Latest on Regulation & Reform – Page 460
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Dutch MPs back pension portability veto
EUROPE – Dutch MPs have almost unanimously passed a motion aimed at scuppering the European Union’s controversial proposed directive on pensions portability.
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ASIP admits best practice code ignored
SWITZERLAND – Only 10% of Switzerland’s 3,000 pension funds, known as Pensionskassen, have bothered to adopt a best-practice code developed six years ago by ASIP, the association for the schemes.
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Regulator appoints trustees at Hoverspeed
UK – The Pensions Regulator has appointed HR Trustees to take over the £16m (€23.9m) pension fund of insolvent ferry firm Hoverspeed.
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Most actuaries fail communication exam
UK - The Actuarial Profession's communications exam is failed by almost two-thirds of those who take it, says Institute of Actuaries president Nick Dumbreck.
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Swiss association rules out governance laws
SWITZERLAND – Despite the Swissfirst scandal, Swiss pension fund association ASIP has urged the government to refrain from enacting new laws aimed at tightening regulation of Swiss schemes, known as Pensionskassen.
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IAPF Conference: Brennan outlines the challenges
IRELAND – Irish Social and Family Affairs minister Seamus Brennan today outlined the problems facing the Irish pensions industry.
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IAPF Conference: CFOPS on pan-European funds
IRELAND – Phelim O'Reilly, the general manager of the Irish Construction Federation Executive Pension Scheme has called for a pan-European pension fund for mobile workers such as those in the construction sector.
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Dutch govt facing €60m divorcees’ pension payout
NETHERLANDS – A group of around 30,000 women divorced before 1981 who could not contribute to a pension are in line for a total payment of around €60m from the Dutch government.
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UK regulator warns on longevity assumptions
UK - The head of the Pensions Regulator has warned that underestimating members' life expectancy could mean millions of pounds of extra pension liabilities.
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Swiss voters reject SNB cash for pensions plan
SWITZERLAND – Swiss voters have overwhelmingly rejected a proposal to use up to CHF1.5bn (€950m) from the Swiss National Bank’s annual profit to bolster the state pension scheme.
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UK public pensions liability now €1.5trn – report
UK – The UK’s public pensions liability has been put at more than £1trn (€1.5trn) by a new study, according to a report in the Times.
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Belgium set to tighten pension regulations
BELGIUM – The Belgian financial regulator says forthcoming regulations will provide tighter controls over pension funds.
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Norway state fund rejects real estate before 2007
REAL ESTATE - The Norwegian finance ministry says moving into real estate “just isn’t a priority” for the Government Pension Fund, despite reports of an imminent 8-10% allocation.
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DWP eyes separate Personal Accounts body
UK – The Department of Work and Pensions is looking at a separate delivery authority to implement the planned Personal Accounts pensions scheme, according to a top official.
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Dutch pension taxation case hailed by E&Y
NETHERLANDS – A recent judgement by a Dutch court could put an end to income tax on foreign pension schemes, according to accountants Ernst & Young.
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Commission set up to review UK rail pensions
UK - An independent Railway Pensions Commission has been set up by the rail unions and employers to review the current railways pensions scheme, chaired by former Pensions Commission member Jeannie Drake.
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EU’s Borrell considering MEPs’ fund director
LUXEMBURG – A decision about the appointment of Law Debenture pension trustee head Eddie Thomas as a specialist director at the MEPs’ pension fund is currently with the President of the European Parliament, Josep Borrell.
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Swiss voters to decide on SNB pension cash
SWITZERLAND – Swiss voters will on Sunday decide whether over CHF1bn of the Swiss National Bank’s annual profits will be diverted to the Old Age and Survivors’ Insurance Fund (AHV/AVS). According to opinion polls, those opposed to the move have substantially gained on supporters of the initiative.
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Dutch funds’ duration lengthens, DNB says
NETHERLANDS – Pension funds with an invested capital of between €100m and €10bn have seen the average duration of their portfolio go up by one and a half years, the Dutch central bank (DNB) said today.
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Dutch union eyes pension fund for self-employed
NETHERLANDS - The largest Dutch trade union FNV has stated it wants to set up a new defined contribution pension fund for self-employed people and small businesses.
