Europe

Jonathan Stapleton analyses changes in UK pensions legislation heralded by its emergency Budget in June and the series of announcements surrounding it

UK - European Commission proposals for an adjusted version of Solvency II standards for pension schemes could cost Britain £500bn if they are implemented, the Confederation for British Industry has warned.

In an interview with GP's sister title Professional Pensions, Daily Mail & General Trust pensions director Geoffrey Staines talks to Jonathan Stapleton about communications, risk management and in-scheme resource.

GREECE - Greek Prime Minister George Papandreou passed an overhaul of the pension system in a vote that tested the unity of his socialist government and prompted the second national strike in as many weeks.

EUROPE - The European Commission has launched a Green Paper reopening the issue of solvency standards in pension schemes.

UK,CHILE - The UK should look at the Chilean retirement system's multi-fund structure as it develops the default fund set-up for NEST, Organisation for Economic Co-Operation and Development principal economist Pablo Antolin-Nicolas has said.

GLOBAL - BNY Mellon Asset Servicing has launched a new Global Financial Institutions (GFI) group to support clients within in the banking, mutual fund and insurance sectors.

EUROPE - European Commission Green Paper proposals for an adjusted version of Solvency II standards for pension schemes could force firms to hold huge unnecessary surpluses, the Confederation for British Industry said.

UK - The European Commission has approved a government loan to cover the set-up costs for the National Employment Savings Trust.

Scheme interest in risk transfer exercises increased over the second quarter, Pension Insurance Corporation says.