Latest on Regulation & Reform – Page 452
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News
PensPlan’s Atzwanger critical of IORP
GERMANY – The EU pension fund directive will not spawn pan-European pension funds but rather induce funds to take a limited cross-border approach, says PensPlan’s Michael Atzwanger.
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UCITS pooling a model for pensions – EU
EUROPE – UCITS investment fund asset pooling techniques are a possible model for pension funds, according to the European Commission.
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Longevity hitting the bottom line, says BOE
UK – Higher pension contributions - due in part to increasing longevity - are starting to hit companies’ costs, says the Bank of England.
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EFAMA hits back over retirement account plan
GERMANY – EFAMA president Stefan Bichsel hit back at German criticism of the investment fund association’s proposed retirement account during the European Pension Fund Congress in Frankfurt today.
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UK to set up pensions ‘delivery authority’
UK – The UK government has confirmed it plans to set up a ‘delivery authority’ for pensions.
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PGGM closer to asset management-admin split
NETHERLANDS - The board of PGGM, the €74.4bn Dutch healthcare scheme, has officially decided to investigate the options of separating its asset management and administration from its pension fund.
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DNB announces new hedge fund directive
NETHERLANDS –De Nederlandsche Bank will implement a new directive for the risk management of investments in private equity and hedge funds, central bank president Nout Wellink has announced.
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Firms back auto-enrolment, UK government says
UK – The government says companies support auto-enrolment into personal pension accounts with auto enrolment.
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Icelandic regulator sees more pension mergers
ICELAND – The head of Iceland’s financial regulator says he expects more pension fund mergers – although they result in a greater concentration of risk.
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CEIOPS CONFERENCE: Siemens wary on IORP
GERMANY – Technology giant Siemens, which operates several pension funds across Europe, says that contrary to its goal, the EU directive on occupational pension funds will not enable it to create a single European vehicle.
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NAPF, Turner renew NPSS debate
UK – Lord Turner, the former chairman of the UK’s Pensions Commission, sought to defend his personal accounts idea against renewed criticism from the National Association of Pension Funds at a conference today.
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Features
Three steps to heaven
An increasingly broad fund offering has produced a potential nightmare for investors faced with comparing and assessing the tax, legal and regulatory frameworks. John Forbes advocates a structured approach
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News
Dutch driving licence office hit by pension crisis
NETHERLANDS – Some €12m in pension contributions have disappeared from the Dutch Central Driving License Office, the CBR, according to reports.
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EU’s McCreevy targets public sector pensions
EUROPE – Charlie McCreevy, the European Commissioner for Internal Markets, has called on European governments to tackle their burgeoning public sector pension liabilities.
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Irish pensions regulator names new CEO
IRELAND – Brendan Kennedy, actuarial adviser at the Pensions Board, is to take over as chief executive of the regulator from Anne Maher.
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UK aligns FRS17 pensions standard to IAS19
UK – The UK’s Accounting Standards Board is to amend the FRS17 retirement benefits accounting standard to align it with the international IAS19 standard.
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“Reactionary” Pickering remarks under attack
UK – Alan Pickering, the former chairman of the European Federation for Retirement Provision and the National Association of Pension Funds, has come under attack from a pensioner group for “reactionary” comments about auto-enrolment.
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News
Bank chief warns over hedge fund due diligence
EUROPE – The German central bank has warned that “competitive pressures” may mean prime brokers are compromising on hedge fund due diligence.
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German MPs OK Rürup changes
GERMANY – The finance committee for Germany’s lower house of parliament (Bundestag), has approved changes to the Rürup-Rente, a private pension for the self-employed, in a bid to boost its attractiveness.
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News
Insider pension trustees act for sponsor – study
UK – A new academic study has presented evidence that company-appointed pension fund trustees act in the interests of the sponsoring company and not scheme members.
