Latest on Regulation & Reform – Page 420
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Review may clarify VAT on pensions-related services
[16:30 CET 29-11] EUROPE – The European Commission is conducting a review of existing legislation for value-added tax (VAT) on financial services and insurance companies, which might finally determine whether European pension funds should be exempt from paying VAT on outsourced investment services.
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Dutch state maintains index-linked bonds line
NETHERLANDS - The Dutch Finance minister Wouter Bos he has reiterated he is not considering the issuance of index-linked bonds.
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PPF mulls buffer amid claims of overcharging
[15:30 CET 28-11] UK - The UK's Pension Protection Fund (PPF) is looking to set up a buffer fund with any surplus it might accrue in the future, IPE has learnt.
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Parliamentary pension fund too costly – German MPs
[12:00 CET 27-11] GERMANY – German MPs have agreed to increase in their retirement and make cuts in their pensions but have voted against the creation of a pension fund for members of the parliament, the so-called ‘Bundestag’.
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Christmas pension action 'unnecessary' - BAA
[16:55 CET 26-11] UK – UK airport group BAA has called the industrial action over the closure of its final salary pension scheme “unnecessary”.
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Promoting property as a pension is wrong - MetallRente
[16:30 CET 26-11] GERMANY – Plans by the German government to subsidise private property by way of supplementary pensions endangers the level of retirement provision, industry pension group MetallRente noted.
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DAX blue-chip gets Pensionsfond approval
[16:30 CET 23-11] GERMANY – Munich-based mechanical engineering group Man AG has received regulatory approval for its Pensionsfond within its contractual trust agreement (CTA).
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Greece plans pension funds merger
[16:45 CET 22-1] GREECE – The Greek Ministry of Employment has announced pension reform proposals which will see 154 pension funds rolled into just 14, in a bid to improve the financial health of the system.
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McCreevy: Solvency II needs more work
[15:15 CET 22-11] EUROPE - Charlie McCreevy, the European commissioner for internal markets and services, believes further work is needed before EU member states can commit themselves to the Solvency II regime.
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Pension increase ‘not helpful’ for second pillar - consultant
[15:00 CET 22-11] AUSTRIA – Raising the state minimum pension and telling voters a raise of retirement age was ‘not necessary’, and is not helping to further develop second pillar retirement provision, Peter Prandstätter, managing director of Benefit Consulting, has told IPE.
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Trustee case reveals need for documents
[14:30 CET 22-11] UK - A recent move by the UK pensions ombudsman to rule on a dispute rather than giving the trustees a second chance highlights the need for trustees to keep records of decision-making, pensions lawyers have declared.
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EFRP seeks regulatory slowdown
[16:00 CET 21-11] EUROPE – The directive on Institutions for Occupational Retirement Provisions (IORP) needs more time to deliver according to a new survey by the European Federation for Retirement Provision (EFRP).
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SEC risks reputation over investor rights, warns USS
[14:30 CET 21-11] US/UK - The US Securities and Exchange Commission will miss the chance to show it is serious about investor rights if it forges ahead with a ruling stopping shareholders putting forward candidates for corporate boards, according to UK pension fund the Universities Superannuation Scheme (USS).
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Italian class actions move a step closer
[16:30 CET 20-11] ITALY - Italy is close to introducing 'class action' lawsuits in its legal system for the first time, as the country's higher parliament house last week approved the much-discussed Italy's 2008 budget law.
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Telent solution 'achievable', says PensCorp
[16:00 CET 20-11] UK – Pension buyout firm Pension Corporation expects a resolution with the UK's Pension Regulator (TPR) in its feud over Telent, following last week's unconditional offer for the telecoms firm.
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Private equity ‘code’ requires more info
[14:00 CET 20-11] UK - Private equity firms in the UK and the companies they own will have to publish more information on the way they do business and the risks they face, according to a new code of conduct unveiled today.
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Finish Solvency II in 2008 - Skinner
[13:00 CET 20-11] EUROPE - Peter Skinner, of the committee on economic and monetary affairs at the European Parliament, has warned the Solvency II project has to be finished by next year.
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UK regulator's role extended - O'Brien
[12:00 CET 20-11] UK – Mike O'Brien, UK minister for pension reform, has said the role of the UK pension regulator (tPR) will be extended for the launch of the personal accounts pension scheme in 2012.
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EC brings microfinance to Europe
[16:45 CET 19-11] EUROPE – The European Commission is seeking to support the development of microfinance initiatives across Europe by implementing a regime to improve access to the non-banking credit scheme.
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Philips fund fraud brings calls for transparency
[16:10 CET 16-11] NETHERLANDS - The Dutch Association of Property Participants (VVP) has called for more transparency around property transactions, to prevent fraud such as that now being investigated at the company pension scheme of electronics giant Philips.
