Latest on Regulation & Reform – Page 430
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TSC cautions over private equity in market downturn
[16:30 CEST 30-07] UK – The Treasury Select Committee (TSC) is calling on the Bank of England to look at the impact of economic downturns on the increasing number of leveraged buyouts.
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Solvency II "could threaten hedge funds"
[17:03 CEST 27-07] EUROPE - Institutional investments in hedge funds and other alternatives assets classes could come under threat by the Solvency II directive, French business school, Edhec, has claimed.
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Ruling reduces ‘wind-up’ member priority
[17:00 CEST 27-07] UK - The Court of Appeal has overturned an earlier ruling stating defined benefit pension scheme accruals falling under the “Barber Window Service” should be given priority when an underfunded scheme is in wind-up.
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Hungary to cut pension benefits
[15:00 CEST 27-07] HUNGARY – IMF staff have welcome steps taken by the Hungarian government to tighten access to disability pension and the early retirement programme.
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FSD recipient appeals TPR findings
[14:00 CEST 27-07] UK – Sea Containers LTD has lodged a formal appeal against the decision by The Pensions Regulator (TPR) to impose a Financial Support Direction (FSD) on the firm regarding its pension schemes.
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Italian coalition too weak for pension reform – S&P
[16:30 CEST 26-07] ITALY – Recent pension reforms agreed in Italy have failed to render the country's fiscal outlook more sustainable, Standard & Poor has found.
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Slovakia compromises on pension opt-out
SLOVAKIA – Individuals who decide to opt out of the Slovak mandatory second pillar pension system will not be able to turn their savings into cash after all, IPE has learnt.
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Deregulatory review proposes surplus rule change
[16:45 CEST 25-07] UK – Legislation should be changed to allow pension funds to return surplus funding to sponsoring employers where conditions meet the scheme’s funding target, suggest the findings of a deregulatory review.
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Tube staff to strike over pensions
[16:45 CEST 25-07] UK – London Underground (LU) workers covered by the Transport for London Pension Fund have voted in favour of strike action in a row over pension rights.
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Myners to deliver personal accounts
[13:55 CEST 25-07] UK – Paul Myners, author of the Myners Review and chairman of the hedge fund group Ermitage, has been appointed as chair designate of the Personal Accounts Delivery Authority.
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TPR reveals trustees act on pension fund breaches
[16:55 CEST 24-07] UK – The Pensions Regulator (TPR) received over 1200 notifications of pension fund rule breaches from trustees last year, according to its latest annual report.
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"New government might halt Belgian second pillar growth"
[16:45 CEST 24-07] BELGIUM - Development of Belgian second pillar pensions might stagnate even further under the new government, IPE has learnt today.
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CEE pension reform fuelled growth despite IORP – Allianz
[16:45 CEST 24-07] EUROPE – Central European governments are coping better than expected with the pressures of meeting long-term pension liabilities considering the EU’s Institutions for Occupational Pensions (IORP) Directive is geared towards Western regimes, Allianz Global Investors has suggested.
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Austria to expand early retirement option
[16:00 CEST 24-07] AUSTRIA – The government is planning to enable more workers involved in what it defines as hard labour to apply for early retirement – albeit with initially reduced pension benefits.
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Italy and Finland face dividend spotlight
[12:30 CEST 24-07] EUROPE – The European Commission has taken its first steps towards action against the Italian and Finnish governments for imposing higher dividend taxes on overseas pension funds.
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Court approves first Parmalat settlement
[16:15 CEST 23-07] GLOBAL – A New York City court, overseeing the class action in the Parmalat case, has approved the $50m (€37m) partial legal settlement related to the Italian firm’s 2003 collapse.
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Italy agrees last-minute retirement deal
[17:00 CEST 20-07] ITALY - The Italian government has finally reached agreement with trade unions on pension reforms to gradually raise the country’s State retirement age.
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Legal battle over Vera/Pevos fund collapse to continue
[16:30 CEST 19-07] SWITZERLAND – The public prosecutor for the Swiss canton of Solothurn has scored a legal victory in its campaign against those whom it deems responsible for the collapse of the Vera/Pevos pension fund.
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PAIFS to match REITs tax status
[16:00 CEST 19-07] UK – Pension funds and charities will no longer face a tax penalty if they invest in UK property authorised investment funds (PAIFs) from next year as government reforms will give the investments tax status equal to real estate investment trusts (REITs).
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Mortality assumptions increase liability by £50m
[14:30 CEST 19-07] UK – Pension schemes’ liabilities could increase by a quarter because of the wide range of mortality assumptions used, a study has found.
