Latest on Regulation & Reform – Page 414
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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.
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Entity change subject to DNB approval - Donner
NETHERLANDS - The transition of a pension fund foundation into another entity will become subject to approval of the pensions regulator DNB, social affairs’ minister Piet Hein Donner has confirmed.
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DNB changes reporting rules
[15:30 CET 13-03] NETHERLANDS – The Dutch central bank, DNB today has said it will change the financial reporting standards for institutional investors, such as asset managers and pension funds from next year.
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UK to allow lower pensions commutation
[14:30 CET 13-03] UK – The UK government has announced some "easements" of the rules around trivial commutation to allow occupational pension scheme savings below £2,000 (€2,614) to be taken it a lump sum even if they have another larger pension fund elsewhere.
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Swiss AHV returns just remain positive
[16:30 CET 12-03] SWITZERLAND – The Swiss first pillar fund AHV saw its return fall to 0.4% last year compared to 6.8% in 2006.
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DC landscape 'confusing' and contradictory - Fidelity
[15:15 CET 12-03] UK – The provision of defined contribution (DC) pensions is 'confusing' as decisions are made by 'rule of thumb' or 'received wisdom' leading to contradictions, Fidelity has claimed.
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Show evidence of active management benefits - Myners
[14:00 CET 11-03] UK – Paul Myners, chairman of the Personal Accounts Delivery Authority, has hit back at criticism of the body’s low-cost accounts regime, and warned officials are unlikely to sway from adopting passive investment strategies.
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Slovakia makes opting-out easier
SLOVAKIA – People who want to opt out of the Slovak second pension pillar no longer need to have their signatures on the leaving contracts notarised.
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Employers seek pensions system review
[16:55 CET 10-03] NETHERLANDS - Dutch employers say a thorough deregulation of the pension system, including the present arrangements for indexation, is required to counter increasing risks and costs for companies.
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One-fifth of pensioners could lose 80% of benefits - PPI
[16:30 CET 10-03] UK – The Pensions Policy Institute (PPI) has called on the UK government to provide more clarity on its goal of improving incentives to save for retirement, as research showed personal accounts could cause 20% of pensioners to lose 80% of means-tested pension benefits.
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Trustees need help with wind-up deadline
[14:50 CET 10-03] UK – A joint consultation statement on the winding-up of pension schemes has been criticised by Hymans Robertson for failing to explain how trustees are expected to complete the process within two years.
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Philips fund ups real estate sale as experts mull liability
[15:30 CET 10-03] NETHERLANDS – The €14.6bn Dutch pension fund of electronics giant Philips has further dismantled its real estate portfolio, a process initiated following an investigation started into the alleged realty fraud within the fund.
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FeaturesEU warning over tax discrimination
Germany and Estonia received formal notices from the European Commission requesting information concerning different tax treatment of foreign pension funds on dividends and interest.
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Special ReportIntroducing a new framework
Thierry Verkest explains the recent legislative and regulatory changes that have transformed Belgium’s pensions landscape, and outlines some of the continuing debates
