Latest on Regulation & Reform – Page 487
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CEIOPS rules out separate pensions committee
EUROPE – CEIOPS chairman Henrik Bjerre-Nielsen has ruled out the need for a separate EU committee on pensions – despite the group’s current focus on the Solvency II project for the insurance industry.
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ECB’s Trichet warns of pension fund contagion
EUROPE – European Central Bank president Jean-Claude Trichet has warned that pension funds and insurers could be sources of vulnerabilities that could spread “contagion” in the wider financial system.
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IPE-QUEST: Danish fund tenders EM debt
DENMARK – Kirstein Finans has tendered around €70m in global emerging market debt for a Danish pension fund via IPE-Quest.
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Watson critical of Star governance proposals
NETHERLANDS - Internal supervision of pension schemes, as proposed by the Labour Foundation, or Star, could more efficiently be done by the pensions regulator DNB, because of its independence and expertise, says consultancy Watson Wyatt Netherlands.
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IMA says pension pooling at stalemate
UK – The Investment Management Association says pension pooling is stuck in “something of a stalemate”.
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German pension assets ‘set to surge to €4trn’
GERMANY – German occupational pension assets should rise to some €4trn by 2030, as the government continues to promote the second pillar, according to consulting firm A.T. Kearney (corrects figure).
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Aon’s McGlone takes on client role
EUROPE – Paul McGlone, principal and actuary at Aon Consulting, is to take on a client role as the firm seeks to coordinate how it advises companies and trustees on pensions issues.
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EU pensions committee eyes hedge fund role
EUROPE – The European pensions supervisory committee CEIOPS wants to serve as a focus for debating issues that impact occupational pension supervision from other sectors, such as hedge funds.
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UK says 25 schemes interested in cross-border
UK – The UK’s Pensions Regulator says around 25 pension schemes have registered an interest in operating cross-border under the new EU directive on occupational pension funds.
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Shareholder is king says EU’s McCreevy
EUROPE – EU internal market commissioner Charlie McCreevy today reiterated his belief that the “shareholder is king” and encouraged greater internal competitiveness.
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Former Watson partner Hill joins Investit
UK - Former Watson Wyatt partner Brian Hill has joined fund management consultancy Investit as a specialist.
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Dutch pension association OPF eyes service role
NETHERLANDS - The Dutch Foundation of Company Pension Funds, or OPF, has set out to become a service organisation for practical support of smaller company schemes, chairman Han Thoman said.
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Church of England upgrades pensions admin
UK – The Church of England Pensions Board (CEPB) is replacing its existing pensions administration system against the backdrop of the new pensions regulations in a bid to save time, cut costs and streamline administration tasks.
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Nestlé seeks pensions risk manager
UK – Nestlé is looking for a risk manager with experience in hedge funds to offer services, including the management of assets and liabilities, to its pension funds.
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Belgium to submit IORP law in January
BELGIUM - Belgian financial supervisors will present the final version of a new law for implementing the EU directive on occupational pensions in the first week of January.
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Sweden's FI amends traffic-light model
SWEDEN – The Swedish Financial Supervisory Authority, or Finansinspektionen, has amended the so-called traffic light model following consultation.
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Ireland’s Coyle Hamilton prosecuted by regulator
IRELAND – Consulting firm Coyle Hamilton has been prosecuted and fined over a failure to comply with the Pensions Act.
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Aegon’s Lommen joins Dutch supervisor DNB
NETHERLANDS - Former Aegon pensions co-ordinator Jacqueline Lommen has joined De Nederlandsche Bank, the central bank which supervises pensions.
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UK pension theft case highlights role of actuaries
UK – A report into the theft of £2.9m (€4.2m) from a UK pension fund has highlighted the role of the scheme actuary and asset managers in detecting wrongdoing.
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Activism at work as VNU reviews IMS deal
NETHERLANDS – Shareholder activism by pension funds appears to be a factor in VNU’s decision today to review its planned $6.3bn (€5.2bn) merger with IMS health.
