All Country Reports – Page 63
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Country Report
AP7 New directive leads to overhaul
It is probably fair to say that most pension fund managers are glad that 2009 is coming to an end and are looking towards 2010 with hope and apprehension rather than excitement. In Sweden there are, however, at least two pension fund professionals who are excited about the future.
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Price for Norwegian DB guarantees
The Norwegian pensions oligopoly can only be challenged if employers transfer pensions to an IORP structure, argues Christian Fotland
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Country ReportA time of radical changes
Jan Willers outlines some of the key findings of the fourth Nordic Investor Survey of Copenhagen-based Kirstein Finans, including muted interest in international diversification due to solvency concerns
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Home advantage
Last year’s equity sell-off interrupted Nordic investors’ progress towards more international exposure, but there are good reasons to like this home bias anyway, writes Martin Steward
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Wag the dog
Liam Kennedy spoke with the chief executive of the UK’s NAPF, Joanne Segars, about pensions, lobbying and the association’s ideas for optional indexation H
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Dilemma of market gains
Emma Cusworth assesses the funding levels of Swiss pension funds
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Positive voting opportunity
The Swiss vote on pensions in 2010 presents an excellent chance to make the case for a good second pillar, argues André Tapernoux
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Consequences of inflation
Deflation and inflation have differential effects on the redistribution of risks between active members and pensioners, find Lukas Riesen and Alfred Bühler
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PGGM: No ordinary fiduciary manager
When PGGM was spun off from the industry-wide healthcare scheme PFZW in January of 2008, a new giant fiduciary manager seemed to enter the Dutch market. But although PGGM offers ‘integrated asset management’, the organisation has shunned the fiduciary management label. PGGM Asset Management CEO, Else Bos, explains why to Mariska van der Westen
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Fiduciary management moves into a new phase
Miranda Schoutsen spoke to five providers about changes in fiduciary services, re-orientation and a changing of the guards
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Law change is just a formality
Swiss pension funds welcome new investment limits on alternatives because of their emphasis on the prudent investor rule, not because they make investing easier, finds Nina Röhrbein
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Clear boundaries ahead
An amendment to the legislative framework for pensions aims to reduce the number of supervisory authorities for Pensionskassen with clearer structures and more unified rules on governance, finds Barbara Ottawa
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Investing in banks: brilliant or bunk?
Pension schemes should invest €30bn worth of pension money in illiquid bank assets,according to a recent proposal presented to the Dutch finance minister, Wouter Bos. A great idea? Pension luminaries Jean Frijns and Dick de Beus believe it is, and explained their views to Mariska van der Westen
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Country Report
Accounting for deficits
As UK pension funds continue to battle with worrying deficit levels, there is likely to be more bad news before things get better, finds Richard Lowe
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Country ReportBeset by complications
With DB in retreat and a conspicuous lack of public debate on the future of supplementary retirement provision, where now for UK pensions? Gill Wadsworth assesses progress, including the profound changes in the Pension Act 2008
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De-risking redefined
The new importance of bond yields for UK schemes’ solvency underlines the re-thinking of liability-driven investing, bond mandates and the need for tactical decision making, finds Martin Steward
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A DC smörgåsbord
Simon Pearse recommends that UK pension trustees should use the Personal Accounts model as a benchmark for their own DC schemes
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PADA’s 2012 challenge
Nyree Stewart investigates how the Personal Accounts Delivery Authority is faring in its task of delivering a national low cost DC scheme within three years
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Basic principles
Richard Lowe assesses the UK’s Investment Governance Group and its ongoing work
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Still a realistic option
Charlie Finch and Ken Hardman consider the future direction of the pension buyout market in the UK
