Latest on Regulation & Reform – Page 419
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DC "most appropriate" basis for single EU market
[12:00 CET 25-01] EUROPE – Criticism of defined contribution schemes is often "unfounded" as they are the "most appropriate" products to establish a single cross-border market, the European Fund and Asset Management Association (EFAMA) has warned.
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Rogue trader loses SocGen €4.9bn
[12:00 CET 24-01] FRANCE – French investment giant Société Générale has today admitted it needs to raise €5.5bn in new capital through share issuance after discovering a rogue trader in its hedging operations.
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ABP wins age discrimination suit
[16:15 CET 23-01] NETHERLANDS – A Dutch court in Heerlen has today ruled even though the €220bn ABP pension fund practices age discrimination, it has the right to do so, says Dutch union AVV.
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EC seeks pensions innovations, with guarantees (amended)
[16:00 CET 23-01] EUROPE – Officials at the European Commission and European Parliament have called for the development of innovations and new ideas in pensions delivery which could provide some level of guarantee to retirement incomes but which do not restrict investments to the fixed income market.
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Italian minimum benefit plans confuse savers
[12:00 CET 23-01] ITALY – Government proposals to try and provide a minimum replacement ratio of at least 60% of net earnings are "contradictory" and will confuse younger savers, consultancy Mercer has claimed.
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MoD error highlights need for level playing field
[11:30 CET 23-01] UK – Lawyers are urging HM Revenue & Customs to review its policy of "writing off" pension overpayments following confirmation HM Treasury could cancel £1.7m in errors by the Ministry of Defence.
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EC studies 'wake-up call' on portability
[16:30 CET 22-01] EUROPE – Supplementary pension schemes continue to hinder workers’ mobility across Europe, according to two studies presented by the European Commission (EC) today.
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Support unveiled on covenant review
[13:30 CET 22-01] UK – Aon Consulting has launched a service whereby pension fund trustees can more easily assess the covenant of the sponsoring employer.
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UK VAT ruling could trigger ‘million’ refund claims
[16:41 CET 18-01] UK – A legal victory allowing a professional trustee company to claim a value-added tax (VAT) refund on costs incurred while acting for a scheme in wind-up, could trigger "millions" more claims according to London-based law firm Sacker & Partners.
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Features
Super market waits for boost from Rudd
Australia’s new prime minister, Kevin Rudd, is backing the country’s bid to become an Asian funds hub. Richard Newell explains how tax reforms can make that bid more competitive
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Bank of Greece urges pension reform to protect public services
[14:55 CET 18-01] GREECE – The governor of the Bank of Greece has warned the government if it fails to adopt "early and major pension reform" the increased pension expenditure could jeopardise essential public services.
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Eureko and Polish treasury agree to talk over PZU
[14:40 CET 18-01] POLAND – Dutch insurer Eureko and the Polish treasury will form a working group to solve the long-running and often bitter dispute dispute over the privatisation of PZU.
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Nestlé's German fund mulls return from Dublin (Update)
[13:10 CET 18-01] GERMANY/IRELAND – Peter Hadasch, member of the board of the Nestlé's €1.2bn German Pensionskasse is considering swapping Dublin for Germany as the domicile for his fund's assets.(updated with new quotes from Hadasch)
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British worries about migrant worker pensions costs
[15:40 CET 17-01] UK – Increasing numbers of temporary migrant workers will pose a "significant challenge" to personal accounts in terms of communication and administration costs, the Personal Accounts Delivery Authority(PADA) has claimed.
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Features
Policy review engages Polish funds
As the new government reviews its policy options, pension funds tell George Coats what they think should be on its agenda
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Features
North Cyprus reforms pensions
Social Security reforms to harmonise the retirement benefits of public and private sector workers came into force in Northern Cyprus on 1 January.
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Features
Sofia Group gives region a voice
CEE pension associations formed an ad-hoc working group during an August 2006 meeting of pension representatives in Sofia, Bulgaria.
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Poland names pensions minister
[16:30 CET 14-01] POLAND – Agnieszka Chlon-Dominczak has been nominated as vice-minister at the ministry of labour and social policy in charge of pensions.
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Call for Hain to "explain or resign"
[15:30 CET 14-01] UK – Peter Hain, Secretary of State for Work and Pensions, should either explain his actions "convincingly" or leave his post, following scandals behind the funding of his attempted election as party deputy leader, the UK's opposition leader David Cameron has warned.
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Czech pushes for equal retirement age
[16:30 CET 10-01] CZECH REPUBLIC – The government of the Czech Republic is planning to unveil pension reforms in a draft bill requiring people to work longer for their pensions and which it hopes will raise the State retirement age to 65 by 2030.
