Latest on Regulation & Reform – Page 447
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News
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
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Features
EU pensions market beckons
Full implementation of the European Pension Funds Directive will lead to an efficient internal market for affordable company pensions, and the Dutch pension system has a key part to play, says Frits Bolkestein, former European Commissioner
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Features
DC - but not as we know it
The new regulations affect defined contribution plans and require a fresh look at plan design, writes Deborah Reidy
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Features
A catalyst for change
The arrival of UCITS III investment funds could have major advantages for institutional investors, Lothar Mente and Celeste Dias explain why
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Green Paper must address inefficiencies
Sharing the burden of annuities is central to developing a robust and dependable pensions system in Ireland, says IAPF’s Nora Finn
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Government takes protectionist position
By establishing the National Implementation Body to solve pension disputes, the Irish government has shown empathy with employees, writes Joe Byrne
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Denmark and Sweden to ‘think about’ ECJ tax ruling
NORDICS – Both the Danish tax ministry and the Swedish finance ministry said they will need time to evaluate the ruling the European Court of Justice (ECJ) has issued on Danish pension tax.
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ABV rejects move to absorb professions into state pension scheme
GERMANY – ABV, the lobby for German professional pension funds, has hotly rejected a proposal by German unions to abandon the pensions ABV members provide to the self-employed and have them instead contribute to the state pension scheme.
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ECJ rules against Danish pension taxation
DENMARK – Denmark is in breach of European law on freedom of movement of workers and capital by not granting tax-deduction on contributions to pension contracts with foreign insurers, the European Court of Justice (ECJ) ruled today.
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Slovak PM retreats on second-pillar pensions
SLOVAKIA – Private pension providers have welcomed the Slovak government’s decision to withdraw plans that would have diverted potential private pension contributions to the mandatory state-run PAYG scheme.
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PIRC offers UK funds Myners health check
UK - Corporate governance specialist, PIRC, is offering trustees an independent check-up on compliance with the Myners principles.
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Make better use of IORP – Netspar researcher
THE NETHERLANDS - The Dutch pensions sector should consider whether current legislation needs to be extended to cover all options allowed by the European Pensions Directive, says Netspar research.
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UK regulator issues guidance on transfer ‘inducements’
UK - Pension funds are less likely to be accused of “tricking” scheme members into transferring out of defined benefit (DB) schemes following guidance issued by the regulator requiring scheme operators to inform members of the implications of transfer.
