Latest on Regulation & Reform – Page 446
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Dutch pension law needs flexibility – consultant
Netherlands - The funding ratio standard in the new Dutch FTK pension fund framework (nFTK) should be reduced in line with the EU occupational pensions directive, according to pension consultant Pierre Akkermans.
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Dutch DNB calls for indexation standard
NETHERLANDS – The Dutch pensions regulator De Nederlandsche Bank (DNB) wants a general standard to calculate the market value of indexation promises when pensions are transferred from one fund to another.
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Italian politics will not affect TFR - Pighini
ITALY - Italy’s power struggle in government will not affect the redistribution of €5-6bn of severance pay to banks and insurers next year, according to one leading pension fund.
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Irish chief rejects compulsory saving
IRELAND – Joe Byrne, chairman of the Irish Association of Pension Funds (IAPF), has warned that pension compulsion could be counter productive.
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Royal Mail pension loans under investigation
UK - The British government says it is confident it will be cleared by a European Commission investigation into £2.65bn (€3.94bn) of state support given to Royal Mail – including a £850m loan to plug a gap in the state-owned postal operator’s pension fund.
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Medical scheme preserves mandatory status
NETHERLANDS - The Dutch pension fund for self-employed medical specialists, SPMS has preserved its mandatory status under new legislation.
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DNB demands risk appraisal for private equity
NETHERLANDS – The Dutch pensions regulator, De Nederlandsche Bank (DNB), is setting up guiding principals to help develop financial institutions’ risk management of private equity and other alternative investments.
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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.
