Latest on Regulation & Reform – Page 432
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PRSAs jump the €1bn hurdle
[14:00 CEST 06-08] IRELAND – Assets held in Irish Personal Retirement Savings Accounts (PRSAs) have now crossed the £1bn mark, according to the latest figures from the Pensions Board.
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One in five chose pension fund for TFR
[13:30 CEST 06-08] ITALY – Eight out of 10 Italian workers have explicitly made a choice on where to put their severance pay (trattamente di fine rapporto, TFR) while only 10-15% used the 'silent assent' clause, figures released by the labour ministry reveal.
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Hedge funds eye Dutch investment vehicle - adviser
[15:30 CEST 01-08] NETHERLANDS - A “considerable” number of hedge funds and other investment funds mare considering a move to the Netherlands, in order to benefit from the new tax-free investment vehicle VBI, suggest industry experts.
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Romania introduces pension fund risk profile
ROMANIA – Pension funds in the recently-created Romanian second pillar will be labelled "high risk level" if they have less than 65% invested in low-risk bonds.
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Estonia needs to change pension indexation - IMF
ESTONIA – Current legal practices regarding the indexation of pension benefits is the major factor behind the destabilization of Estonian finances, the International Monetary Fund (IMF) found.
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Levensloop and spaarloon should merge - Bovenberg
[17:00 CEST 31-07] NETHERLANDS - The tax-friendly saving schemes ‘spaarloon’ and ‘levensloop’ should be merged into a wider and robust savings facility for periods with less income, according to experts.
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Data important in risk-based supervision - IOPS
[13:00 CEST 31-07] GLOBAL – One of the biggest challenges in moving to a risk-based supervision of pension funds is data collection, the International Organisation of Pension Supervisors (IOPS) has found.
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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.
