Latest on Regulation & Reform – Page 79
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Social partners move forward to implement pure DC plans
A social partner advisory board – Sozialpartnerbeirat – was constituted last week
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NewsGermany prepares to reform all three pension system pillars
Reform of the first pillar aims to stabilise the level of pensions and contributions starting from 2030 against demographic pressures
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‘Will not be possible to meet the original deadline’ for SFDR, say ESAs
ESAs are expected to deliver SFDR mandate with delay of up to six months
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NewsIn-depth: Italy faces tax cuts pressure on pension investments, reforms
Adepp is in favour not only of reaffirming the autonomy of Casse di Previdenza, but also to improve efficiency of supervision and control mechanisms
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Swiss supervisory authority warns of risks related to decentralised finance
For financial institutions the risks linked to the use of decentralised finance applications are primarily operational, legal and reputational
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Policy Exchange calls for Solvency II reform to tackle policy, regulatory challenges
Report suggested UK is sitting on large pools of capital and could do more to invest in growth businesses, infrastructure and other productive assets in the UK
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NewsLarge Dutch pension funds defend DC switch in letter to parliament
The initiative was triggered by recent negative media reports about the move to DC, according to ABP, PFZW, PMT, Bpf Bouw and PME
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NewsSwedish pensions agency criticises state pension boosting measures
Bringing in income pension supplement and increasing guarantee pension undermined system’s basic lifetime income principle, says agency
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Actuaries call on new pensions minister to favour flexibility to address pensions challenges
‘We urge the incoming pensions minister to listen to industry concerns about implementation of existing policies,’ says Hymans Robertson
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ISSB unveils support framework for emerging economies at COP27, tie-up with CDP
Emmanuel Faber reminded COP27 of main conference message: ‘the need for climate-related financial disclosures is increasingly urgent’
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Net zero strategies must include proxy voting commitments, verification, UN says
The guidance on credible net zero transition plans calls for the creation of a ‘global taskforce on net zero regulation’
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Opinion PiecesViewpoint: ESMA’s latest shot at ‘pre-hedging’ must now bring a clear set of rules
With a direct and significant impact on the prices that pension and other funds receive for the securities they buy and sell, pre-hedging is a key market cleanliness issue with broad implications for the investment industry, but also the end-investor and the public at large. It should not be overlooked this time around for it could become a LIBOR moment for market confidence.
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Dutch opposition parties play hard to get as pension debate runs into overtime
PvdA and GroenLinks, whose support the government needs to steer the law through the Senate, want more assurances to bring down the number of workers without a pension
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Too much choice counterproductive in retirement systems, new report finds
New evaluation of national pension systems recommends engagement efforts be stepped up, particularly for the young
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IASB calls time on pensions, fair value disclosure project
Instead, board members are to develop proposals in March 2021 exposure draft for use by the board when drafting disclosure requirements in future
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Country ReportCountry Report – Pensions in Spain & Portugal (November 2022)
In Spain, the pension sector is giving a cautious thumbs up to workplace pension reform plans, even if they fall short of the industry’s wish list. Top of that list was mandatory auto-enrolment, which won’t now happen. But the planned national so-called Macro-fondo ‘super fund’ has met with general approval. It will be managed by the private sector but supervised by a control committee comprising government, employer and union representatives.
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Opinion PiecesNext up for Switzerland: second pillar reform?
The narrow majority of Swiss citizens voting to reform the country’s statutory (AHV) pension system in a referendum on 23 September (52.2%) could create momentum to bring about changes to the second pillar.
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New Dutch pension contract fails to deliver indexation
Calculations shed doubt over an earlier claim by pensions minister Schouten that the new system would provide ‘a pension with great purchasing power’
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German government starts dialogue on reform second pillar
The government is now working on the Rentenpaket II to secure a minimum level of pension in the first pillar pension system
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Storebrand turns to European agency to end barriers to municipal tendering
Rival KLP says ‘happy to help shed light on the matter’ if asked by ESA or state
