Latest on Regulation & Reform – Page 449
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News
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.
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Features
Hungary tilts balance towards equities
Radical pension reform in Hungary continues apace despite a recent government admission about the state of the economy, writes Krystyna Krzyzak
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Poland leads part of the way
Although it is the biggest and most developed CEE market, Poland has to catch up with practices elsewhere, writes Krystyna Krzyzak
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Swiss court ruling over fund collapse appealed
SWITZERLAND – Authorities for the Swiss canton of Solothurn have appealed a court ruling that dismissed their lawsuit against six people connected with the 1996 collapse of the Vera/Pevos pension fund.
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German railways talks to pension funds about buying shares
GERMANY – German national railway operator Deutsche Bahn is holding talks with large pension funds over its planned privatisation – institutional investors could take over as much as 50% of the shares, it was said.
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Germany to axe social tax exemption for DC schemes
GERMANY – The government has sent a strong signal that it will axe a social tax exemption for defined contribution schemes, which the German pensions industry feels is crucial to further spread of the second-pillar in the country.
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Features
McCreevy endorses second pillar pensions
Ageing populations; shrinking work forces, are putting intense pressure on state pensions. This is driving change throughout the whole pensions system: The relationship between the state and its citizens; the nature of the pensions promises made by employers to their employees; the design of private retirement saving products. The pressure ...
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More needed for pan-European funds
More will need to be done for pan-European pension funds and cross-border activities to “grow and blossom”, European pension fund representatives told the sixth annual IPE Awards seminar. ABP’s pension director and European Federation for Retirement Provision president Jaap Maassen said: “I am optimistic and see progress, but there are ...
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Reform impetus runs out of steam
After making good progess establishing its third pillar, the Czech Republic now finds itself being overtaken by its neighbours, as George Coats reports
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Call for think tanks to help benefit systems
Nobel prize winner James Heckman calls for European think tanks to help tackle the issues facing welfare states and their pension systems. Speaking to IPE at the sidelines of the recent European Colloquia in Prague, organised by Pioneer Investments, Heckman said in order to provide pensions to their ageing populations, ...
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Features
Groupe expects changes to assumptions under IORP
The Groupe Consultatif Actuariel Européen says it expects to see “significant” changes in the way discount rates and other pension fund assumptions are determined under the occupational pension fund directive. The Groupe, which represents European Union actuarial associations, has issued a 26-page study called ‘Minimum Technical Provisions for Defined Benefit ...
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Features
More than just a pressing need to know
Pension funds need more formal skills to deal with the plethora of new developments in the sector – from the flood of new investment products to changes in finance, pension and social legislation. Rachel Fixsen reports
