Latest on Regulation & Reform – Page 412
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NewsPension Corporation agrees to TPR approval
[15:30 CEST 14-04] UK – Pension Corporation has agreed to abide by a proposal from The Pensions Regulator (TPR) stating it will not appoint a member of the firm as a trustee of the Telent pension scheme, without first gaining approval from the Regulator.
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NewsIMF confident over Turkish reforms
[16:15 CEST 11-04] TURKEY – The International Monetary Fund (IMF) is "confident" that the structural reforms in the Turkish pension system, which are "absolutely important and necessary" for economic stability, "will go on".
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NewsOECD agrees 'restraint' on SWF security fears
[16:00 CEST 11-04] GLOBAL – The Organisation for Economic Cooperation and Development (OECD) has published guidance for countries on how to treat investment from sovereign wealth funds (SWFs) fairly, which recommends using "restraint" when protecting "essential security" interests.
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NewsOmbudsman wins court case against building firm
[15:15 CEST 11-04] IRELAND – Paul Kenny, the Pensions Ombudsman, has won a court order forcing a construction company to provide his office with records of employment, and has also initiated criminal proceedings against the firm for obstructing investigations.
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Hedge funds do not need direct regulation - FSA
[16:50 CEST 10-04] UK – Direct regulation of hedge funds is not "appropriate" as they "do not pose a systemic risk to financial stability", the UK Financial Services Authority (FSA) has claimed.
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News'No brainer' API still some time away
[16:40 CEST 10-04] NETHERLANDS – The planned new Dutch pensions vehicle, known as an API, will be introduced but the legislative process may take another year still, suggests independent pension consultant Joop Rietmulder.
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NewsTPR updates employer debt guidance
[12:30 CEST 10-04] UK - The Pensions Regulator (TPR) has published updated guidance on multi-employer withdrawal arrangements, following amendments to government regulations on section 75 debt.
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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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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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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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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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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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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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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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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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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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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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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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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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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.
