Latest on Regulation & Reform – Page 416
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Gov't targets 'commodity' treatment of pensions
[15:15 CET 28-02] UK – The UK government has confirmed it is "urgently" looking at ways to address concerns that the buy-out market seems to be treating pensions "as just another commodity".
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PPF sets March deadline on parental guarantees
[16:30 CET 27-02] UK – Pension schemes using parental guarantees as a contingent asset could face an increased Pension Protection Fund (PPF) levy if they fail to re-certify the guarantee before the end of March, Lane Clark & Peacock (LCP) has warned.
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EC to stage pensions assets enquiry
[15:45 CET 27-02] EUROPE - The European Commission is planning to hold a “broad based enquiry” into the asset management of defined benefit pension funds, following pressure from DB pensions managers concerning a threat which would oblige them to transfer assets out of equities and into fixed-interest securities.
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Ireland to regulate 'poor' pensions admin
[15:45 CET 26-02] IRELAND – The Irish government is to start regulating third-party administrators where they carry out scheme administration on behalf of trustees in an attempt to improve 'poor' standards.
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'Tweaks' could improve Danish pensions - OECD
[13:15 CET 26-02] DENMARK – The Organisation for Economic Cooperation and Development (OECD) has proposed the Danish government reform make several “minor changes” to its existing pensions regime to improve the returns and potential income pensioners may receive at retirement.
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Trustees need to 'do better' on conflict management
[12:30 CET 26-02] UK – The Pensions Regulator (TPR) has issued a consultation on trustee guidance over possible conflicts of interest, which it expects to trigger a "marked improvement" in conflict governance.
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Lisbon unveils new supplementary plan
[16:50 CET 25-02] PORTUGAL - A new first pillar defined contribution scheme will be launched in Portugal on 1 March.
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Fragile coalition could 'doom' Czech reforms
[13:30 CET 22-02] CZECH REPUBLIC – The 'fragile coalition" of the Czech government could "doom" planned pension reforms as potential rifts between the three coalition parties have already been highlighted, a risk consultancy has warned.
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Eumedion slams corporate governance rules
[16:00 CET 21-02] NETHERLANDS - Eumedion, the platform for institutional investors, has rejected most of the proposals in the first drafts of new legislation on shareholders’ rights as unnecessary rules which do not sit well with other EU states’ activity.
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Finansinspektionen given power to fine mutual funds
[15:45 CET 21-02] SWEDEN – The Swedish Government is to extend the powers of Finansinspektionen, the Swedish Financial Supervisory Authority, over mutual fund companies and give it the ability to issue fines of up to SEK 50m (€5.4m).
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Gov't to increase TPR powers over buyout fears
[12:00 CET 21-02] UK – The government is planning to increase the power of The Pensions Regulator (TPR) to appoint independent or professional trustees to schemes, to tackle concerns about the pensions buyout market.
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Europeans "rely on occupational pension"
[11:30 CET 21-02] EUROPE – More and more people see the responsibility to provide guaranteed retirement income with the employer, AXA insurance found in its latest pension barometer.
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EC "invites" Greece and Ireland to speed up reforms
[11:00 CET 21-02] EUROPE – The European Commission has urged Ireland and Greece to bring forward pension reforms to limit the impact of longevity on public spending.
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Dutch review full-time pension at 65
[16:20 CET 20-02] NETHERLANDS – The Dutch minister for social affairs, Piet Hein Donner, is drafting a white paper to promote a part-time pension for employees aged 65 and above.
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Pension funds are "legal owners of pension assets"
NETHERLANDS - Pension funds are the only owners of pensions assets so legislation is required to prevent pension assets from draining away in the event of mergers, transformation of pension providers or liquidation, according to Dutch pension fund lobby organisations.
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Trustees warned over money-laundering rules
[15:50 CET 19-02] UK – A lack of guidance from the government over new money laundering rules mean professional trustees have to choose between applying for an individual ruling from the government or facing "draconian" penalties, lawyers have warned.
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Credit Suisse suspends traders after debt 'mismarking'
[16:15 CET 19-02] SWITZERLAND – Credit Cuisse Group has suspended traders responsible for some of its structured credit facility after the firm discovered positions were overpriced to the tune of $2.85bn (€1.93bn).
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MPs told not to miss conditional indexation 'opportunity'
[16:00 CET 18-02] UK – MPs have been warned rejecting conditional indexation for UK pension schemes will lead to millions of private sector workers being exposed to increased volatility associated with defined contribution (DC) schemes in the run up to 2012.
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Sandler to decide fate of Northern Rock pension scheme
[15:30 CET 18-02] UK – The future of the Northern Rock pension scheme will depend on the new management team of the nationalised bank, HM Treasury has confirmed.
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Scotland consults on LGPS draft regs
[11:00 CET 18-02] UK – The Scottish Government is consulting on draft regulations for a new Local Government Pension Scheme (LGPS) which it claimed could save around £20m (€27m) per year.
