Who gives these people the right to change the rules that many signed up for
years ago? Nothing is sacred anymore and no one can be sure that their
investment in making provision for retirement and their families is safe.
Unelected mad men hell bent on creating more and more regulation and more and
more control of the individuals rights to care for themselves. This one might
have been stopped or delayed but you just know they are working on other ways to
screw the little man. I am in the US but more than half of my retirement
funds are in UK investments that I toiled for, for years and its already been
f####d over by the Brown government. Worse that it's my money but I can't take
it out of the UK because of punitive rules it is still vulnerable to these
idiots in Brussels. Where did the people give the right to have this controlled
outside of British sovereignty? The rules, known as "Solvency II", would have required schemes to hold more
much money in reserve. Experts say that their introduction would have caused
every remaining pension scheme in the private sector to
close. The European Commission announced today that it would not include solvency
rules in a new pensions directive, effectively kicking Solvency II into the long
grass. It said: "Commissioner Barnier has indicated his intention to come forward
with a proposal for a directive to improve the governance and transparency of
occupational pension funds in the autumn of 2013. "At this stage, and as long as more comprehensive data is needed and Solvency
II is not in force, the proposal for a directive will not cover the issue of the
solvency of pension funds. In light of the differing situations in member states
regarding retirement products and pension funds, it is necessary to continue
technical work on the issue of solvency." The National Association of Pension Funds (NAPF) said this meant the
Solvency rules had been postponed indefinitely and would become a task for the
next commissioner, who will take office in November 2014. 
Access Investments-Building Awareness - European Union-ROMANIA
Sunday, May 26, 2013
Who gives these people the right to change the rules that many signed up for
years ago? Nothing is sacred anymore and no one can be sure that their
investment in making provision for retirement and their families is safe.
Unelected mad men hell bent on creating more and more regulation and more and
more control of the individuals rights to care for themselves. This one might
have been stopped or delayed but you just know they are working on other ways to
screw the little man. I am in the US but more than half of my retirement
funds are in UK investments that I toiled for, for years and its already been
f####d over by the Brown government. Worse that it's my money but I can't take
it out of the UK because of punitive rules it is still vulnerable to these
idiots in Brussels. Where did the people give the right to have this controlled
outside of British sovereignty? The rules, known as "Solvency II", would have required schemes to hold more
much money in reserve. Experts say that their introduction would have caused
every remaining pension scheme in the private sector to
close. The European Commission announced today that it would not include solvency
rules in a new pensions directive, effectively kicking Solvency II into the long
grass. It said: "Commissioner Barnier has indicated his intention to come forward
with a proposal for a directive to improve the governance and transparency of
occupational pension funds in the autumn of 2013. "At this stage, and as long as more comprehensive data is needed and Solvency
II is not in force, the proposal for a directive will not cover the issue of the
solvency of pension funds. In light of the differing situations in member states
regarding retirement products and pension funds, it is necessary to continue
technical work on the issue of solvency." The National Association of Pension Funds (NAPF) said this meant the
Solvency rules had been postponed indefinitely and would become a task for the
next commissioner, who will take office in November 2014. 
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6 comments:
Renewable technologies still have 50 years of development, online and decommissioning subsidies to go go before they catch up with nuclear, whose decommissioning costs we will be subsidising for the next few hundred years.
If renewables get a decent fraction of that help to get them up and running that will only be fair.
If after all this time and help nuclear is still not economically viable (even without major incidents) throughout it's lifetime, that should tell you it never will be.
Manipulating carbon prices, taxpayer funded insurance and disposal costs to give a nice round small figure to investors just shows how pathetic the "industry" is.
Without even bringing up the safety issues and long term disposal problems.
After 50+ years of supported development nuclear is not viable in any way and all the salesmen have got is the same old bullshi* they came out with every previous generation.
Time to send some of that R&D money around, we can't get a worse return on it.
And the nuclear subsidy is all being taken up with decommissioning and disposal.
The Tories know it will be 2030 minimum before any meaningful capacity of nuclear can be online anyway, that is why they are basing their bullshi* round them.
Just the sort of state funded market dogma we have come to expect from this pathetic crew
Was jittery Thursday a foretaste of another global economic crash?
The sharp slide in share prices was either a blip in the road to recovery or a sign that the unwinding of quantitative easing will lead to disaster. Our writers argue it out
Yes based on a graph posted on the Telegraph the other day. It showed the last 13 years. It has 3 major peaks of similar hight, 2000, 2007 and then 2013. The gap is rather similar 6-7 years, so I believe another major crash is just around the corner (though I am purely basing it on a single graph, as I am no expert haha :D )
Pessimists cite several reasons to be nervous about whether the rally that took share prices in the US to record highs before the blip can be sustained.
The first is China: a weak reading on the purchasing managers' index survey for the country – a barometer of its manufacturing sector – was one of the factors that fed Thursday's decline.
Growth in the world's second-largest economy has long been expected to slow from the double-digit pace that was the norm before the world recession of 2008-09. But there are serious concerns about the health of China's banks, which are thought to be sitting on a growing pile of bad loans. "It's clear that a lot of banks are in an awful lot of trouble," said Mellor.
Demand from China is critical for a number of major economies, including Japan, for which China is a huge export market, and Australia, which is heavily reliant on its natural resources. Any sign that the Chinese economy was slowing sharply, or worse still, facing a financial meltdown, would have knock-on effects right across the world's financial markets.
Until last summer – after two years of crisis in the eurozone about the single currency – European investors were wary about the prospects for the global economy. The 2008 banking crash had been a disaster, as shares lost almost half their value on the big European exchanges. Then governments soaked up bank debt and themselves grew vulnerable.
But then European Central Bank chief Mario Draghi said he'd do "whatever it takes" to save the euro. That pledge, plus the renewed money-printing from the US Federal Reserve and the Bank of England, was a message that delighted investors. Since June 2012, the German Dax index has soared from around 6000 to almost 8400, before dropping back a little last week. The same story is told by the other major European exchanges, including the FTSE 100, which jumped from 5260 to a peak of 6723 earlier this week – a 28% gain in less than a year.
Some economists argue that stock exchanges are riding for a fall. They say fundamental building blocks of growth are missing. In the major economies, investment remains low and consumer confidence is lacklustre, especially while high unemployment is rising and wages are frozen in real terms.
However, there are three good reasons why stock markets, a few blips aside, will continue to grow for some time: central banks are scared; there is lots of money waiting to be invested; and returns on all other assets are low.
Many analysts blamed the sharp falls in stock market values last week on a hamfisted performance by Federal Reserve chairman Ben Bernanke, who initially gave little hint that the Fed's QE measures might be scaled down only to say later that several members of his committee thought the time might be ripe in the next few months.
The elephant in the room is that consumption cannot increase apart from marginally because there is no excess income from most of the worlds workers.
The bastardised economics led by Thatcher and the cretin Reagan has destroyed the purchasing power of labour.
The corporates profits is in tax havens are not available to the governments of the world, eg Apple.
QE is all that is available to keep share markets afloat. Buy shares at your peril. Armageddon approaches and is personified by conservative governments.
But more importantly the facts behind Thursdays ''market blip'' relates to leverage and debt. After the 2008 crash we have failed to de-leverage, the losses have been largely hidden by accounting tricks or taken over by the taxpayer. Instead of de-leveraging and re-capitalising the banks QE and ZIRP have resulted in a massive leveraged derivative bubble now waiting to burst.
Thursdays blip might be the realisation that.
1. That despite 5 years of recession endless money printing we are still seeing no real growth, outside of that provided via stimulus then it may be that these policies of QE and ZIRP are in fact failed policies, when the markets realise this investors will start to control interest rates not Bernanke and other central bankers.
2. Despite Abe's shock and awe policies Japanese rates doubled on Wednesday, Thursday. If markets suspect (and I think they do) that Japanese monetary policies are failing as indicated by rising rates, then we maybe witnessing the beginning of the end for Japan and the rest of the world! why?
3. When investors realise QE and ZIRP have failed we will see the 1.5 quadrillion dollar derivative market melt down and it wont be an ordinary unwinding. Chaos is not a word that will describe the result as counter parties evaporate and the world banking system collapses.
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