Latest on Regulation & Reform – Page 441
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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.
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€221bn Norwegian fund keeps on gambling
NORWAY – The NOK1.8trn (€221bn) Norwegian government pension fund has come under fire again for its investments – this time over gambling.
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Butchers asked to chop property portfolio
NETHERLANDS – The Dutch €1.1bn industrywide butchers’ pension fund has clashed with pension regulator De Nederlandsche Bank (DNB) over demands to cut the scheme’s real estate holdings.
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WHO warns on copycat pension systems
GLOBAL - The World Health Organization (WHO) has stated that developing countries should not copy pension systems currently available in the West.
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UK protection fund to create SRI policy
UK – The UK’s £305m (€446.3m) Pension Protection Fund is seeking a consultant to help it create a policy on socially responsible investing.
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Brown comes out fighting on pensions
UK – Chancellor Gordon Brown came out fighting in a debate over his handling of occupational pensions yesterday.
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Belgian association bewildered by DNB comments
BELGIUM – The head of the Belgian pension fund association has responded with bewilderment to comments yesterday by the Dutch central bank warning funds about the dangers of going across the border to their neighbour.
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Aon survey casts doubt on pension buyouts
UK – Only up to 10% of UK companies are candidates for a buyout solution for their pension scheme within the next three years, according to a survey from Aon Consulting.
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Regulators probe Dutch institutional real estate
NETHERLANDS – Dutch regulators are probing institutional investors’ real estate investment activities to detect corruption.
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UK’s Brown faces pensions vote
UK – Chancellor Gordon Brown was tonight facing a rare vote of confidence in the House of Commons about his pensions policy.
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Dutch VB writes SRI manual
NETHERLANDS – The VB, the Dutch Association of Industry-Wide Pension Funds, has drafted a social responsible investments (SRI) manual to help pension funds inject more transparency into their investments.
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Sweden to boost employment of “older” workers
SWEDEN – Sweden plans to scrap the special employer’s contribution for all workers to encourage the employment of older people.
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Greece sets new pension governance rules
GREECE – Following the recent scandal about pension funds’ bond purchases the Greek government has issued new rules on selections of board members for state-controlled funds.
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Swiss pension association makes bold proposals
SWITZERLAND – Swiss pension fund association ASIP has made the novel proposal of abolishing the current rate of conversion for occupational pension benefits and instead calculating those benefits according to life expectancy.
