Latest on Regulation & Reform – Page 441
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Dutch schemes not set to move abroad soon - minister
NETHERLANDS - Regional differences in pension supervision should not encourage Dutch schemes to move to other EU countries soon, according to social affairs’ minister Piet Hein Donner.
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CEIOPS details 48 cross-border plans
EUROPE - In the 15 months between the implementation of the EU pensions directive and the beginning of this year nine cross-border pension arrangements were concluded, according to the Committee of European Insurance and Occupational Pension Supervisors (CEIOPS).
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Call for further Lithuanian reform
LITHUANIA – The level of contributions going into Lithuanian second pillar pension funds should be raised to 10% of salary from the current 5.5%, a conference was told earlier this week.
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Dutch court bans DSM loyalty bonus
NETHERLANDS – A Dutch court has barred chemicals group Royal DSM from implementing its loyalty dividend.
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New pan-European vehicle proposed
NETHERLANDS - Dutch pension schemes could reform themselves to become Europe-wide financial services providers, according to government-sponsored research.
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Cypriot system unsustainable - Sarris
CYPRUS – Civil servants will have to contribute to their pension fund in order to prevent a collapse of the system, according to the island’s finance minister.
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Iceland adopts IORP directive
ICELAND – With Iceland’s parliament voting in favour of the European pension fund directive (IORP), all members of the European Economic Area (EEA), which are not EU-member states have now put the directive in place.
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Belgium vets foreign applications as Dutch get twitchy
BELGIUM - The Belgian pensions supervisor CBFA is vetting the applications of five foreign pension funds which want to establish themselves in Belgium, the watchdog indicated.
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IMF tells Poles to go through with privatisation
POLAND – The International Monetary Fund (IMF) has urged Poland to follow through with scheduled privatisation plans.
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Greek civil servant fund’s head resigns over bond row
GREECE - The president of the Greek Civil Servants Auxiliary Fund (TEADY), Agapios Simeoforidis, has resigned following bond-overpricing allegations.
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Bundestag passes G-REITs bill
REAL ESTATE – Germany’s lower house of parliament, the Bundestag, has approved draft law legalising German real estate investments trusts (G-REITs) retroactively from 1 January.
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Pensionskassen head criticises BaFin regulation
GERMANY – The current regulation of Pensionskassen is suppressing returns and making diversification difficult, according to Rainer Jakubowski, chief executive of €18bn Pensionskasse BVV.
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Norway agrees pension reforms compromise
NORWAY – Norway’s coalition government has agreed a compromise over pension reforms that will restore tax breaks on investment in individual pension plans.
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Virtual pooling will not be part of UCITS – for now
EUROPE – The EU’s directorate general on the internal market and services suggests that measures to facilitate virtual pooling not be included in any changes to the UCITS directive at this stage. It called instead for the focus to remain on traditional master-feeder structures.
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Portability directive takes second hurdle
EUROPE – The European Parliament’s employment committee (EMPL) has voted on EU’s pension portability directive and the matter is scheduled to be out to a plenary vote on May 22.
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UK chancellor promises £6bn to pension victims
UK – Gordon Brown will quadruple the amount of money available to members of bankrupt occupational pension schemes.
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Pension benefits raised for the first time since 2003
GERMANY – The 20 million pensioners in Germany are to see their state benefit rise for the first time since 2003, according to social affairs minister Franz Müntefering.
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Austria set to boost second pillar
AUSTRIA – Employees might soon find their bonuses going into a pension fund rather than cash into their hands.
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German minister hints at concession on deferred compensation
GERMANY – Social affairs minister Franz Müntefering says he’s willing to consider compensation for workers if the government ultimately abolishes a social tax exemption for deferred compensation.
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Hoogervorst expected as financial markets head
NETHERLANDS – Former Dutch welfare minister, Hans Hoogervorst is expected to succeed outgoing head of the Dutch financial watchdog, Authority Financial Markets (AFM), Arthur Docters van Leeuwen.
