Institutions of Occupational Retirement Provision (IORPs).
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News
SBB warns wage cuts needed to fund Pensionskasse
[12:30 CEST 04-04] SWITZERLAND – The global financial crisis has aggravated the financial situation of the Pensionskasse for SBB, the Swiss federal railways operator, so much it is now asking for state aid or it will have to cut wages by up to 6%.
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News
Appeal court upholds ABP and PGGM fines
NETHERLANDS – A court ruling has stated the over €1.3m in fines imposed on ABP and PGGM for illegally promoting the ‘levensloop’ or life course scheme, by pension regulator De Nederlandsche Bank, are final.
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News
DNB makes small funds' survival hard – Ambachtsheer
[15:30 CEST 03-04] NETHERLANDS – Keith Ambachtsheer, dubbed the Canadian pensions ‘guru’, has saluted a policy which he identifies as the Dutch central bank pushing small pension funds into the arms of larger administrative entities.
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News
Real assessment framework is 'a bad idea' – Van Popta
[16:35 CEST 02-04] NETHERLANDS – Benne van Popta, chairman of the Association of Industry-wide Pension Funds (VB), has spoken out against reshaping the financial assessment framework (FTK) to place a stronger focus on 'real' pension promises.
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News
Same-sex partners have pensions spousal rights - ECJ
[17:10 CEST 01-04] EUROPE – The European Court of Justice (ECJ) in Luxembourg today decided denying same-sex partners pension rights is direct discrimination and unjustifiable.
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News
Gov’t bodies to follow NAPF review of Myners
[17:00 CEST 01-04] UK – The UK government has launched a review of the corporate governance principles applied to UK pension funds and trustees, which adds to the guidance review conducted last year by the National Association of Pension Funds (NAPF) concluding trustee standards had improved.
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EC asks SWFs to welcome transparency
[14:45 CEST 01-04] EUROPE/NORWAY – EU Trade Commissioner Peter Mandelson has warned Sovereign Wealth Funds (SWFs) not to respond with "resentment or indifference" to growing concerns about the impact of their investments on recipient countries.
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Features
What price fair value?
It is a given that any change to pensions accounting will inevitably produce earnings volatility. A Georgia Tech research team led by Dr Charles W. Mulford has recently attempted to answer the question: by how much? Starting with an analysis of “changes to the balance sheet and its effects on ...
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Special Report
Ownership creates involvement
Stakeholders in defined benefit pension funds should redefine who exactly takes which risks, what constitutes solvency and who owns which part of it. Theo Kocken takes the baton in the first instalment in a series of discussion papers
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News
Indexation label enters choppy waters
[16:00 CEST 31-03] NETHERLANDS - An indexation label, designed to give consumers clarity about future pensions indexation, is in trouble because several members of the preparatory committee have serious objections against its present draft.
