Latest on Regulation & Reform – Page 438
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News
Confusion over voluntary entry in Romania
ROMANIA – The Private Pensions Commission has changed its mind and will now allow Romanians aged 35 to 45 more time to choose whether or not to join a second-pillar pension fund.
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UK pensions ombudsmen to be merged
[16:30 CEST 05/06] UK – Retail and institutional pensions regulatory bodies will remain separate but the UK pensions ombudsmen's offices will be merged, minister for pension reform James Purnell has announced.
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BVI fails to get tax breaks for retirement funds
[16:29 CEST 05/06] GERMANY – Fund industry association BVI has failed in its efforts to persuade the government to introduce future tax breaks on investment funds designed for retirement saving.
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Slovenia takes tentative reform step
SLOVENIA – Early retirement will be penalised under a new law proposed by the Slovenian government but there is no increase in the statutory retirement age.
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Italians veering away from TFR in pensions
[16:35 CEST 01/06] ITALY – One half of the Italian workforce has decided on where to place their severance pay 'trattamento di fine rapporto' (TFR) but most of those have decided against using putting it into a pension fund.
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Personal accounts predicted to create “pension apartheid”
[16:34 CEST 01/06] UK – Actuaries are warning the introduction of personal account pensions could lead to a “pension apartheid” as employers intend to level-down contributions and close workplace schemes.
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New Dutch body to pool financial strength
[16:31 CEST 01/06] NETHERLANDS – The Netherlands wants to promote the country as a financial centre by creating a new agency which will also focus on exporting pensions knowledge.
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PAYG system may aid labour market - conference
[13:20 CEST 01/06] GLOBAL – Substitution of personal pension plans for PAYG systems has a positive effect on employment, net wages, unemployment rates and the labour participation rate, delegates at an international pensions conference have been told.
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Features
Moving to diversify
George Coats finds that Cypriot pension funds are diversifying their portfolios in line with the EU pensions directive ahead of euro adoption next year
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Features
IFRIC concludes on D19 surpluses
Following a meeting of the International Accounting Standards (IAS) board’s interpretive body in April, the International Financial Reporting Interpretations Committee (IFRIC), Eric Steedman, a senior international consultant with Watson Wyatt, was left pondering one question. What justification IFRIC staff would find within IAS19 for arguing that an additional liability might ...
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Features
EU ponders class action
Brussels turns its attention to share owners, reports Jeremy Woolfe
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Greek pension reform 'urgent' - OECD
[13:16 CEST 31/05] GREECE – Pension expenditure is set to grow to one-fifth of Greece's GDP by 2050, the OECD warns.
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Dutch threat postpones portability vote (amended)
EUROPE - The portability directive will not get approved by the council of ministers following criticism from the Netherlands (amends details on parliamentary vote).
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Netherlands´cabinet to introduce API
NETHERLANDS - The Dutch cabinet will introduce a new pensions vehicle - known as an API - to bolster the Netherlands' position as a destination for pan-European pensions, according to Social Affairs minister Piet Hein Donner.
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‘Disappointing’ plans threaten private equity law
[17:02 CEST 29/05] GERMANY – The German Private Equity and Venture Capital Association (BVK) has called a paper outlining the German ministry of Finance’s (BMF) stance on Germany’s new private equity law “a total disappointment”.
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Two-thirds prepared to take lower salary - NAPF
[11:00 CEST 29/05] UK - Three-quarters of staff think having a workplace pension is important and two-thirds of employees would take a lower paid job to get one, suggests research.
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PPF levy to ignore investment risk
[10:56 CEST 25/05] UK - The Pension Protection Fund (PPF) has announced it will not include investment strategy as a separate risk factor when assessing a pension fund’s risk-based levy.
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Holland rules out land mine investment rules
[16:53 CEST 24/05] NETHERLANDS - The Dutch government does not intend to introduce new pension fund investment legislation concerning cluster ammunition and anti-personnel mines, Social Affairs minister Piet Hein Donner has announced.
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Portability faces death threats
[10:59 CEST 24/05] EUROPE – The European Commission's proposals for an EU pensions portability directive are endangering occupational retirement provision, delegates at the aba-conference were told.
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PPF appoints financial risk director
[11:00 CEST 22/05] UK – The £305m (€446.3m) Pension Protection Fund (PPF) has confirmed Martin Clarke in his position as director of financial risk.
