Latest on Regulation & Reform – Page 418
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News
Code of conduct matches principles shift
[14:30 CET 07-01] NETHERLANDS - Umbrella organisations for the Dutch pension funds have launched a new code of conduct, which is more principle-based than the earlier ruled-based regime.
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Pensions Board to expand information offering
IRELAND - The Pensions Board plans to expand its information team with the appointment of a new assistant head of information.
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Donner proposes ‘no fixed form’ to API 'institutions'
[17:00 CET 04-01] NETHERLANDS – Creation of new Dutch general pensions institutions, known as APIs, will not be given a fixed legal form to give overseas players flexibility in the market, according to Social Affairs’ minister Piet Hein Donner.
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NewsDebate to determine who owns pension assets
[16:00 CET 04-01] NETHERLANDS – The Dutch parliament will in the next three months investigate who in fact owns pension schemes’ assets accumulated to meet pension liabilities.
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PGGM in court again over insurance activity
[15:35 CET 03-01] NETHERLANDS – PGGM, one of the largest European pension funds, is being taken to court by the Dutch Association of Insurance Companies (Verbond van Verzekeraars) over claims of unfair competition.
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Legal claims rise as subprime action looms
[15:00 CET 03-01] GLOBAL – The number of cases filed and assets claimed through securities class actions climbed again in 2007, despite evidence just 18 months ago suggesting interest in case pursuance was slowing.
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IAPF suggests 'best practice' member contact
[16:30 CET 02-01] IRELAND – The Irish Association of Pension Funds (IAPF) has published a working paper outlining best practice for maintaining contact with deferred members.
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Actuaries call for 'radical' reforms over 'tinkering'
[15:30 CET 02-01] UK – The Association of Consulting Actuaries has warned more radical pension reforms are needed to avoid an "unsustainable" and "dangerous" gulf between private and public sector pension provision.
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Pressure on reinsured pensions eased
[13:00 CET 02-01] NETHERLANDS – Dutch corporations will no longer be faced with high redemption fees if they decide to move their pension fund from one insurer to another.
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Features
Revising the first draft
Hungary has modified its initial second pillar pensions architecture to introduce multiple portfolios, Thomas Escritt reports
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Government makes u-turn on high earner pensions tax
NETHERLANDS - The Dutch government has backtracked on its initial plan to limit the fiscal support for the build-up of a pension on incomes of over €185,000.
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Pensions portability directive edges closer
[13:00 CET 19-12] EUROPE – European Union officials believe they are now one step closer to finalizing implementation of the pensions portability directive, even though another attempt to improve cross-border pension arrangements was blocked by ministers from Luxembourg and Germany earlier this month.
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Pension funds negotiate investment rules
[16:30 CET 17-12] BULGARIA – The association of Bulgarian pension management companies (BASPC) has called on the government to lift the cap on mandatory pension schemes’ investment in equities and argued schemes should be allowed to participate in IPOs.
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Belgium fills OFP gap
[16:45 CET 13-12] BELGIUM – The CBFA, Belgium’s pension regulator, has finally clarified its position on solvency for the new OFP pension vehicle – so far a ‘missing link’ in the legislation.
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Empower supervisory boards, say top economists
NETHERLANDS - Supervisory boards should be given more power to deal with activist shareholders and private equity players, in order to avoid negative effects on a company’s long-term value, Dutch economists have claimed.
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Banks granted right to sell pensions products
[12:00 CET 13-12] NETHERLANDS - Dutch banks will be competing with insurers from January to offer tax-friendly savings products as additional pensions plans.
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Polish gov’t asks EBRD for help over PZU
[15:00 CET 12-12] POLAND – The European Bank for Reconstruction and Development (EBRD) is looking at how it might help resolve the conflict over the privatisation of Polish insurance giant PZU.
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Call for portability directive revival
[11:00 CET 12-12] EUROPE – The European Economic and Social Committee (EESC), a European Union consultative body set up in 1957, has called for new discussions on the EU portability directive.
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DG queries 'acting in concert' perception
[17:00 CET 11-12] EUROPE – Members States may be forced to rethink the recent introduction of 'acting in concert' corporate governance rules as European Commissioner Charley McCreevy has suggested some governments could be seen to hamper "legitimate" shareholder "collaboration".
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Features
IGFCSS to manage supplementary plan
The parametric reforms introduced since 2002 will have the affect of reducing the growth of first pillar pensions.
