Latest on Regulation & Reform – Page 451
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Pensions Board looking for new actuary
IRELAND – The Irish Pensions Board is looking for a new actuary following the promotion of Brendan Kennedy to replace Anne Maher as chief executive.
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McCreevy slams “myth” of unregulated hedge funds
EUROPE – Charlie McCreevy, the European Commission’s Internal Markets Commissioner, has attacked what he says is the myth that hedge funds are not regulated.
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Siemens files charges against ex-pension manager
SWITZERLAND – Siemens’ Swiss arm has filed criminal charges against Roland Rümmeli, the former investment head of its pension fund (Pensionskasse), but has not disclosed the nature of the charges.
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ABP board sees pan-Europe potential
NETHERLANDS - The board of Stichting Pensioenfonds ABP, the €201bn Dutch civil service pension fund, sees opportunities for European cross-border activities, pensions director Jaap Maassen says.
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Private sector to deliver NPSS – Hutton
UK – The new personal accounts (NPSS) to be outlined in next week’s Pension Bill will be delivered by the private sector, says pensions secretary John Hutton.
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PensionDanmark fixes 2007 rate
DENMARK – PensionDanmark, Denmark’s largest labour market pension fund, has fixed the long term pension savings interest rate for 2006 and preliminary for 2007 to 6% after tax, the fund announced today.
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De Geus role unclear after Dutch elections
NETHERLANDS – It was unclear if Dutch pensions minister Aart Jan de Geus would retain his post in the new government, after elections yesterday.
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Swiss govt OKs occupational pension cuts
SWITZERLAND – The Swiss government has approved deeper cuts in occupational pension benefits from 2011, deeming the move necessary amid longer life-spans for retirees and dwindling capital market returns.
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Russian pension fund clean-up attempt
RUSSIA – The Russian financial market regulator has started an attempt to clean up some of the dead wood among the Russian non-state second pillar pension funds (NSPF).
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Dutch associations in election plea
NETHERLANDS – The Netherlands’ three Dutch pension associations – the OPF, VB and UvB - have outlined their ideas for the sector ahead of today’s parliamentary elections.
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New EU pensions portability draft text published
EUROPE – The Finnish presidency of the European Union has drafted a new text of the proposed directive on pensions portability, in a bid to meet some of the concerns expressed by Member States.
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Political row erupts over Swiss life insurance
SWITZERLAND – Switzerland’s Social Democratic Party (SP) has fiercely attacked life insurers in Switzerland, accusing them of stealing money by violating a legal requirement on surplus earnings.
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UK life expectancy reaches record – statistics office
UK – UK life expectancy at 65 has reached its highest level ever for both men and women, the Office for National Statistics says.
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Cyprus passes pension fund law
CYPRUS – Bringing it one step closer to meeting the EU pensions directive the island’s parliament passed a draft law “regarding the establishment, operation and supervision of pension funds,” Cyprus’ business newspaper Financial Mirror reports.
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Watson hires two for UK investment strategy team
UK - Watson Wyatt has made two new hires, from ABN Amro and the London Business School, for its investment strategy team.
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German regulator probes asset manager trading
GERMANY – Financial services watchdog BaFin has confirmed it has found evidence of insider trading in Porsche shares by a Frankfurt-based asset manager.
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Sweden mulls new pension admin body
SWEDEN – The Swedish government is to be presented with a proposal to set up a new authority to handle the administration of both the Premium Pension Authority (PPM) and the pay-as-you-go income related state pension.
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Publica vindicated over Swissfirst affair
SWITZERLAND – Publica, the CHF30bn (€19bn) pension fund for Swiss federal employees, says an external auditor’s report has cleared its employees of any wrongdoing in the Swissfirst affair.
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Dutch OPF calls for multifunds legislation
NETHERLANDS - Loek Sibbing, chairman of the Dutch Foundation for Company Pension Funds or OPF, has called on the government to ease legislation and enable the creation of “multifunds”.
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Austrian court rules on pension bond holdings
AUSTRIA – The Austrian constitutional court has ruled that companies no longer have to buy bonds to cover pension liabilities for second-pillar corporate pension arrangements.
