POLAND - The Sejm, the Polish parliament's lower house, has passed controversial pension reforms that include a cap on the level of fees.
The changes, which must still be passed by the upper house or senate, are due to come into effect on 1 April 2004 and impose a maximum fee of 3.5% in a bid to make the market more competitive.
Although the government may be trying to increase competition, Poland’s second pillar pensions landscape may be set for further consolidation.
In 1999, at the time of launch, there were 21 pension funds, but since then consolidation has reduced these to 16. Of these, four have attracted the bulk of the participants - Commercial Union (the largest with two million members), PZU (the former state monopoly), ING Nationale Nederlanden and AIG.
Local government minister Rishi Sunak says his department's priority is to make a success of local government pension pooling, warning there is no room for complacency.
The Association of Consulting Actuaries (ACA) has appointed its first female chair, Jenny Condron. Victoria Ticha speaks to her about the key pension issues that must be addressed and how to bridge the industry's gender gap
In this week's Pensions Buzz, we want to know whether you agree with MPs that enhanced powers for The Pensions Regulator (TPR) will only be effective if there is also a cultural change at the watchdog.
Smart Pension has appointed ClaritEx to develop its cost transparency solutions effective from Q3, making the master trust its first client.