Latest on Regulation & Reform – Page 433
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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.
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Pan-European foundation could raise “serious” class actions
[16:45 CEST 18-07] EUROPE - Europe could still be some way off from regularly handling local class action suits unless a pan-European legal foundation can be established matching US standards, according to legal experts.
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Private equity firms caution on transparency calls
[15:00 CEST 18-07] EUROPE – Private equity associations have cautiously welcomed new proposals to increase transparency of their industry, noting any future requirements must not undermine their competitive position.
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DNB softens early line on internal supervision
[17:00 CEST 17-07] NETHERLANDS – The Dutch central bank and pension fund regulator (DNB) says it will not initially fine schemes which have yet to implement the newly-required internal supervision.
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German Pensionskassen give thumbs down to Solvency II
[16:30 CEST 17-07] GERMANY – VFPK, a new lobby for German Pensionskassen, has rejected the idea of applying the EU’s Solvency II insurance regime to its members, arguing the move would increase their costs and limit investment flexibility.
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Same sex rights present extra Irish pension costs
[16:00 CEST 17-07] IRELAND - Pension schemes could see increased costs as a result of plans by the Irish government to recognise civil partnerships, suggests the Irish Association of Pension Funds (IAPF).
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Indexation label faces six-month delay
[16:00 CEST 17-07] NETHERLANDS - The introduction of the indexation label will be delayed by half a year until July 2008, Social Affairs’ minister Piet Hein Donner has said.
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ABI accused of making false claims on Pensions Bill
[17:00 CEST 16-07] UK – The Association of British Insurers (ABI) is misleading MPs about the effects of the cross-party Pensions Bill amendments to be passed by the House of Commons tomorrow, according to pensions campaigner Ros Altmann.
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LSE launch to support specialist fund growth
[15:30 CEST 16-07] UK - The London Stock Exchange is launching a dedicated market for issuers of specialist funds to fill a gap in the burgeoning growth of the alternative investments sector.
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Internal supervision seen as 'misleading’
[13:30 CEST 16-07] NETHERLANDS – The Internal supervision required under new Dutch pension fund governance rules could be misleading, argues Joep Schouten, exiting chairman of pensions provider Cordares.
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TPR warned guidance branches into standards
[13:00 CEST 16-07] UK – Legal experts have warned The Pensions Regulator could be forced to enact powers beyond its current legislated remit from this summer because of regulatory pressures on pension fund trustees.
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EP wants pan-European pensions product
[17:00 CEST 13-07] EUROPE – The European Parliament has called on the European Commission to encourage the financial industry to create a portable pension product.
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Denmark reforms to resolve ”illegal” pensions tax
[17:00 CEST 13-07] DENMARK - Political parties have agreed a new framework for Danish pensions tax after the European Court of Justice overruled the continuation of the country’s existing system.
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Pension fund replaces brown envelope
[11:00 CEST 13-07] EUROPE – New forms of bribe have emerged which now include payments into a pension fund, participants at an anti-corruption seminar learned this week.
