Latest on Regulation & Reform – Page 444
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News
DNB renews ABP-Loyalis probe
NETHERLANDS – The Dutch civil servants’ pension fund ABP, recently fined for ‘illegally’ promoting its Loyalis subsidiary, has come under renewed scrutiny, according to the regulator, De Nederlandsche Bank (DNB).
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Sweden freezes pension money to protect tax
SWEDEN – Sweden has put in place legislation to prevent individuals from transferring roughly SEK750bn (€81.1bn) in existing pension and life insurance policies to foreign insurers.
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Denmark still to obey ECJ rule
DENMARK - The Danish ministry of taxation says it needs another month before ending discrimination against pension polices bought from foreign-based providers.
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Luxembourg introduces more freedom for alternatives
LUXEMBOURG – The Grand Duchy has passed legislation to encourage hedge funds to use its administrative services, promising no official scrutiny of sub-advisers or fund promoters of new vehicles.
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Ireland should keep pensions trust model says report
IRELAND - A report published today by the Irish Pensions Board has criticised existing oversight of administrators but stopped short of recommending an overhaul of the current trust model, which is said continued to offer “protections…that justify its retention”.
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VB welcomes new Dutch pensions minister
NETHERLANDS – Piet Hein Donner is to replace exiting social affairs minister Aart Jan de Geus, Dutch prime minister Jan Peter Balkenende said as he announced the new cabinet.
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Ex-labour minister attacks pension funds
GERMANY – Former labour minister Nobert Blüm has attacked international pension funds for their greed and defended his statement that Germany’s state pension is secure.
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Dutch pension groups call for clarity on tax
NETHERLANDS - The three umbrella organisations of Dutch pension funds have called for clarity following an announcement by the incoming government of an intention to levy additional taxation on those who take early retirement to fund the state pension, the AOW.
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EU portability directive faces opposition
EUROPE – European parliamentarians gave conflicting views on the need for the EU’s portability directive after it emerged from discussion in the committee on economic and monetary affairs (ECON).
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G7 go for hedge fund vigilance rather than more regulation
GLOBAL – Finance ministers and central bankers from the G-7 industrial nations decided against any further regulation of hedge funds but said they would remain “vigilant” in scrutinising the risks funds presented.
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German insurer picks Liechtenstein as base for euro pensions
LIECHTENSTEIN – German insurer LV 1871 has launched a new corporate pension fund in Liechtenstein, bringing the principality closer to its rivals Luxembourg and Ireland in the race for European occupational pension funds.
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Hessen MPs refuse to save for own retirement
GERMANY – A majority of MPs in the parliament for the state of Hessen have reportedly rejected a plan under which they would be forced to save for retirement instead of automatically receiving a state pension.
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NAPF sets up trustee search service for pension funds
UK – The National Association of Pension Funds (NAPF) has launched a new recruitment service to find pension scheme trustee boards recruit investment professionals.
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First player confirms entry into Romanian second pillar
ROMANIA – Allianz-Tiriac is the first among up to 10 possible players in the newly created Romanian second pillar pension market to confirm that it will file for a licence in May or June.
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Dutch early retirees may have to pay extra state pensions contributions
NETHERLANDS - Dutch workers who retire before the official retirement age of 65 with over €15,000 in pension benefits, would have to pay extra contributions for the state pension AOW, the new government suggested according to reports.
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Features
Room for manoeuvre
The National Pensions Reserve Fund was set up in 2001 with a view to part-financing the cost to the state of social welfare and public service pensions from 2025 onwards. Real estate was introduced in 2004. Ian Gleeson, the fund’s head of property, explains the rationale behind the decision, the ...
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Features
Germany raises its game
Until recently Germany’s real estate industry was lacking adequate representation to drive its interests forward and maximise its potential. In June the ZIA was established to rectify the situation. Chairman Eckart John von Freyend, explains the challenges ahead to Martin Hurst
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Irish personal retirement account assets almost double
IRELAND – Assets held by the new Personal Retirement Savings Accounts (PRSA) in Ireland have risen to €835.28m at the end of 2006 up from €451m a year before.
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Banks to sell supplementary pensions, say majority of Dutch MPs
NETHERLANDS - Banks must be allowed to offer tax-friendly products for additional pensions, according to a majority of MPs in the Dutch parliament.
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Features
How ABP handles class actions
Dutch pension fund ABP is involved in several hundred class actions under US law. Marcel Vleugels talks to René Maatman, head of ABP Investments’ legal and tax department and professor of law at the University of Nijmegen, about ABP’s approach
