Legislation

Changes to pay-as-you-earn rules may see enhanced transfer value exercises for deferred members attracting significantly more tax, an industry body warns.

Scheme managers are split over whether the government should have given pension funds the power to override scheme rules enabling a shift from RPI to CPI indexation where it is not already allowed.

GREECE - Greek telecom operator Hellenic Telecommunications Organisation (OTE) has said it will have to book a €129.8m ($179m) pensions cost charge to its 2010 accounts following an actuarial study by the Greek government.

Plans to introduce a universal state pension could be held back until 2014 to give the coalition government a boost at the next general election, a policy expert says.

EUROPE - Introducing unnecessary detail to new Alternative Investment Fund Managers Directive (AIFMD) measures could harm investors, the Investment Management Association warns.

The latest Pensions Bill has failed to address differences between contribution refunds in trust-based and contract-based schemes, providers say.

NETHERLANDS - A second group of investors has filed a lawsuit against former Belgian-Dutch bank Fortis for misleading investors in the build-up to its collapse in 2008.

US - New Jersey's pension fund has gained 8.7% so far this fiscal year as Governor Chris Christie calls on lawmakers help whittle down a $53.9bn deficit.

US/UK - Royal Bank of Scotland has won a court ruling which dismissed a class action by two US pension funds claiming they suffered "massive" losses during the financial crisis.

UK - The Government published its Pensions Bill today, covering proposed changes to auto-enrolment.