Latest on Regulation & Reform – Page 449
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News
IBM helped to steal pension money, Russia says
RUSSIA – Special investigation teams have raided the offices of IBM, the Russian Pension Fund and two Russian computer companies in connection with allegations of embezzlement of pension money.
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Amicus sees DB/DC template for Bank of Ireland
IRELAND – A deal on the creation of a hybrid DB/DC at the Irish Life & Permanent TSB bank might be a model for resolving the Bank of Ireland dispute, the union Amicus says.
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UK regulator issues cross-border guidance
UK – The Pensions Regulator has issued guidance about the application process for authorisation and approval for trustees to accept contributions in respect of European members.
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Dutch Upper House passes new Pensions Act
NETHERLANDS - The Upper House of Parliament, the Eerste Kamer, has passed the new Pensions Act, according to national news agency ANP.
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New EU-Swiss pension rules agreed
SWITZERLAND – Swiss pension funds will cease paying out accrued benefits for workers who leave Switzerland for the EU as from June 2007, according to industry association ASIP.
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UK board wants buy-out disclosure
UK – The UK’s Accounting Standards Board has unveiled new requirements in a bid to improve the disclosure of pensions information – although some observers said it was a “disclosure too far”.
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Belgium in talks with European, US funds
BELGIUM – The Belgian Association of Pension Institutions (BVPI) is in "serious talks" with European pension funds and one American fund in a further effort to establish Belgium as a pan-European pension fund domicile.
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Norway Global fund excludes cluster bomb maker
NORWAY – The NOK1.7trn (€209bn) Norwegian Government Pension Fund – Global has excluded the South Korean Poongsan Corporation from its investment portfolio for producing cluster bombs.
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UK government rejects longevity bonds
UK – The UK government has rejected the Pensions Commission’s suggestion that it should issue so-called “longevity bonds” to deal with future mortality rates.
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Scottish MPs want to curb tobacco investment
UK – A group of members of the Scottish parliament want to stop their pension fund investing in tobacco companies.
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ECB sees pension funds’ role increasing
EUROPE – The European Central Bank says pension funds’ role within financial markets will increase due to the increasing size of retirement assets.
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Giant Dutch-style Norwegian pension fund proposed
NORWAY – A giant Norwegian pension fund along Dutch lines, encompassing the Government Pension Fund as well as cash from the sale of the state’s stakes in large companies and privatisations, has been proposed by an official at Norges Bank.
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Dutch VB hails merits of collective schemes
NETHERLANDS – Collective pension funds are cheaper and deliver larger benefits than commercial pensions, according to a report by the VB, the Dutch Association of Industry-wide Pension Funds.
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Allianz unveils pan-European pension product
EUROPE – The German insurance company Allianz has revealed details of its pan-European pension product “European CompPension”.
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EU pension “maze” costs jobs – Aegon study
NETHERLANDS - The complexity of Europe's diverse national pension systems is driving up costs for multinationals, according to a survey by Aegon.
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Features
Why asset allocation looks more attractive
The changing approach to asset allocation in Spain is assessed by Jose-Luis Masferrer who sees investors becoming more venturesome
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Features
Why Portugal favours the domestic touch
While mergers have raised the bar in Portugal in terms of services provided by asset managers, it is still a market dominated by local players, as George Coats discovers
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Portugal: crisis or challenge?
Bernie Thomas argues that the lifting of investment restrictions on pension plans in Portugal should help to lift the economy out of the doldrums
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Incentives needed to boost second pillar
Portugal has to find better ways of channelling money into complementary schemes, writes Manuel de Vasconcelos Guimarães
