All IPE articles in April 2009 (Online) – Page 4
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News
Aviva's buy reduces Russian market to two
[16:25 CEST 14-04] RUSSIA – ING has signed a deal to sell its non-state Russian pension fund business to rival firm Aviva, and in the process reduced the size of the Russian foreign-owned non-corporate pensions market to just two players.
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ECJ to review Poland's overseas investment limit
POLAND – The European Commission has referred Poland to the European Court of Justice for limiting the amount of money that local pension funds can invest overseas to just 5%, arguing this in turn breaks EC rules concerning the free movement of capital.
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News
Over two-fifths UK workers not 'adequately' saving
[17:00 CEST 14-04] UK – Over 40% of the total UK workforce is failing to make "adequate" provision for retirement, yet almost a fifth claim nothing could persuade them to either start or increase their pension saving, the Association of British Insurers (ABI) has warned.
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IMF warns Croatia against changing second pillar
CROATIA – The International Monetary Fund (IMF) has warned there could a negative repurcussions which go beyond the pension system should Croatia abolish occupational pension provision.
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DB deficit hits £242bn despite changes to data
[17:15 CEST 14-04] UK – Updated scheme valuations have improved the estimated funding position of defined benefit (DB) schemes in the Pension Protection Fund's (PPF) 'eligible universe' by around £15bn (€16.9bn), though the reality is deficits have widened further.
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Hewitt to work with W.Yorks pension fund
[17:15 CEST 14-04] UK – Bradford City Council has appointed Hewitt Associates as the new actuarial services provider to the West Yorkshire Pension Fund.
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Wednesday people roundup
[15:15 CEST 15-04] GLOBAL – People roundup: T.Rowe Price Int’l, Finansinspektionen, Putnam Investments, P-Solve
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News
Russia moves on reforms as Ukraine seals IMF loan
UKRAINE – Dmitry Medvedev, president of Russia, has confirmed draft laws to change the country's pension system onto an insurance basis are being finalised, while Ukraine has implemented anti-crisis measures, including balancing of the state pension fund, to secure continued IMF funding.
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News
Heenk departs SEI
[16:30 CEST 15-04] EUROPE – Bart Heenk, managing director of the Benelux region for SEI Investments, has left the firm.
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News
Investors eyes growth in biotechnology
[16:45 CEST 15-04] IPE-QUEST – A continental European investor is looking to hire a manager to look after a $20m (€15.2m) biotechnology equity mandate, using IPE-Quest.
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News
Bonds downgrading ‘artificially lowered’ deficits – Hymans
UK – A downgrading in the credit rating of some of General Electric’s corporate bonds has in turn artificially lowered the reported pension deficits at the UK’s top 350 listed firms in the first quarter of this year, according to Hymans Robertson.
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News
Negative Q1 for Swiss pension funds
[17:10 CEST 15-04] SWITZERLAND – Swiss pensionskassen returned -1.5% in the first quarter, according to the latest calculations by Credit Suisse.
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News
Gov't faces Eq Life legal challenge for compensation
[17:15 CEST 15-04] UK – The UK government is facing a high court challenge from Equitable Life policyholders over its failure to fully implement the compensation recommendation of the Parliamentary Ombudsman.
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News
Vodafone class action reopened on appeal (updated)
[17:20 CEST 15-04] UK/USA – An appeal by plaintiffs in a class action against Vodafone, including Lothian Pension Fund, has resulted in the case being reopened after it was originally dismissed over jurisdiction issues.
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News
S&P warns 3 in 10 high-yield debts could default
[16:10 CEST 16-04] EUROPE – Standard & Poor’s has predicted as many as 29% of existing Western European speculative-grade companies could default on their debt agreements by the end of 2010.
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News
AP3 completes venture into public real estate
[16:15 CEST 16-04] SWEDEN – Tredje AP-fonden (AP3), the Third Swedish National Pension Fund, has completed the purchase of a 50% stake in Hemsö, a subsidiary of the real estate firm Kungsleden AB.
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News
Alderney pensions deficit doubles
[16:15 CEST 16-04] UK – The States of Alderney, part of the British Channel Islands, has reported the deficit in its staff pension scheme had doubled by the end of 2008 as a result of the economic downturn.
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News
Estonian gov’t takes contribution holiday
ESTONIA – The government of Estonia is suspending payment of its contributions to the second pillar pension regime for two years.
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News
IASB to unveil draft IFRIC14 amendments
[16:40 CEST 16-04] GLOBAL – The International Accounting Standards Board is planning to publish an ‘exposure draft’ of amendments to certain aspects of IAS19 later this year, which will allow a firm to recognise certain assets within its holdings as reducing future pension contributions.
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News
ERAFP award global equity and eurobond mandates
[16:50 CEST 16-04] FRANCE – ERAFP, the French civil service supplementary pension scheme, has awarded five new asset management mandates as part of a €2.4bn diversification strategy.
