The Latest Global News

Employer Action Code: Monitor
Europe - United Kingdom:  PADA publishes response to investment consultation for personal accounts  

On 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.   [November 29, 2009]

Employer Action Code: Analyze
Europe: Severance for employees on parental leave ruling now available 

On October 22, 2009, the European Court of Justice pronounced in support of the overall parental leave framework by ruling in favor of an employee who claimed that compensation for dismissal should be based on full salary, rather than the reduced pay being received while the employee was on parental leave.  [November 29, 2009]

Employer Action Code: Analyze
Latin America/Caribbean - Peru:  Pension fund investment limitations relaxed 

Since 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.  [November 28, 2009]

Employer Action Code: Analyze
Asia-Pacific:  Controlling costs is the biggest HR challenge for Asia-Pacific companies 

Despite 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.”   [November 27, 2009]

Employer Action Code: Monitor
Latin America/Caribbean - Argentina:  Workmen's compensation increased 

Workmen's compensation has been increased effective November 6, 2009. As a result, insurance companies have announced that they may raise employer contributions.  [November 27, 2009]

Employer Action Code: Monitor
Europe - United Kingdom:  Response to personal accounts consultation published  

The 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.   [November 26, 2009]

Employer Action Code: Analyze
Canada:  Nova Scotia offers temporary pension solvency relief 

Since 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.  [November 23, 2009]

Employer Action Code: Analyze
Latin America/Caribbean - Peru:  Early retirement rule approved 

As 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.  [November 22, 2009]

Employer Action Code: Analyze
CEO stock ownership value plunged in 2008 

Chief executive officers at the nation’s largest companies saw the value of their company stock ownership plunge last year as the U.S. equities market declined, according to Watson Wyatt’s 2009/2010 Report on Executive Pay.  [November 19, 2009]

Employer Action Code: Monitor
IRS provides timing relief to hybrid pension plan sponsors 

On November 10, 2009, the Internal Revenue Service issued some relief for sponsors of hybrid pension plans, which provides some employers with a one-year reprieve to comply with forthcoming interest rate rules.  [November 16, 2009]

Employer Action Code: Monitor
Europe: CEIOPS releases final advice on first two consultation rounds for Solvency II 

On 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.  [November 15, 2009]