All IPE articles in August 2009 (Online) – Page 3
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News
Océ scheme prepares for benefit cuts
[17:15 CEST 10-08] NETHERLANDS - The hard-hit pension fund of photocopier manufacturer Océ has announced it will start cutting pension rights and benefits next year if the economic situation has not sufficiently improved.
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Unilever joins Austrian ÖPAG
[17:25 CEST 10-08] AUSTRIA – The Austrian branch of international company Unilever is outsourcing its pensionskasse to the multi-employer fund ÖPAG.
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Raising retirement to 70 may be necessary – consultants
[16:00 CEST 11-08] UK – Workers may eventually have to consider working until the age of 70 unless they put sufficient money into their pensions, according to consultants. However new research suggests employees are not even aware of the pending change to the UK retirement age so doubts have been ...
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Only small German minority to gain decent pension - research
[16:10 CEST 11-08] GERMANY – Just under 19% of Germans are building benefits in an occupational pension scheme and nearly 30% have a “Riester-Rente”. But only half will find this will be sufficient to uphold their current living standards, suggests research.
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Investor influence helped climate policy change
[16:25 CEST 11-08] GLOBAL - Increasing investor activity with companies is partly responsible for an improvement in the way companies address climate change, according to environmental, social and governance (ESG) research provider EIRIS.
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Arcadis signs Delta Lloyd in asset strategy rethink
[16:30 CEST 11-08] NETHERLANDS - Arcadis, the €617m pension fund for civil engineers, has appointed Delta Lloyd as manager of its €97m portfolio of government bonds, as part of a larger revamp to its asset allocation strategy.
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News
Italian pension changes lie in wait
[16:35 CEST 11-08] ITALY - While the financial crisis has put a stop to immediate action in the Italian pension fund industry, changes remain on the horizon, say pension officials. And a reform of decree 703/96, relaxing the investment limits for closed and open pension funds may be one of ...
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Improved equity returns lower pension deficits
[16:55 CEST 11-08] UK – Positive activity in the equity markets lowered the UK’s total pensions deficit last month, however the aggregate funding level of UK pension funds is still at a deficit of £158bn (€184bn).
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German public funds improve risk management
GERMANY – German public pension funds have followed industry practice in adopting enhanced risk management provisions, even though they are not legally required to.
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News
Polish second pillar in need of 'fine tuning' – KNF
POLAND – The Polish supervisory authority KNF sees three major challenges for a reform of the Polish second pillar, including lower risk profiles and capital requirements.
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News
ING in insurance rethink
EUROPE - ING is to integrate its Dutch insurance activities under the Nationale Nederlanden brand, and will create a single insurance operation in the rest of Europe, including Central Europe.
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BNY Mellon AM increases UK institutional business through Insight purchase
UK – The Bank of New York Mellon is boosting its UK institutional LDI and fixed income business by £75bn through the purchase of Insight Investment Management from Lloyds Banking Group.
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News
Danica Pension reports strong first-half returns
DENMARK - Danica Pension has announced strong returns for the first half of 2009, boosted by its holdings of high quality credit and mortgage bonds.
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News
Wednesday people roundup
Hermes Fund Managers, Sparinvest, Muzinich, Bank of London and the Middle East and Hymans Robertson
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Basel fund proposes contribution hike for 19 years
SWITZERLAND – The government of the Swiss canton of Basel City has refined recovery plans for the civil servants fund PKBS, which will include a one-off payment of CHF 1.12bn (€730m).
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News
Top UK companies now spend more on past promises
UK – For the first time ever, FTSE100 companies will spend more on past employee pension promises than those to current staff, according to the annual KPMG Pensions Repayment Monitor Survey.
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Czech Allianz fund grows assets to €283m
CZECH REPUBLIC – The Czech third pillar fund of Allianz posted an increase in members, assets under management and profit for the first half of 2009.
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Market disruption over the worst - European credit investors
EUROPE - Most senior credit investors in Europe now believe the markets are past the worst of their disruption, according to Fitch Ratings.
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Prudential M&G, GSAM win UK absolute return bond brief (amended)
UK – Norfolk County Council Pension Fund has awarded contracts to Prudential M&G and Goldman Sachs Asset Management (GSAM) to run active absolute return bond portfolios.
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No outbreak of greed at financial firms - study
GLOBAL – Governance at financial firms has not been significantly worse than at other companies, and the executive directors of banks were not over-paid, according to the first empirical study of pay and governance since the financial crisis.
