Pension Funds Insider

Regulation

Image for Pensions Ombudsman reappointed for third term

Pensions Ombudsman reappointed for third term

The current Pensions Ombudsman and the Pension Protection Fund Ombudsman has bee reappointed for a third term, the Department for Work and Pensions announced.

14 June 2013

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Image for TPR revises code of practice on pension contribution

TPR revises code of practice on pension contribution

The Pensions Regulator (TPR) has revised its codes of practice on pension contributions to help ensure that members of workplace pensions receive the contributions they are due.

07 June 2013

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Image for Trustees unaware of full impact of latest TPR objectives

Trustees unaware of full impact of latest TPR objectives

Trustees have been urged by an investment adviser to look closely at their investment portfolio following the additional statutory objective placed on The Pensions Regulator (TPR).

07 June 2013

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Image for Proportionate legislation is the next big issue for EC

Proportionate legislation is the next big issue for EC

The worst aspects of Solvency II have been avoided, but proportionate legislation for pensions is the next big issue for the European Commission (EC), Aon Hewitt has said.

06 June 2013

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Image for EC postpones solvency-rules for IORP directive

EC postpones solvency-rules for IORP directive

The European Commission has postponed its plans to include solvency requirements in an updated pensions directive, which will be presented this autumn.

23 May 2013

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Image for TPR sets out priorities in three-year corporate plan

TPR sets out priorities in three-year corporate plan

The Pensions Regulator (TPR) has published its plan for the next three years, stating that it will focus on five themes relating to defined benefit (DB) and defined contribution (DC) schemes and auto-enrolment.

21 May 2013

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Image for DWP announces plans to tackle pension charges

DWP announces plans to tackle pension charges

The Government has announced plans to tackle high and inappropriate pension charges.

13 May 2013

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Image for Queen's Speech confirms simpler state pension

Queen's Speech confirms simpler state pension

The introduction of a single-tier state pension in the Pensions Bill will be one of the Government's main objectives, the Queen confirmed in her speech today.

08 May 2013

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Image for TPR releases 2013 annual funding statement

TPR releases 2013 annual funding statement

The Pension Regulator (TPR) has published its 2013 annual funding statement to help pension scheme trustees and sponsoring employers to agree valuations and deficit recovery plans.

08 May 2013

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Image for Possible Scottish independence raises pensions questions

Possible Scottish independence raises pensions questions

The Scottish and UK Governments have been called to engage with the pensions industry to minimise the financial impact that Scottish Independence could have on private sector schemes.

26 April 2013

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Image for DWP proposals would introduce new pension scheme costs, says NAPF

DWP proposals would introduce new pension scheme costs, says NAPF

The National Association of Pension Funds (NAPF) has warned that the Government's plans to automatically transfer pension pots when a worker moves jobs would introduce new costs for pension schemes and employers.

23 April 2013

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Image for NAPF backs greater transparency in non-financial reporting

NAPF backs greater transparency in non-financial reporting

The European Commission's proposal to enhance business transparency on social and environmental matters has been welcomed by the National Association of Pension Funds (NAPF).

17 April 2013

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Image for EIOPA's preliminary results on IORP impact study prompts concerns

EIOPA's preliminary results on IORP impact study prompts concerns

The European Insurance and Occupational Pensions Authority (EIOPA) has published a preliminary report on the impact of the proposed European Pensions Directive based on Solvency II-type rules, but emphasised that "analysis and further consideration" are needed for the final report.

10 April 2013

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Image for TPR's proposed code risks being counterproductive, says NAPF

TPR's proposed code risks being counterproductive, says NAPF

The National Association of Pension Funds (NAPF) warned that The Pensions Regulator's (TPR) proposed code of practice for defined contribution (DC) schemes risks being counterproductive.

28 March 2013

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Image for TPR chief executive steps down

TPR chief executive steps down

The chief executive of The Pensions Regulator (TPR) will be leaving his current position at the end of June to start a new role as group chief executive of the Universities Superannuation Scheme (USS).

27 March 2013

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Image for EU launches Green Paper on long-term financing

EU launches Green Paper on long-term financing

The European Commission has launched a three-month public consultation on the long-term financing of the European economy.

26 March 2013

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Image for Industry reactions to Budget 2013

Industry reactions to Budget 2013

Here are a variety of views regarding the Budget 2013, which was announced by Chancellor George Osborne.

20 March 2013

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Image for Single-tier pension brought forward

Single-tier pension brought forward

The UK's new single-tier state pension will be introduced in 2016 instead of 2017, the Government has announced.

19 March 2013

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Image for The Pensions Regulator selects new DC executive director

The Pensions Regulator selects new DC executive director

The Pensions Regulator (TPR) has appointed a new executive director for defined contribution (DC), governance and administration.

13 March 2013

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Image for Smoothing funding levels is a "backwards step" says investment adviser

Smoothing funding levels is a "backwards step" says investment adviser

Smoothing pension fund asset and liability values is not the answer to solving the pensions problem in the UK, says Cardano, an investment adviser and fiduciary manager.

11 March 2013

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Image for Holistic balance sheet has "major shortcomings", says PensionsEurope

Holistic balance sheet has "major shortcomings", says PensionsEurope

PensionsEurope has warned that the holistic balance sheet approach is not a workable tool for Institutions for Occupational Retirement Provision (IORP) supervision, and said that alternatives should be considered.

11 February 2013

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Image for PPF boss defends its cause

PPF boss defends its cause

Pension Protection Fund (PPF) chief executive Alan Rubenstein has defended the fund's decision to take a stake in Jessops as part of a bid to save the company in 2009.

21 January 2013

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Image for Do we take the Stewardship Code the serious?

Do we take the Stewardship Code the serious?

Pension funds are increasingly taking up their stewardship responsibilities, a new study from the National Association of Pension Funds (NAPF) indicates, but how about investment consultants?

07 December 2012

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Image for Master trust conflicts of interest not unmanageable for independent trustees

Master trust conflicts of interest not unmanageable for independent trustees

Independent trustees work for members' best interest despite master trust conflicts of interest, says independent trustee company Pitman Trustees Limited (PTL).

20 November 2012

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Image for DWP looks into removing NEST restrictions

DWP looks into removing NEST restrictions

The Department for Work and Pensions (DWP) has issued a call for evidence on the impact of two statutory constraints on the National Employment Savings Trust (NEST).

06 November 2012

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Image for EIOPA launches quantitative impact study for occupational pensions

EIOPA launches quantitative impact study for occupational pensions

The European Insurance and Occupational Pensions Authority (EIOPA) launched the first Quantitative Impact Study (QIS) on Institutions for Occupational Retirement Provision (IORPs).

17 October 2012

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Image for Pension funds in urgent need of discount rate relief

Pension funds in urgent need of discount rate relief

Pension funds need more leeway if they are to survive the damaging effects of quantitative easing (QE) and free up billions of pounds for businesses to invest, the National Association of Pension Funds (NAPF) said today.

17 October 2012

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Image for TPR publishes DB flexibility and impact analysis

TPR publishes DB flexibility and impact analysis

The Pensions Regulator (TPR) has published evidence of how some of the flexibilities in the defined benefit (DB) funding regime have been used by pension schemes and sponsoring employers and provided an impact analysis of the contributions required to keep schemes on track of their recovery plans.

10 October 2012

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Image for ONS consultation of RPI could have "far reaching consequences"

ONS consultation of RPI could have "far reaching consequences"

The Office for National Statistics (ONS) has launched a public consultation on changes to the calculation of the retail prices index (RPI) that would make it more in line with the consumer prices index (CPI).

09 October 2012

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Image for Auto-enrolment is 'game changer' for pensions industry

Auto-enrolment is 'game changer' for pensions industry

The biggest change in pensions for over a hundred years – automatic enrolment – started this week with the largest employers in the UK, who now have a new legal duty to automatically enrol workers into a qualifying workplace pension scheme and make contributions towards it.

05 October 2012

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Image for Steve Webb: "Clegg's proposals are possible by Easter"

Steve Webb: "Clegg's proposals are possible by Easter"

Plans for the much discussed 'pensions for mortgages' scheme could be in place by Easter, according to pensions minister Steve Webb.

26 September 2012

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Image for KPMG warns of 'panic-buying' as AE date approaches  

KPMG warns of 'panic-buying' as AE date approaches  

Two weeks to go until it becomes mandatory to enrol staff into company pension schemes, reminds KPMG, and not all businesses are prepared.

18 September 2012

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Image for Regulator urges trustees to meet data deadline

Regulator urges trustees to meet data deadline

In order to help trustees and administrators get their scheme records in order by the end of the year, The Pensions Regulator (TPR) has published a progress checklist for trustees and a list of frequently asked questions about measuring data.

06 September 2012

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Image for Pension funds want QE impact reduced

Pension funds want QE impact reduced

The results of a poll published by fiduciary manager SEI reveal that UK pension schemes do not think the Pensions Regulator (TPR) has gone far enough in its efforts to reduce the impact of quantitative easing (QE) for pension schemes.

21 August 2012

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Image for TUC asks Webb to ban consultancy charging

TUC asks Webb to ban consultancy charging

The Trades Union Congress (TUC) called on the government yesterday to ban employers from passing on the costs of taking advice from consultants onto staff pension pots.

31 July 2012

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Image for Steve Webb declares war on pension charges

Steve Webb declares war on pension charges

Writing in the Daily Telegraph, the Pensions Minister Steve Webb announced this week that he will not hesitate to take action against the "sky-high charges" which are "tearing the heart out of people's pensions".

23 July 2012

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Image for New DWP plans bring down costs for pension providers

New DWP plans bring down costs for pension providers

The Department for Work and Pensions (DWP) has announced it will implement a new system where workers can take their small pension pots with them if they change jobs.

18 July 2012

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Image for UK needs better DC regulation, NAO report finds

UK needs better DC regulation, NAO report finds

The National Audit Office (NAO) published its report this week on the regulation of defined contribution (DC) pensions and concluded that there is "insufficient accountability" to ensure that the regulatory system delivers value for money.

12 July 2012

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Image for More QE "short-changes final salary pensions"

More QE "short-changes final salary pensions"

The Bank of England's (BoE) monetary policy committee today voted to increase the size of its asset purchase programme, also known as quantitative easing (QE), by £50bn to a total of £375bn, a move which the NAPF says "short-changes businesses running final salary pensions". 

06 July 2012

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Image for Dutch pension schemes can breathe again

Dutch pension schemes can breathe again

Pension schemes in the Netherlands were relieved after the country's Minister for Work and Pensions, Henk Kamp, announced he is to deal with the historically low discount rates currently used by schemes to calculate their future liabilities, in a move designed to increase the fund's coverage ratios.

06 July 2012

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Image for Webb: EU plan is "catastrophic"

Webb: EU plan is "catastrophic"

Pensions minister Steve Webb has vowed that he will not give in to "catastrophic" EU plans which would impose funding rules on British occupational pension schemes.

22 June 2012

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Image for TPR urges pensions sector to participate in IORP consultation

TPR urges pensions sector to participate in IORP consultation

The Pensions Regulator (TPR) encourages the pensions sector in the UK to respond to the consultation on the impact assessment of changes to the IORP directive which was launched last Friday by the European Insurance and Occupational Pensions Authority (EIOPA).

22 June 2012

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Image for Pensions workgroup launches public consultation on new Code of Conduct on DC charges

Pensions workgroup launches public consultation on new Code of Conduct on DC charges

A pensions workgroup set up by the National Association of Pension Funds (NAPF) today launched a public consultation seeking views on the parameters of a new defined contribution (DC) Code of Conduct on charges.

16 May 2012

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Image for Queen announces pension reforms from 2013

Queen announces pension reforms from 2013

A new flat-rate state pension and a system to automatically increase the retirement age have been announced in the Queen's speech.

09 May 2012

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Image for Swiss employers demand later retirement and lower conversion rates to fix pensions

Swiss employers demand later retirement and lower conversion rates to fix pensions

The Swiss Employers' Federation has re-opened the debate about the country's common occupational pension conversion rate, saying it must be lowered further.

26 April 2012

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Image for Industry responds to Work and Pensions Select Committee report

Industry responds to Work and Pensions Select Committee report

Covering a wide range of topics the 'Automatic enrolment in workplace pensions and the National Employment Savings Trust' report that was issued by the Work and Pensions Select Committee has stirred up the pensions industry with some people opposing the recommendations and others rooting for direct implementation. Pension Funds Insider gives you a brief overview of some key opinions.

16 March 2012

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Image for Lift NEST restrictions, says Work and Pensions Select Committee

Lift NEST restrictions, says Work and Pensions Select Committee

In a report published on Thursday the Work and Pensions Select Committee called upon government to scrap two key restrictions that are in place for the National Employment Savings Trust (NEST), stressing it was 'a matter of urgency'.

16 March 2012

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Image for Pension funds can expect more QE if government doesn't step up its game

Pension funds can expect more QE if government doesn't step up its game

At last week's Investment conference of the National Association of Pension Funds (NAPF) in Edinburgh, the Shadow Chief Secretary to the Treasury, Rachel Reeves said the current Government relies too heavily on the Bank of England's quantitative easing (QE) programme, using it as a smokescreen for its poor fiscal support.

12 March 2012

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Image for NAPF survey - one in three want opt out of auto-enrolment pension funds

NAPF survey - one in three want opt out of auto-enrolment pension funds

An opinion poll commissioned by the National Association of Pension Funds (NAPF) has indicated that 33% of the public in the UK plan to opt-out of a pension plan if they are automatically enrolled into it over the next few years.

08 March 2012

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Image for Parliament defined contribution inquiry gets industry talking

Parliament defined contribution inquiry gets industry talking

On the week that the Commons Select Committee for Work and Pensions announced an inquiry into the governance of defined contribution (DC) schemes, Pension Funds Insider brings you a selection of opinion across the industry on the key issues that have been raised.

02 March 2012

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Image for MPs ignore pleas to return UK pension increases to RPI rate 

MPs ignore pleas to return UK pension increases to RPI rate 

Only 33 MPs have voted to call on the UK Government to re-introduce the Retail Price Index (RPI) as the inflation measure used to calculate pension payment increases for occupational pension schemes. 

02 March 2012

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Image for Major pension funds urge SEC to protect investors

Major pension funds urge SEC to protect investors

The California Public Employees' Retirement System (CalPERS), together with ten other large pension funds from the US, Europe and Australia, have sent a letter of support to the chairman of the Securities and Exchange Commision (SEC), Mary Schapiro. The funds urge SEC to continue to push for market reform in the US in order to protect investors and maintain investor confidence.

16 February 2012

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Image for Solvency II nightmare still looms but worst-case scenario averted

Solvency II nightmare still looms but worst-case scenario averted

Key advice from Europe's supervisory agency for pensions has relieved pension funds of the need to provide an expensive capital buffer under new 'Solvency II' regulations but left open the possibility of funds still needing to inject capital on a massive scale.

16 February 2012

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Image for EU might recommend working until 72 – reports

EU might recommend working until 72 – reports

A report in Germany's mass circulating Bild newspaper suggests that the EU will this week tell European governments to further increase state retirement ages

14 February 2012

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Image for Trustee ban for trio who 'profited' from Hugh Mackay Retirement Benefits scheme

Trustee ban for trio who 'profited' from Hugh Mackay Retirement Benefits scheme

The Pensions Regulator has confirmed that it has barred three people from acting as pension fund trustees after an investigation determined they had 'inappropriately profited from their position as trustees' and were not 'fit and proper persons' for the role.

10 February 2012

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Image for Ending inflation guarantees – saving DB schemes from extinction?

Ending inflation guarantees – saving DB schemes from extinction?

In speaking out in favour of ending mandatory inflation proofing, pensions minister Steve Webb recently aired an idea that has been touted for years as a way to revive the ever dwindling fortunes of defined benefit schemes

20 January 2012

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Image for Pensions Regulator reaches out to DB schemes as financial crisis deepens

Pensions Regulator reaches out to DB schemes as financial crisis deepens

The Pensions Regulator (TPR) announced new plans to help UK trustees deal with the valuation and recovery plan process on 17 January

19 January 2012

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Image for Can UK Pension funds escape the Solvency II trap?

Can UK Pension funds escape the Solvency II trap?

Pension experts have identified a number of ways in which UK pension funds can escape the potentially calamitous consequences of the European Union's Solvency II directive applying to pension funds

06 January 2012

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Image for PPF chief executive reflects on changing times 

PPF chief executive reflects on changing times 

Pension Funds Insider caught up with Pension Protection Fund (PPF) chief executive Alan Rubenstein to reflect on two years in the top job at the fund of last resort which have seen significant changes, especially in levy charging arrangements 

19 December 2011

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Image for The Pensions Regulator's principles - enough to unlock DC's potential?  

The Pensions Regulator's principles - enough to unlock DC's potential?  

How can the UK's Pensions Regulator surmount the structural obstacles found in Defined Contribution (DC) schemes and put its words on good governance into action?

16 December 2011

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Image for Auto-enrolment timetable changes for small businesses

Auto-enrolment timetable changes for small businesses

The UK Government has announced that small businesses will be given additional time to prepare for the implementation of auto-enrolment.

09 December 2011

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Image for Dutch pension funds freed up to improve governance

Dutch pension funds freed up to improve governance

Pension funds in the Netherlands will soon benefit from less red tape and be able to concentrate on their core business of providing retirement benefits, according to the Dutch Government. 

16 November 2011

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Image for UK pensions: a European perspective 

UK pensions: a European perspective 

The UK pension landscape is set for a major overhaul next year with the arrival of auto-enrolment and the introduction of NEST, its new national pension scheme. But what does mainland Europe make of it all? Pension Funds Insider recently asked some non-UK pension professionals their views on reform in the UK and where they feel it could improve provision.

09 November 2011

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Image for Unions mull government pension offer amid split rumours 

Unions mull government pension offer amid split rumours 

Unions insist they will press on with plans to strike in protest against public sector pension reform, despite having welcomed newly-announced government concessions on the matter.

08 November 2011

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Image for Darling warns against postponement of auto-enrolment 

Darling warns against postponement of auto-enrolment 

Speaking to Pension Funds Insider at the annual NAPF conference in Manchester, former Chancellor of the Exchequer Alistair Darling has warned that delaying auto-enrolment could mean that it "would not happen at all".

02 November 2011

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Image for Regulator closes Polestar pension scheme 

Regulator closes Polestar pension scheme 

The Pensions Regulator issued a statement yesterday (01.11.2011) saying that the Polestar pension scheme is to be wound up.

02 November 2011

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Image for Dutch employers 'too paternal' towards scheme members 

Dutch employers 'too paternal' towards scheme members 

A new study by accountancy firm PricewaterhouseCoopers (PwC), released yesterday, shows that the majority of Dutch employers welcome pension reform but feel they will not necessarily apply the needed changes in their own company due to feelings of 'paternalism' towards their employees.

02 November 2011

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Image for NAPF chair slams QE "torture" 

NAPF chair slams QE "torture" 

In his final speech as chairman of the National Association of Pension Funds (NAPF), Ian Tomlinson yesterday told the organisation's annual conference in Manchester that around 1000 UK pension funds were at severe risk of a double hit from "the torture of quantitative easing".

26 October 2011

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Image for NEST spreads despite secretive government auto-enrolment threat 

NEST spreads despite secretive government auto-enrolment threat 

The government-sponsored National Employment Savings Trust (NEST) has confirmed that close to 100 employers have committed to use its pension scheme one year ahead of the introduction of auto-enrolment into workplace pensions.

26 October 2011

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Image for Dutch finally agree on pension reform deal 

Dutch finally agree on pension reform deal 

After months of negotiation, the Dutch Government has managed to reach a final  agreement on how future pension provision will be shaped in the Netherlands

19 October 2011

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Image for 'Shock tactics' needed on auto-enrolment says ACA chairman

'Shock tactics' needed on auto-enrolment says ACA chairman

The government should try frightening employees and employers into embracing auto-enrolment reforms, the chairman of the Association of Consulting Actuaries (ACA) has told Pension Funds Insider

19 October 2011

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Image for Private pension 'nationalisation threat' in Peru

Private pension 'nationalisation threat' in Peru

An alleged promise to nationalise close to $27bn worth of pension fund assets has made the occupational pension system a major campaign point in Peru's presidential election

19 October 2011

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Image for University SAT funds face loss of DB

University SAT funds face loss of DB

Members of University Self Administered Trusts (SATs) in the UK will soon no longer be offered defined benefit (DB) arrangements, according to a Higher Education (HE) pension scheme manager

19 October 2011

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Image for Irish pensions drained away to prop up banks

Irish pensions drained away to prop up banks

Ireland remains mired in a banking crisis, with its Government forced to raid the coffers at the National Pensions Reserve Fund (NPRF) to prop up its money lenders. What does that mean for the future of the Irish state pension?

19 October 2011

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Image for Union dismisses shadow minister's rural auto-enrolment plea

Union dismisses shadow minister's rural auto-enrolment plea

The shadow environment minister's concerns that changes to auto-enrolment legislation will fail to improve a 'shocking' low level of pensions saving in agriculture have been challenged by the National Farmers' Union in a pair of exclusive Pension Funds Insider interviews

19 October 2011

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Image for Dutch union votes against Pensions Agreement 

Dutch union votes against Pensions Agreement 

Members of one of the Netherlands' largest unions, FNV Bondgenoten, have voted against the new Dutch Pensions agreement in a referendum set up to decide the union's position

19 October 2011

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Image for WRIC Commission: "Urgent need to improve UK pension system" 

WRIC Commission: "Urgent need to improve UK pension system" 

Private sector workers must get a better deal from their pensions if they are to save enough for retirement, an independent investigation by the Workplace Retirement Income Commission (WRIC) warned today

19 October 2011

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Image for Half of Royal Mail's pension bailout could be blocked by European  Commission 

Half of Royal Mail's pension bailout could be blocked by European Commission 

The UK Government's plan to wipe Royal Mail's pension deficit clean by taking on its £8bn pension deficit could be in jeopardy, following a challenge from the European Commission. Pension Funds Insider understands that the commission is threatening to block half the bailout if it deems the move to be anti-competitive

19 October 2011

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Image for PGGM and CalPERS on PRI Advisory Council 

PGGM and CalPERS on PRI Advisory Council 

The UN PRI initiative, the framework which seeks to draw institutional investors into investing in a sustainable way, has presented the results of its advisory council elections which took place in July

19 October 2011

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Image for Signs of pension renaissance amongst small German firms 

Signs of pension renaissance amongst small German firms 

Occupational pension provision is on the brink of taking off amongst small German companies, if a recent report in the influential business daily newspaper Handelsblatt is to be believed.

18 October 2011

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Image for Pensions accounting: Picking through the numbers game 

Pensions accounting: Picking through the numbers game 

The BT Pension Fund's strong performance over the past year has been the biggest pensions story of the fortnight in the UK. Readers of that news in the national press may have been confused that while some UK media outlets proclaimed a return to surplus, others noted a continued 'huge' pension deficit at the fund. What's in a number?

18 October 2011

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Image for Rebellious Swiss funds continue reform battle 

Rebellious Swiss funds continue reform battle 

The Swiss Association of Pension Funds (ASIP) has made a renewed call for its government to abandon its proposed second pillar reforms by claiming that the Swiss public have a large level of trust in their pension funds and do not want the extra costs the reforms would bring.

18 October 2011

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Image for Growing resentment against Dutch pension reforms 

Growing resentment against Dutch pension reforms 

An increasing amount of union members in the Netherlands are voting against the pension reforms that were agreed in principle by the Dutch government and its social partners in Amsterdam last month.

18 October 2011

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Image for New Dutch Pensions Act finally in place 

New Dutch Pensions Act finally in place 

The Dutch Government has managed to reach an agreement on the new Pensions Act with its social partners. 

18 October 2011

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Image for Pensions loophole - time to wake up? 

Pensions loophole - time to wake up? 

The recent takeover of Silentnight by private equity firm H.I.G in the UK, has led to concerns from the Pensions Regulator and Pension Protection Fund that firms may have found a way to buy and restructure profitable companies without having to take on their pension liabilities. Pension Funds Insider looks at the implications of 'the Silentnight case'

18 October 2011

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Image for NEST spreads despite secretive government auto-enrolment threat

NEST spreads despite secretive government auto-enrolment threat

The government-sponsored National Employment Savings Trust (NEST) has confirmed that close to 100 employers have committed to use its pension scheme one year ahead of the introduction of auto-enrolment into workplace pensions

14 October 2011

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Image for Is new IAS19 another 'DB death knell'?

Is new IAS19 another 'DB death knell'?

The International Accounting Standard Board's (IASB) newly-updated IAS19 accounting standards look likely to bring the UK's defined benefit pension schemes closer to extinction, drag some healthy pension schemes into deficit and hit company profits by a couple of percentage points, Pension Funds Insider has been told by various sources.

13 October 2011

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Image for IBM Germany ordered to pay €90 million pension insurance bill

IBM Germany ordered to pay €90 million pension insurance bill

Computer multinational IBM's German subsidiary has been ordered by a Stuttgart tribunal to pay a disputed €90m fee to the company's Pension Insurance Association (Pensions-Sicherungs-Verein) safety net.

13 October 2011

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Image for Pension industry supports public sector reforms but questions debate

Pension industry supports public sector reforms but questions debate

The pensions industry has come out in overwhelming support of the government's plans to change public sector pension provision and reduce the funding burden on taxpayers in line with Lord Hutton's recent report. As the debate between government and unions turns increasingly acrimonious ahead of a planned public sector strike on 30 June, Pension Funds Insider asks industry figures how they see the big pensions debate.

13 October 2011

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Image for Young Austrians want more company pensions

Young Austrians want more company pensions

At the same time as the UK government is planning to 'nudge' young workers into pensions saving via auto-enrolment reforms, Austrian twenty-somethings are hoping that their government can encourage more companies to offer an occupational pension, according to a new survey released last week. The head of the association that commissioned it has also told Pension Funds Insider that the country can learn from neighbouring Switzerland in improving occupational pension provision

13 October 2011

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Image for Is new IAS19 another 'DB death knell'?

Is new IAS19 another 'DB death knell'?

The International Accounting Standard Board's (IASB) newly-updated IAS19 accounting standards look likely to bring the UK's defined benefit pension schemes closer to extinction, drag some healthy pension schemes into deficit and hit company profits by a couple of percentage points, Pension Funds Insider has been told by various sources.

13 October 2011

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Image for Pension debate fierce in the Netherlands 

Pension debate fierce in the Netherlands 

The new Pension Act in the Netherlands, which was agreed upon by the majority of the social partners two weeks ago, has come under fierce criticism from the opposition parties and one of the countries biggest unions, FNV Bondgenoten. Pension Funds Insider gives you the latest update on the negotiations.

13 October 2011

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Image for DWP publishes responses to CPI consultation 

DWP publishes responses to CPI consultation 

The Department for Work and Pensions (DWP) has published responses from the UK pensions industry to the consultation on the impact of using the CPI-index as the measure of inflation for private sector occupational pension schemes payments

12 October 2011

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Image for Solvency II 'threat' to buy-ins contested

Solvency II 'threat' to buy-ins contested

KPMG has warned defined benefit (DB) pension schemes to complete insurance backed buy-ins before the European Union introduces its Solvency II insurance industry legislation in 2014, but another market expert has told Pension Funds Insider there is little need to panic

12 October 2011

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Image for Dutch politicians demand payback information 

Dutch politicians demand payback information 

A parliamentary motion to obtain information on which pension schemes have paid back money to employers in the Nineties was handed in last week to Dutch social affairs minister Henk Kamp

11 October 2011

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Image for Delivering change

Delivering change

Large companies that are not already preparing for auto-enrolment in the UK are "probably too late and will be bounced into rush decisions" claims the technical consultant to the Pensions Management Institute (PMI) who added that poor media coverage and insufficient understanding is contributing to inadequate preparedness

11 October 2011

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Image for Dutch pension reform negotiations still tense

Dutch pension reform negotiations still tense

The Dutch trade union federation (FNV) announced on Tuesday, 19 April, that it would start afresh with negotiations on pension reforms following a two week breather in order to deal with internal disagreements.

11 October 2011

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Image for Former BA trustee says CPI switch may still not happen

Former BA trustee says CPI switch may still not happen

The most recent of three trustees to resign from a British Airways pension scheme board has told Pension Funds Insider that the reduced board might be incapable of carrying through the sponsors' hope of switching pension increases to the Consumer Price Index of inflation (CPI)

11 October 2011

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Image for Austrian minister dashes pension funds' reform hopes

Austrian minister dashes pension funds' reform hopes

The Austrian minister in charge of the country's pension fund reforms has told Pension Funds Insider that the suggestion from the head of the Austrian Association of Pension Funds (FVPK) for occupational and personal pensions to be considered in an overarching programme of pension reform are likely to be ignored

10 October 2011

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Image for Locking away CPI: Inflated expectations? 

Locking away CPI: Inflated expectations? 

Are UK schemes rushing too quickly into inflation hedging solutions?

10 October 2011

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Image for DNB tells funds to 'reposition' themselves 

DNB tells funds to 'reposition' themselves 

The Dutch Central Bank (DNB) has made a fresh call for pension funds to 'reposition' themselves in order to alleviate financial pressures

07 October 2011

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Image for Beating Solvency II

Beating Solvency II

The chairman of the pan-European federation of pension funds has called on UK schemes to get in front of continental insurance groups and grab the European Commission's attention if they don't want Solvency II accounting regulations applying to pensions

07 October 2011

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Image for ECJ could hand DB funds £100 million tax gift 

ECJ could hand DB funds £100 million tax gift 

They have been an annoyance to politicians and insurers of late, but a European court could now potentially hand some defined benefit (DB) pension schemes a £100m per year windfall

05 October 2011

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Image for World Gold Council concerned over DNB decision

World Gold Council concerned over DNB decision

The World Gold Council (WGC) is said to be concerned about the decision by the Dutch Central Bank (DNB) to force the SPVG pension scheme to sell off its gold

05 October 2011

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Image for LGPS contribution debate casts shadow over Hutton 

LGPS contribution debate casts shadow over Hutton 

Amidst a warm welcome from the pensions community to Lord Hutton's report on the future of public sector pensions, concern is being raised that previously planned contribution rises to the Local Government Pension Scheme (LGPS) threaten to cancel out any gains intended for the retirement plan

05 October 2011

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Image for Swiss reform consultation draws heavy response 

Swiss reform consultation draws heavy response 

As many as 500 responses have been sent to the Swiss government's consultation on controversial second pillar reform so far (as of 7 March 2011), Pension Funds Insider can reveal

05 October 2011

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Image for ECJ changes the rules on annuities  

ECJ changes the rules on annuities  

Last week (1 March 2011) the ECJ ruled that, from the end of next year on, insurance companies are not allowed to charge men and women different rates for products. The decision could have far-reaching implications for the cost of defined contribution pension schemes in the UK. Pension Funds Insider talks with some experts to see what lies ahead

05 October 2011

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Image for Unclear road for UK local government pension scheme changes 

Unclear road for UK local government pension scheme changes 

Rarely has the financing and structure of a pension scheme been debated so widely in public as with the Local Government Pension Scheme (LGPS) in recent weeks. Treasury proposals announced in October 2010 to increase contributions by £900 million have provoked a bitter response, even before Lord Hutton announced another set of changes

05 October 2011

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Image for German investment funds push for second pillar reform

German investment funds push for second pillar reform

The German Federal Association for Investment and Asset Management (BVI) recently issued a plea for investment funds to play a greater role in occupational pension provision after an influential committee of MPs indicated a desire to encourage more competition. But the country is split on the plans

05 October 2011

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Image for Registering interest 

Registering interest 

The Netherlands might be best known for its clogs, windmills and perennial World Cup final losing football team, but now there could be a new claim to fame due to the country's introduction of a pension register. What can it bring to the Netherlands and what could it mean for the rest of Europe?

04 October 2011

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Image for Lord McFall's mission to get the UK saving 

Lord McFall's mission to get the UK saving 

Lord John McFall, former MP and chair of the Work Retirement Income Commission, spoke to Pension Funds Insider (on 23 February 2011) about his wide-ranging investigation into the UK's retirement savings crisis

03 October 2011

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Image for Dutch scheme forced to sell gold by Regulator

Dutch scheme forced to sell gold by Regulator

Rob Daamen, chairman of SPVG, the Dutch pension scheme that has been forced to sell most of its 13 per cent stake in gold by the Dutch central bank (DNB), has described the order as "weird", and questioned why it took the bank so long to notice the scheme's holding in bullion.

03 October 2011

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Pension accounting 'transparent and objective', says Aon Hewitt
 

Pension accounting 'transparent and objective', says Aon Hewitt  

An associate at pension advisor Aon Hewitt has said he does not agree with the findings of the Accounting for Pensions report which was commissioned by the UK's National Association of Pension Funds (NAPF) and released on 7 September. 

03 October 2011

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Image for Accounting for pensions must change, says report 

Accounting for pensions must change, says report 

The accounting standards currently used to calculate companies' pension scheme assets and liabilities are undermining pension provision in the UK, according to a report published today by Leeds University Business School

03 October 2011

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Image for CalSTRS broke within 30 years, finds audit 

CalSTRS broke within 30 years, finds audit 

The California State Teachers' Retirement System (CalSTRS) could see its assets disappear by 2041 if laws governing the contribution rates for members and their employers do not change, says the California state auditor

28 September 2011

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Image for PPF announces lowest ever pensions levy

PPF announces lowest ever pensions levy

Alan Rubenstein, chief executive of the Pension Protection Fund (PPF), has announced that the pension protection levy estimate for 2012/13 will be £550 million, its lowest level to date

22 September 2011

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Image for Dutch pensions reform: Where will it all end up? 

Dutch pensions reform: Where will it all end up? 

After the biggest union within the Federation of Dutch Unions (FNV) last week voted against proposed pension reforms, the nation is unsure on the future of their pensions. Pension Funds Insider sets out the dilemmas and the current state of affairs in one of Europes most sophisticated countries, when it comes to retirement provision

21 September 2011

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