Latest on Regulation & Reform – Page 448
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ECJ finds member states not responsible for funding insolvent employers
UK – The European Court of Justice (ECJ) ruled that member states are not obliged to fund old-age benefits of companies in case of insolvency, but left it to the UK High Court to decide whether in the case of ASW employees compensation is to be paid.
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Sector welcomes early evaluation of double supervision
THE NETHERLANDS - The Dutch pensions sector has welcomed Social Affairs’ minister Aart Jan de Geus’ promise, that he is willing to examine the issue of the double supervision of pension funds.
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Combine spaarloon and levensloop - insurers
THE NETHERLANDS - The Dutch government should give workers the option of participating in the tax-friendly schemes ‘spaarloon’ and ‘levensloop’ simultaneously, in order to make the latter more attractive, said the Dutch Association of Insurers (VvV).
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BVI rejects transactions cost disclosures in German fund reforms
GERMANY – The finance ministry has proposed reforms to Germany’s investment law in an effort to boost the competitiveness of the German asset management industry.
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Many Dutch schemes still have to implement FTK - KPMG
THE NETHERLANDS - One-third of Dutch pension funds have failed to fully implement the new financial assessment framework FTK as of 1 January, a KPMG survey has shown.
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Little fundamental change seen in new UK transfer rules
UK - Pension schemes will calculate transfer values based on the likely cost to the scheme of providing the pension, according to a statement issued by the Department for Work and Pensions (DWP).
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Stork verdict wins all-round approval
THE NETHERLANDS - All parties involved in the dispute between industrial conglomerate Stork and the hedge funds Centaurus and Paulson have indicated to be satisfied for now with the decision of the Amsterdam court of justice.
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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.
