Latest on Regulation & Reform – Page 455
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€30bn London fund merger proposed
UK – A new report will suggest merging London pension schemes into one or two funds with a combined value of approximately £20bn (€30bn), according to a newswire report.
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Dutch government confirms FTK requirements
NETHERLANDS – The Dutch Minister of Social Affairs Aart Jan de Geus will adopt some of the stricter FTK-requirements for the financial supervision of pension funds made by De Nederlandsche Bank.
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MEPs, industry gather to discuss portability
EUROPE - The European Commission's proposed directive on pensions portability is to be discussed by the European Parliamentary Pensions Forum at a meeting in Brussels tomorrow.
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Dutch associations call for governance principles
NETHERLANDS - The three Dutch pension associations have asked Social Affairs minister Aart Jan de Geus to introduce the principles for pension fund governance and the participation covenant as of January 1 2008, as initially agreed.
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UK sets €1bn pension protection levy ceiling
UK – The UK government has set the Pension Protection Fund levy ceiling at £718.75bn (€1.07bn) for next year.
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Allianz to launch pan-European pensions
EUROPE – Allianz will launch a new pan-European pension fund offering later this year, the German insurer and financial service provider announced today.
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Dutch union’s new DC scheme gets go-ahead
NETHERLANDS – Trade union FNV, the largest in the Netherlands, will go ahead with its new defined contribution pension fund for self-employed members from next year.
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Woolworths pension head slams UK regulation
UK – Elisabeth Browning, group pensions manager at the £300m (€438m) Woolworths group pension scheme, has attacked UK pension regulation, calling it “crippling” and “confusing” for members.
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EU to look into French postal pension scheme
FRANCE – The European Commission will start an “in-depth investigation” into whether planned changes to the French pension scheme for public sector postal workers employed by La Poste will give the company an advantage over its competitors.
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Siemens: sacked pension manager breached code
SWITZERLAND – Siemens says Swiss pension fund manager Roland Rümmeli was fired because he breached the industrial group’s business conduct guidelines.
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Academic urges Chilean-style reform for Germany
GERMANY – A leading economist has called for Germany’s pay-as-you-go state pension system to be replaced by a Chilean-style capital-backed arrangement.
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EU says six member states at high ageing risk
EUROPE – The European Commission says the public finances of at least six EU member states are at “high risk” due to population ageing.
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EU takes Italy to court over pension directive
EUROPE – The European Commission is to refer Italy to the European Court of Justice for not transposing the occupational pension fund directive into national legislation.
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Germany may ease hedge fund requirement
GERMANY – To boost German hedge funds, the government will likely end a Depotbank requirement for the funds, permit them to invest in property and ease investment restrictions on institutions, according to industry players.
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Insurers get leeway in Dutch Pensions Act
NETHERLANDS - Insurers will get extra leeway in implementing the new Pensions Act, Social Affairs minister Aart Jan de Geus has said.
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Pension Protection Fund seeks actuary
UK – The Pension Protection Fund is looking to recruit an actuary as well as six other posts, according to the PPF website.
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PGGM mulls new structure to take on insurers
NETHERLANDS - Dutch health care pension fund PGGM is considering restructuring to take on insurance industry competitors, according to reports.
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Portugal agrees pension reform
PORTUGAL – Portuguese state pensions are going to be indexed to the country’s economic performance and life expectancy under new reform plans.
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Siemens' Swiss pension manager released
SWTIZERLAND – Roland Rümmeli, the head of investments at Siemens Pensionskasse who was detained last month in connection with the Swissfirst affair, has been set free by authorities in Zurich.
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Which London fund sues BP?
UK – Confusion about exactly which London pension fund is taking oil giant BP to court over alleged negligence has, hopefully, been cleared up.
