http://www.watsonwyatt.com Latest Watson Wyatt International Articles and News en-us Copyright 2012 Watson Wyatt Worldwide http://backend.userland.com/rss091 2/8/2012 5:00:48 PM 20 UK - December 9, 2009 - The Government has said that it will save £0.1 billion in 2012/13, £0.7 billion in 2013/14 and £1.6 billion in 2014/15 through a “change to the implementation of private pension reform, including to the timetable for employers joining the reform” (p11 and p85). [EUROPE]http://www.watsonwyatt.com/search/parser.asp?ID=22834GLOBAL, December 7, 2009 — As the financial crisis spread over the U.S. economy, some industries absorbed the impact better than the rest. The aerospace and defense (A&D) sector has been one of the strongest in sales and employment growth during the past year, reporting record figures in a time of generalized market failure. Still, the poor performance of markets saw pension risk skyrocketing, according to the special A&D issue of Visions, a Watson Wyatt global research publication. [GLOBAL]http://www.watsonwyatt.com/search/parser.asp?ID=22810UK – December 7, 2009 -The increasing number of Defined Contribution (DC) scheme members approaching retirement age without sufficient savings will drive innovation for post retirement solutions according to a new paper from Watson Wyatt. [EUROPE]http://www.watsonwyatt.com/search/parser.asp?ID=22791On November 25, 2009, the Personal Accounts Delivery Authority (PADA) published its findings from the consultation on potential investment approaches for the new person accounts plan into which millions of new pension savers will be automatically enrolled after 2012. [UNITED KINGDOM]http://www.watsonwyatt.com/search/parser.asp?ID=22805Since October 19, 2009, pension fund administrators (AFPs) have been allowed to invest a larger share of their assets in foreign instruments, following a resolution by the Peruvian Central Bank. [PERU]http://www.watsonwyatt.com/search/parser.asp?ID=22817Despite the economic turbulence of the past year and the high employer spend on benefits across the region, many organizations in Asia-Pacific still have not reviewed their benefits strategies, according to Watson Wyatt’s “2009 Asia-Pacific Benefits Trends Survey Report.” [ASIA-PACIFIC]http://www.watsonwyatt.com/search/parser.asp?ID=22807The Department for Work and Pensions (DWP) and the Personal Accounts Delivery Authority (PADA) have published their response to the public consultation on the rules governing personal accounts. Although no substantial policy changes are recommended as a result of the consultation, a few amendments have been made to make the policy intent clearer. [UNITED KINGDOM]http://www.watsonwyatt.com/search/parser.asp?ID=22813When Sarbanes-Oxley passed in 2002, the global benefits management landscape in the United States altered dramatically. So much so that the vernacular changed. Before Sarbanes-Oxley or SOX, multinational corporations (MNCs) talked about global benefits management. Since then, MNCs have been concerned with global benefits governance. [GLOBAL]http://www.watsonwyatt.com/search/parser.asp?ID=22737Since November 3, 2009, sponsors of Nova Scotia-registered defined benefit pension plans have been able to amortize solvency deficits over 10 years instead of the current five, following an amendment of the Pension Benefit Regulation by the Ministry of Labor and Workforce Development. [CANADA - ENGLISH]http://www.watsonwyatt.com/search/parser.asp?ID=22808As a result of legislation that was passed by Parliament on October 24, 2009, Peruvian workers above a fixed age who have been unemployed for 12 consecutive months will be eligible for early retirement effective January 2010. [PERU]http://www.watsonwyatt.com/search/parser.asp?ID=22816On November 10, 2009, the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) delivered its final advice to the European Commission on the majority of areas covered by the first and second round of consultation papers for Solvency II Level 2 Implementing Measures. [EUROPE]http://www.watsonwyatt.com/search/parser.asp?ID=22806Watson Wyatt has published an analysis estimating the volume of end-of-service benefit (ESB) obligations for Gulf Cooperation Council (GCC) member states. According to various scenarios analyzed, GCC employers could face an ESB liability ranging from USD 14.9 to USD 15.7 billion, depending on their employee turnover rate and service profiles. This represents over 20 percent of the wage bill in the region. [MIDDLE EAST]http://www.watsonwyatt.com/search/parser.asp?ID=22645The Minister for Financial Services, Superannuation and Corporate Law has announced an amendment will be made to tax law to provide transitional relief to superannuation funds. This announcement aims to clarify some uncertainties that have arisen as a result of the “Better Super” rewrite of the tax law regarding the deductibility of total and permanent disablement insurance premiums. [AUSTRALIA]http://www.watsonwyatt.com/search/parser.asp?ID=22643During their meeting on October 22, 2009, the International Accounting Standards Board decided not to introduce the proposed changes from their Exposure Draft, Discount Rate for Employee Benefits. [GLOBAL]http://www.watsonwyatt.com/search/parser.asp?ID=22622The Department for Work and Pensions has published a further consultation on the proposed ‘personal accounts’ regime, focusing on the requirement for employers to enroll all eligible employees into a ‘qualifying’ pension plan. The consultation period of six weeks ended on November 5, and the DWP intends to lay regulations before Parliament for its approval by spring 2010. [UNITED KINGDOM]http://www.watsonwyatt.com/search/parser.asp?ID=22642Despite recent increases in asset values and regulatory relief from the Internal Revenue Service, U.S. employers will be required to contribute USD 88 billion into their defined benefit plans in 2010 and almost USD 145 billion in 2011 unless they receive funding relief from the federal government, according to a recent Watson Wyatt analysis. [UNITED STATES]http://www.watsonwyatt.com/search/parser.asp?ID=22636On September 17, 2009, the pension fund supervisory authority (COVIP) published clarifying guidance for second-pillar pensions in the case of a transfer of a business division. In particular, if the new employer agrees through a collective agreement to continue contributing to the employee pension plan, employees cannot withdraw their accumulated termination indemnities (Trattamento di Fine Rapporto or TFR) from this plan. [ITALY]http://www.watsonwyatt.com/search/parser.asp?ID=22624Effective September 28, 2009, the thresholds for pension funds’ investment portfolios have been modified by the Brazilian government. This new regulation, which aims to reduce administrative costs and increase portfolio diversification, allows certain funds to be allocated to riskier investments. [BRAZIL]http://www.watsonwyatt.com/search/parser.asp?ID=22641The new Social Security Contribution Code, which was published on September 16, 2009, will bring about significant changes to the determination of earnings that are subject to social security contributions. The new taxable base will include several types of allowances and expenses, such as travel allowances and representation costs (if predetermined). [PORTUGAL]http://www.watsonwyatt.com/search/parser.asp?ID=22625The Office of the Superintendent of Financial Institutions released its proposed disclosure guidelines for federally-regulated defined contribution plans on September 16, 2009. The guidelines include detailed requirements for the disclosure of eligibility, contributions, investment options, plan expenses, benefits and termination procedures, and is open to comment until December 31, 2009. [CANADA - ENGLISH]http://www.watsonwyatt.com/search/parser.asp?ID=22644