Latest on Regulation & Reform – Page 438
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News
Holland “will work until 65” - Ministry
NETHERLANDS - Employees are increasingly prepared to keep on working until the official retirement age of 65, the Dutch ministry of Social Affairs has announced.
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First licence for second pillar filed
ROMANIA – ING's Romanian pension fund Fond de Pensii was the first to file for a licence for second pillar pension provision which is expected to be open for business early next year.
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Five-fold increase in PPF levy
UK - The average UK pension schemes could see their annual Pension Protection Fund (PPF) levy at least double compared with last year while some schemes will see it rise five times higher than in 2006.
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Features
The big shake-up
Following a vote in July 2006 by the International Accounting Standards Board to embark on a two-phase project to improve its IAS19 pensions accounting standard, Stephen Bouvier rounds up the developments to date
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Features
AFM makes the right connections
One of the key tasks of the new financial markets regulator is to oversee the communication of information about indexation to pension fund members. Leen Preesman asks AFM’s managing director Gerald Santing about the level of supervision pension funds and insurers can expect
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Report suggests indexation disclosure
NETHERLANDS – Pension funds should be obliged to disclose their approach to indexation, a report for the Dutch pension institute Netspar finds.
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Greek pension fund seeks day in court
GREECE – The Greek civil servants pension fund TEADY is seeking compensation through the courts from the broker which recommended the purchase of an overpriced bond.
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Liechtenstein wants to join IOPS
LIECHTENSTEIN – The Financial Market Authority in Liechtenstein wants to become part of the International Organisation of Pension Supervisors (IOPS).
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Cayman unwilling to raise regulation
CAYMAN ISLANDS – The registered home to 80% of the world’s hedge funds has reaffirmed its unwillingness to introduce stricter regulations on these products.
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Greece bows to ILO pressure over bank benefits
GREECE – The Greek government has invited union leaders to a meeting on the issue of 13 dissolved supplementary pension schemes of Greek banks following a reprimand from the International Labour Organisation (ILO).
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Germany revamps investment law
GERMANY – The government has approved a host of reforms of Germany’s investment law, including easing investment restrictions on open-ended real estate funds and institutional funds and cutting approval periods for new funds.
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New ECJ occupational pensions ruling due
SPAIN – A European Court of Justice (ECJ) ruling on a Spanish legal challenge that could affect occupational pension schemes is expected to be made in August.
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Scheme executives lack confidence in DC - SEI
UK – Over one-third of company executives are not sure the DC plans they operate will provide an adequate retirement to members, according to research from SEI.
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Swiss unions plan referendum on annuity cuts
SWITZERLAND – Unions in Switzerland have vowed to organise a national referendum on planned reductions in pension if the Swiss parliament approves those cuts.
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UK: GAD’s Young reviews pension compensation
UK – The government has named Andrew Young, directing actuary at the Government Actuary's Department, as head of the review of compensation for people in bankrupt pension schemes.
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Dutch levensloop attracts just 5% of workers
NETHERLANDS - Just 5.5% of workers have joined the new tax-friendly ‘levensloop’, or life-course, scheme in 2006, according to Statistics Netherlands.
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Report outlines pension funds' SRI practices
GLOBAL – A new report from the United Nations has highlighted the socially responsible investment practices of some of the world's most influential pension funds.
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Turner slams "wreckage" of UK pensions
UK – Lord Turner, who chaired the Pensions Commission, has issued a broadside against the now-collapsed "house of cards" that was the UK’s pensions system.
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Greeks to strike over bond scandal
GREECE – The largest union in Greece has called a nationwide strike on May 15 in response to government handling of dubious bond purchases by pension funds.
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Dufas enters war on ‘regulatory arbitrage’
EUROPE – Hans Janssen Daalen, general director of the Dutch Fund and Asset Management Association (Dufas), has called for European standardisation of pension regulation to prevent “improper” jurisdictional rivalry.
