Tag: PDF

Solvency 2 : Draft Technical Specifications; QIS of EIOPA’s Advice on the Review of the IORP Directive

21 June 2012 The European Commission has asked the European Insurance and Occupational Pensions Authority (EIOPA) to review the 2003 European Directive for the activities and supervision of Institutions for Occupational Retirement Provision (IORP). The outcome of this process is likely to drive the shape of the UK pensions industry for at least the next ten years and is therefore of vital importance. EIOPA has been criticised in the media for not providing any form of impact analysis for their recommendations; this is an important part of any European legislation and is highly relevant as the stated aims of the…

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Accounting Standards Board : Proposal for disclosures on financial instruments

15 June 2012 The Accounting Standards Board has been working to replace the battery of existing Financial Reporting Standards (FRSs) and Statements of Standard Accounting Practice with a single comprehensive FRS that will provide consistency and cohesion. As part of this, in January 2012, it issued “Revised FRED 46, 47 & 48: The Future of Financial Reporting : Part Two: The Draft Standards” for comment (link provided below).

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The Pensions Regulator : Annual Funding Statement

11 May 2012 Given current market conditions : in particular gilt yields : the Pensions Regulator was widely reported as preparing guidance for trustees of defined benefit schemes, in particular those moving through the actuarial valuation process at the current time. The Regulator has now published the annual funding statement (web-link below), which addresses this question.

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DWP Consultation : Guaranteed Minimum Pension (GMP) Equalisation

27 January 2012 The Department of Work and Pensions has launched a consultation on new draft regulations for Guaranteed Minimum Pension (GMP) equalisation along with a proposed possible method for accomplishing equality of treatment. Progress on this consultation has already proven unusual as it has already excited significant negative press comment and is likely to continue to prove controversial.

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Central Clearing of Derivatives : EMIR Update

26 January 2012 There has been some relief in the pensions area, and in investment management in general, that we have been granted a three-year exemption from the EMIR requirement that over the counter derivatives should be centrally cleared through exchanges. Pension schemes which have established swap-based liability hedging programs would be particularly badly hit, though the legislation would extend to the use of derivatives in other areas: such as bond fund management, where they are routinely used to manage duration and credit risk.

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