Latest on Regulation & Reform – Page 453
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Roche pension chief ‘in Swissfirst trade’ - paper
SWITZERLAND – The pension investment head for Swiss pharmaceuticals giant Roche personally profited from trading with shares of Swissfirst bank in September 2005, Swiss daily Blick reported today.
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Swedish blue-collar workers want white-collar pensions
SWEDEN – With the new collective DC scheme for Swedish white-collar workers set to come into effect in January, blue-collar workers are looking to get back to the negotiating table to get the same deal.
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Management accountants warn on LDI risk
UK – The Chartered Institute of Management Accountants has warned that adopting a Liability Driven Investing strategy could mean missing out on excess return.
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Dutch govt amends communication matrix
NETHERLANDS - Dutch Social Affairs minister Aart Jan de Geus has changed the indexation matrix of the new financial assessment framework FTK, in order to enhance the clarity on communication to participants in pension schemes.
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Belgium plans incentives for European schemes
BELGIUM – The Belgian government wants to attract large European pension funds through exemption from VAT and lower corporation tax, the country’s prime minister has said.
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Swiss institutional equity exposure hits new low
SWITZERLAND – Swiss institutional investors’ exposure to equities has declined to a new low, according to figures from the Swiss National Bank.
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Project to collate Dutch pension liabilities
NETHERLANDS – The Dutch trade association of private insurance companies and Statistics Netherlands (CBS) are to join forces to analyse Dutch pension liabilities.
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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.
