Latest on Regulation & Reform – Page 427
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PPF 'discourages' DB schemes, argues lawyer
[13:00 CEST 21-09] UK – Strong pension plan sponsors have issues with current regulations surrounding the Pension Protection Fund (PPF), an NAPF seminar heard.
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Trustee code of practice ignored, claims OPA
[15:30 CEST 20-09] UK – Companies will not fulfil the Pensions Regulator's Code of Practice on principles of 'proportionality, fairness and transparency' in trustee nomination in time for the October deadline, the Occupational Pensioners’ Alliance (OPA) has claimed.
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Foundation says EC to sue Dutch government
[15:00 CEST 20-09] NETHERLANDS – The European Commission is to take the Dutch government to the European Court of Justice over double taxation practices which are reducing pensions, according to the Foundation of Migrant Workers, the Stichting grensarbeid.
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BaFin president to lose power in leadership revamp
[12:30 CEST 20-09] GERMANY – Jochen Sanio, president of German financial regulator BaFin, is to lose authority as the government has approved a new leadership structure for the agency.
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Deregulation unlikely, NAPF seminar told
[11:00 CEST 20-09] UK – Minimising regulatory requirements for pension funds would be a good thing to do but it is unlikely to happen, delegates at a National Association of Pension Fund (NAPF) seminar agreed.
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Cabinet offers no clarity on ‘levensloop’ future
[16:45 CEST 19-09] NETHERLANDS – The Dutch government has been unable to formulate a new policy on the ailing tax-friendly ‘levensloop’, or life course, scheme.
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'Storm brewing' says French analyst
[16:45 CEST 19-09] FRANCE – President Nicolas Sarkozy's announcement of changes to the special pension arrangements for certain categories public employees will trigger strikes, analyst Phillip Silitschanu from the Aite Group told IPE.
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Small firm employees ignore company pensions
[16:00 CEST 18-09] UK – Only one in four small to medium-sized enterprises (SMEs) say all eligible employers are making use of pension arrangements.
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Malta dismisses IMF warning on pension reforms
MALTA - The International Monetary Fund has urged the Maltese government not to delay plans for the introduction of second pillar pensions, amid concerns the Republic will be unable to sustain a heavily-burdened social security system.
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Northern Trust secures Italian tax concession
[16:15 CEST 17-09] ITALY - Global custody and investment house Northern Trust has been granted a landmark Italian withholding tax ruling which will see one of its multinational clients’ funds pay lower dividends on equities.
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Pension trace service launched
[14:33 CEST 14-09] UK – The British government's Pension Service body is offering a free service to assist people to trace various pension benefits they might have accrued at previous places of employment.
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PPF says it aims to reduce levy
[13:00 CEST 13-09] UK – The UK Pension Protection Fund (PPF) aims to reduce its levy within the next five to 10 years, according to the fund’s director of corporate affairs Paul Reynolds.
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Pensions Board issues checklist
[13:00 CEST 13-09] IRELAND – The Pensions Board, the Irish pensions regulator, has published checklists for employers and trustees detailing their obligations to make pensions information available to employees and to inform the Pensions Board that such an arrangement has been made.
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TPR cautions on pension buyouts
[16:00 CEST 12-09] UK - The Pensions Regulator (TPR) has warned although pension buyouts are an acceptable way for companies to transfer pension liabilities, employers should not consider it a way to abandon their schemes.
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Trustees must interpret a Type A event - TPR
UK – Pension fund trustees need to be less restrictive in their interpretation of what could constitutes a Type A corporate event on a pension scheme’s funding, suggests ‘clearance’ guidance issued by The Pensions Regulator (TPR).
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Pensions sector critical of tax-deductibility cap
[12:45 CEST 11-09] NETHERLANDS - The Dutch pensions sector has criticised the leaked cabinet plan to limit the tax-deductibility of pension contributions for higher incomes.
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VB to set up separate pension commission
[11:00 CEST 11-09] NETHERLANDS – The Dutch organisation for industry-wide pension funds, VB plans to establish a pension commission focusing on the export of the Dutch pension system.
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Czech welfare tax could go to voluntary funds
[14:30 CEST 10-09] CZECH REPUBLIC - Labour and Social Affairs Minister Petr Necas is seeking pension reforms which would allow employees to re-direct part of their national insurance contributions into voluntary pension funds.
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Regulators to head up Holland Financial Centre
[12:30 CEST 07-09] NETHERLANDS - The new Holland Financial Centre has appointed Akkie Lansberg as its chief executive officer and another member of the existing supervisory team as her deputy.
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Switzerland paves way for Publica’s DC switch
SWITZERLAND – The Swiss government has sanctioned the inclusion of 105 employers into Publica, the CHF33bn (€20bn) pension fund for federal employees - clearing the way for the scheme’s switch from defined benefit to defined contribution next year.
