Latest on Regulation & Reform – Page 446
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News
ABP and Robeco support Stork as hedge funds win case
NETHERLANDS - The institutional investors Robeco and the €201bn civil service pension fund ABP have voiced support for the temporary protection of industrial conglomerate Stork against Anglo-Saxon hedge funds Paulson and Centaurus.
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Thornton to head up watchdog review
UK – The government has appointed Paul Thornton, former senior partner at Watson Wyatt, to test whether pensions regulation in the UK is fit for the future.
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Ethos demands vote on remuneration
SWITZERLAND - The Ethos Foundation, a Geneva-based sustainable investor, wants local companies to let shareholders vote on remuneration policies.
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German state wants best civil servants to work until 68
GERMANY – The southwest state of Rhineland-Palatine is to offer civil servants the opportunity to retire at 68 instead of 64 currently.
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Think-tank puts pension bill at €11bn
NETHERLANDS – The central Dutch think-tank, the Netherlands Bureau for Economic Policy Analysis (CPB), has warned that people are too optimistic about the expense of longevity.
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Ex-Ericsson fund chairman banned for dishonesty
UK – A former HR manager at mobile phone giant, Ericsson, has been struck off as a trustee for trying to fiddle benefit calculations to the tune of £13.4m (€20m).
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ING being sued by Orange County’s police pension fund
US - The police pension fund in the US state Florida has started a lawsuit against the Dutch bank insurer ING, a spokesman confirmed for ING has confirmed.
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Slovenian reform ‘has not helped labour participation rates’
SLOVENIA – The country’s pension reform has been criticised in a report for the International Monetary Fund (IMF) for having created more incentives for early retirement .
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Liechtenstein links into Swiss pension protection fund
LIECHTENSTEIN – Liechtenstein and Switzerland have signed an agreement to link the principality’s corporate pension schemes to the Swiss pension protection fund.
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Pensions lawyer says concerns over ECJ ruling ‘over the top’
UK – The current concern caused by an imminent European Courts of Justice (ECJ) ruling on government pension protection liabilities is “over the top”, a pension lawyer tells IPE.
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Swiss government rejects move to earlier retirement
SWITZERLAND – The government has rejected a proposal by Switzerland’s main union lobby (SGB) to lower the retirement age to 62 for middle-class workers, calling it unrealistic and too costly.
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Swiss unions accept public sector pension cuts
SWITZERLAND – Unions for federal employees insured by Publica, a CHF30bn (€18.6bn) pension fund, have decided against challenging new reforms to the scheme via a national referendum.
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Sweden in the dock over pension discrimination
EUROPE - The European Commission has decided to refer Sweden to the European Court of Justice for its discriminatory tax legislation on pensions.
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Insured Dutch DC plans make slow progress
THE NETHERLANDS – DNB, the Dutch Central Bank, has reported that 50% of all active employees, with pension arrangements with insurers are on a defined contribution(DC) basis. At the same time, the DNB indicates that only 3% of employees with benefits through pension funds are DC.
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Dutch survey finds slumping levensloop popularity
THE NETHERLANDS - The popularity of the new ‘levensloop’, or life-course, scheme, is fast waning, a survey has revealed.
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Maassen rejects Solvency II for pension funds
EUROPE – Jaap Maassen, director of pensions at giant Dutch pension fund ABP, argues pension schemes would become too expensive if they were to be co-opted into the European Commission’s Solvency II framework for insurance companies.
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Fidelity wants 20% annual growth in fast changing German market
GERMANY – Klaus Mössle, head of institutional business at the German arm of Fidelity Investments, has reaffirmed his ambitious goal of growing that business by 20-30% annually.
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Features
Slovakia consolidates its pensions offering
Since introducing a mandatory pillar system two years ago Slovakia has seen some local players fall by the wayside, writes George Coats
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Features
Elections may delay reform in Romania
While on the verge of introducing second and third pillar pension funds, the political will behind the reforms could be on the wane writes George Coats
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Romania introduces second-pillar pension scheme
ROMANIA - The parliament of Romania has introduced second-pillar pensions legislation – but potential providers have expressed doubts over its implementation.
