Asset Allocation – Page 305
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Features
Woodrow Milliman firms give their market views: FRANCE
Most pensions are provided by national pay-as-you-go (PAYG) schemes, which hold about a year’s contribution income in the form of reserves; these are invested in short-term deposits and bonds. Apart from a handful of schemes operated by large companies such as IBM, most supplementary provision is in the form of ...
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Features
Woodrow Milliman firms give their market views: GERMANY
Pension fund provision in Germany is very different to the large funded markets. A substantial proportion of company pension liabilities are covered by book reserves, ie balance sheet items which are effectively self invested in the sponsor company. Unless the nature of these schemes changes, they will be unaffected by ...
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Features
Woodrow Milliman firms give their market views: IRELAND
The value of Irish pension funds has grown rapidly in recent years, reaching almost IR£26bn by end 1997. For most trustees and managers, the benchmark is the peer group comparison, but there has been a trend for larger, more mature funds to undertake some form of asset liability modelling to ...
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Features
Woodrow Milliman firms give their market views: SPAIN
Asset allocation in Spain is set to change as a result of the both the euro and also because of the changing domestic pension and investment scene. Spanish funds have fewinvestment restrictions: simply that 90% must be invested on recognised stock markets, 1% in cash and the other 9% is ...
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Features
Woodrow Milliman firms give their market views: UK
Superficially, little is changing on account of the euro’s introduction on 1 January 1999. UK funds are not undergoing investment reviews solely on account of the changes to European currencies. However, there are a number of changes occurring just below the surface.Firstly, the typical allocation to European equities has been ...
