Latest on Regulation & Reform – Page 411
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PPF adopts mortality changes as TPR issues dispute code
[11:30 CEST 31-03] UK – The Pension Protection Fund (PPF) has confirmed the changes to the mortality and discount rate assumptions will come into force from today (March 31 2008).
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Call for reform of Greek pensions "reforms"
[16:45 CET 28-03] GREECE – Proposed reforms to the Greek pensions system will do nothing to alter the status quo or improve the funding of domestic pensions, as little true change is being introduced, according to pensions experts.
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German pensions system "too complicated"
[15:45 CET 28-03] GERMANY – Supplementary retirement vehicles need to be simplified in order to boost the country's second pillar, the German banking federation “Bankenverband” has suggested.
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HMRC extends money laundering deadline
[12:00 CET 28-03] UK – HM Revenue & Customs has extended the deadline for registering as a trust or company service provider (TCSP) under new money laundering regulations, giving professional pension trustees until May 31 2008 to decide if they need to register.
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Career-average schemes hit by IASB proposals
[16:30 CET 27-03] GLOBAL - Career-average defined-benefit pension plans face substantial upheaval if the International Accounting Standards Board implements its new proposed definition of contribution-based pension plans, two leading pensions consultants have warned.
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NewsExperts praise FSA admission of errors
[17:00 CET 26-03] UK – Pensions experts say moves by the Financial Services Authority to tighten its supervision and risk management of UK financial services firms should improve the long-term confidence of investors following the Northern Rock debacle.
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Belgium names pension minister
[16:20 CET 26-03] BELGIUM – Marie Arena of the Francophone Parti Socialiste has when she joined the federal government as minister of social integration and pensions.
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Clearance confuses employer debt rules
[15:45 CET 26-03] UK – Updated clearance guidance issued by The Pensions Regulator (TPR) has "muddied the water" around the issue of the debt on the employer when it withdraws from a multi-employer scheme, Hamish Wilson & Co has claimed.
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Poland and Eureko seek final court settlement
POLAND – The Polish government and Dutch financial group Eureko have agreed any compromise reached in talks over Polish insurer PZU will be made subject to approval by a Polish court.
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Consultant claims 'good' employers face active discrimination
[16:15 CET 20-03] UK – The UK government is "actively discriminating" against 'good' employers who are providing defined benefit schemes, while failing to establish protection for the defined contribution schemes it actively encourages, Barnett Waddingham has warned.
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TPR refocuses clearance guidance at advisers
[15:30 CET 20-03] UK – The Pensions Regulator has published updated guidance on the clearance process, which is more focused towards advisers than trustees.
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ERAFP aims to diversify with new consultant
[15:00 CET 20-03] FRANCE – The €4.8bn French public service supplementary pension scheme ERAFP has said it has selected Mercer as its new investment consultant for an extended diversification of its investments.
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Gov't must "provide more reassurance" over pensions
[16:50 CET 19-03] UK – The existing system of means-tested benefits does not give people the necessary "reassurance" that they will be "demonstratively" better off in retirement if they save in a pension, industry experts have claimed.
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Employer debt changes "increase regulatory burden"
[17:02 CET 18-03] UK – Amendments designed to make the existing Employer Debt Regulations "more flexible" could significantly increase the regulatory burden on defined benefit schemes, consultants have warned.
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Luxembourg fires warning over UCITS IV
[15:00 CET 18-03] LUXEMBOURG – Claude Kremer, chairman of the Association of Luxembourg Fund Industry (ALFI), has condemned the plans for management company passports under a new Undertakings in Collective Investments and Securities (UCITS) directive.
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New fund to boost overseas volunteers' pensions
[11:30 CET 18-03] UK – Public sector workers such as doctors and teachers who choose to volunteer their skills abroad will have their pension contributions paid from a new pension fund, following a decision by the government.
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Pension Forum created to monitor Finnish reforms
[14:00 CET 17-03] FINLAND – The Finnish government has established a Pension Forum to monitor the implementation of recent pension reforms.
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Ethos halts court action as UBS gives in
SWITZERLAND – UBS has agreed to publish details of an inquiry into its losses linked to the subprime, revising its earlier position following increased pressure from pension-fund owned Ethos.
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BMA wins legal case over GP pension cap
[12:15 CET 17-03] UK – The British Medical Association (BMA) has won a high court case against the UK government's decision to limit the amount retiring doctors could receive in their NHS pensions.
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F&P slams talk of pensions contribution cap
[16:45 CET 14-03] DENMARK - Pensions and insurance industry association Forsikring &Pension has attacked proposals to place a cap on pension contributions, saying there is simply no reason to introduce one.
