All IPE articles in August 2006 (Online)
View all stories from this issue.
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News
More fears over “misguided” portability directive
EUROPE – Misgivings about the European Commission’s proposed directive on pensions portability have continued to emerge, with the latest salvo coming from the National Association of Pension Funds in the UK.
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PGGM’s Muller joins Bouwfonds Asset Management
NETHERLANDS - Léon Muller, senior portfolio strategist for real estate at Dutch health care pension fund PGGM, is leaving to join Bouwfonds Asset Management as head of research.
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Centrica awards pensions admin to Mercer
UK - Mercer Human Resource Consulting says it has been appointed to provide administration services for the defined benefit pension arrangements of energy company Centrica, covering more than £2.5bn (€3.6bn) in assets.
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Dutch cabinet to remove collective DC barriers
NETHERLANDS - The Dutch cabinet has indicated it wants to make the introduction of collective defined contribution schemes easier by removing certain barriers.
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JLT closes DB scheme, links with Paternoster
UK – Insurance and employee benefits firm Jardine Lloyd Thompson has closed its own defined benefits pension scheme.
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Deutsche asset mgmt division assets down €33bn
GLOBAL – Invested assets at Deutsche Bank’s asset management division have slipped by €33bn amid an unspecified amount of net institutional asset outflows.
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Essex tenders up to €1.4bn in currency overlay
UK – The £2.1bn (€3.1bn) Essex County Council Pension Fund has tendered up to €1.46bn in active currency overlay.
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LGIM names global fixed income head
GLOBAL - Legal & General Investment Management has named Gartmore's Roger Bartley as its new global head of fixed income.
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Icelandic pension funds buy into financial group
ICELAND – Nine Icelandic pension funds have bought more than six percent of financial services group Exista from Kaupthing Bank.
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Top European firms have €136bn pension deficits
EUROPE – The top 50 European blue chip companies have a combined pension deficit of €136bn, according to actuaries Lane Clark & Peacock (Corrects figure).
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Aegon launches study on multinational pensions
GLOBAL – Insurance group Aegon has launched an online study to develop a “future vision” of multinational companies’ pension plans in the future.
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Dutch pension funds ‘add to tax volatility’
NETHERLANDS – The unique nature of the Dutch pension system has contributed to higher volatility in the government’s tax revenues, according to a new report.
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IBM's Ross joins London pension fund
UK - Suzanne Ross, investment manager at the IBM Pension Fund, is to join the £3.5bn (€5.1bn) London Pension Fund Authority as investment director.
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UK health service pension proposals unveiled
UK – Staff and employers at the National Health Service are being asked to comment on proposed changes to the NHS pension scheme arrangements for England and Wales.
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Marconi pension escrow account under spotlight
UK – The escrow account set up to assist the £2.7bn (€3.9bn) former Marconi pension fund after the company was broken up has emerged as a key factor in a new takeover bid.
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Credit Suisse raises its pension contribution
SWITZERLAND – Banking giant Credit Suisse is to contribute more to its pension plans than anticipated due to changes to their funding status.
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Germany’s BVI seeking consultant transparency
GERMANY – Claiming inadequate transparency among investment consultants, German fund industry association BVI has prepared a questionnaire seeking detailed information about their business, IPE has learned.
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Mercer Q2 profit “disappointing”, says parent
GLOBAL – Mercer Human Resource Consulting’s profitability in the second quarter was “disappointing”, according to parent company Marsh & McLennan Companies.
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ING disbands global retirement department
NETHERLANDS – ING Group, the Dutch banking and insurance group, has abolished its Global Retirement Services department.
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Swiss pension assets decline – survey
SWITZERLAND – Assets held by Swiss pension funds, known as Pensionskassen, took a beating in the second quarter, falling by CHF13.5bn (€8.6bn) to less than CHF580bn, according to the Swiss bank Credit Suisse.
