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.
Richard Wohanka is to chair The Pension Superfund's trustee board, working alongside professional firm 2020 Trustees to safeguard members' benefits.
Four people behind a £13.7m cold-calling scam which cost 245 people their savings have been banned from being pension scheme trustees by The Pensions Regulator (TPR).
The Pensions Administration Standards Association (PASA) has launched its latest round of guidance for guaranteed minimum pensions (GMPs).