Latest on Regulation & Reform – Page 489
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Call for German schemes to adopt governance code
GERMANY – Professor Wolfgang Gerke, a financial expert who recently unveiled a corporate governance code for asset managers, has called for the code to be embraced by German pension funds.
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Danes launch €70m public-private SRI fund
DENMARK - Nine Danish pension funds are to invest some €63m in non-listed companies in less developed countries in a public-private initiative under which the Danish government will share many of the preparatory costs.
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Shell settles case with US retirement plans
GLOBAL – Oil giant Royal Dutch Shell has resolved its dispute with US retirement plans in a $90m (€74.1m) settlement.
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Hewitt’s six dimensions of control for pensions
GLOBAL – Hewitt Associates has identified six areas where companies need to exert control of their global retirement benefits activities.
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Shell’s Dutch pension talks reach impasse
NETHERLANDS - The yearlong negotiations between Shell Nederland and the Dutch trade unions FNV Bondgenoten and CNV Chemie have reached an impasse.
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UK regulator to test powers against 17 companies
UK – The UK’s Pensions Regulator is looking to exercise its untested legal powers against 17 corporate sponsors that have purposefully attempted to avoid liabilities.
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UK pension buy-out growth inevitable – regulator
UK – More competition in the UK pension buy-out market is inevitable, says the Pensions Regulator.
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Mn Services eyes European, UK expansion
EUROPE – Dutch pension group Mn Services is considering expanding out of its home market – possibly into the UK and elsewhere in Europe.
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IPE to host online pensions symposium
EUROPE – Investment & Pensions Europe magazine is to host an online symposium on European occupational pensions next month.
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UK says new rules to save schemes £10m
UK - The Department for Work and Pensions says new "bulk transfer" rules will save smaller schemes around £10m (€14.7m) a year.
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Watson announces five client wins
EUROPE – Consulting firm Watson Wyatt says it has won five new clients recently.
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Schering puts extra €450m into external fund
GERMANY – Pharmaceuticals company Schering has removed another €450m in pension liabilities from its balance sheet so that they can be financed by its contractural trust arrangement (CTA).
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Finnish postal scheme to be shut down
FINLAND - The roughly €400m pensions arm of Finland Posti - Finland Post Pension Fund - will be closed down following the outsourcing of its entire statutory and supplementary divisions to Ilmarinen Pension Co. and Pohjola Life respectively.
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Troubled Alliance Capital gets NPRF boost
IRELAND – The National Pensions Reserve Fund has made its first move into emerging markets equities with a €142m investment via Alliance Capital Management, which has been under scrutiny from US regulators.
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Funds to embrace independent research – McCreevy
EUROPE – European Commissioner Charlie McCreevy is confident that UK and European pension funds will embrace independent research.
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Dexia AM opens Stockholm branch
SWEDEN – Dexia Asset Management is opening a branch in Stockholm headed by Fredrik Wilkens from Key Asset Management.
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Ex-Mercer partner appointed Hewitt consultant
UK – Hewitt Associates has hired former Mercer HRC European partner Jonathan Gainsford as consultant at the group’s UK retirement business practice.
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JP Morgan Chase assets rise 13% to $828bn
GLOBAL – Total assets under management at JP Morgan Chase surged to $828bn (€692bn) in the third quarter of 2005, up 13% since the third quarter of last year and up $45bn since June 30.
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MEPs to probe pension directive transposition
EUROPE – The European Commission is facing a series of questions about the poor transposition of the occupational pension directive from the European Parliament.
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Dutch pensioners ‘still not involved in funds’
NETHERLANDS – Pensioners are still not sufficiently involved in the running of Dutch pension funds, says the Social Economic Council, or SER.
