All articles by Barbara Ottawa – Page 60
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NewsHessen chemical companies divert 'demography' funds into pensions
GERMANY – Chemical companies in the German province of Hessen are increasingly spending money from so-called 'demography funds' on occupational retirement provision, a poll has revealed.
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NewsSwitzerland's BLVK dumps hedge funds, hedges euro
SWITZERLAND – The CHF5bn (€3.7bn) BLVK Pensionskasse for the teachers in the Swiss capital of Bern has been "unconvinced" by the performance of hedge funds and is therefore liquidating the mandate as part of a minor revision to its strategic asset allocation (SAA).
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No fee boost for Swiss TV pension fund, government says
SWITZERLAND – The CHF2bn (€1.4bn) Pensionskasse PKS for the Swiss public broadcasting company SRG SSR has returned to full funding and will not receive additional money from TV license fees to build reserves, the federal government has said.
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NewsErste: Only 8% of Austrians see pension funds as 'ideal' retirement vehicle
AUSTRIA – More than half of Austrians no longer believe the state pension will suffice when they reach old age, but faith in second-pillar pensions is even weaker, a poll commissioned by Austrian banking group Erste has found.
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Austria's VBV increases exposure to domestic corporate bonds
AUSTRIA – VBV, the largest Austrian Pensionskasse, underperformed the market last year, but made good returns, increasing its exposure to Austrian corporate bonds.
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Listed companies still 'major part' of Austrian pension system, says Arithmetica
AUSTRIA – The unfunded pension reserves of Austrian listed companies weathered the financial crisis well and will remain a major part of the country's pension system, according to Christoph Krischanitz, chief executive of Austrian consultancy Arithmetica.
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Canton of Zürich pension scheme sacks head of asset management
SWITZERLAND – The head of asset management for the canton of Zürich pension scheme has been sacked after 20 years in government service after the regional government said its trust in him had been "damaged".
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Slovenia government waters down second-pillar reform
SLOVENIA – Second-pillar funds in Slovenia will not have to shift from insurance funds to mutual funds under a new pension reform proposal, the government has said.
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BT&T's Meier arrested in connection with canton of Zürich pension fund scandal
SWITZERLAND – Walter Meier, head of the Swiss venture capital firm BT&T Timelife, was arrested in connection with the enquiry into an alleged corruption scandal at the Zürich Pensionskasse for civil servants.
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Switzerland's BVK stands by "aggressive" strategic asset allocation
SWITZERLAND – The Swiss Pensionskasse for civil servants in the canton of Zürich (BVK) has decided to stick with its current strategic asset allocation (SAA) despite the fact a recent asset liability study (ALM) found it aggressive.
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Head of Swiss BVK asset management team arrested for misconduct
SWITZERLAND – The head of asset management at BVK – the manager of the Pensionskasse for civil servants in Zürich – has been arrested for alleged misconduct and corruption, the canton's finance department has confirmed.
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Handful of Pensionskassen failed 2009 stress test, BaFin says
GERMANY – Only six Pensionskassen failed their stress tests for the year to the end of 2009, according to BaFin, the German supervisory authority.
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German public auditor calls for risk-free pension fund investment
GERMANY – The public auditing board of the German province of Saxony-Anhalt has criticised the finance ministry for taking "unnecessary risks", such as investing pension fund assets in equities.
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ABP and EC move closer to eliminating 'discriminatory' tax laws
EUROPE – Unequal tax treatment of foreign pension funds in the EU took a step closer to being eradicated this week after ABP claimed it had made a “breakthrough” with the Norwegian government and the European Commission referred Germany to the European Court of Justice (ECJ).
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Country ReportSwitzerland: Funding questions
Barbara Ottawa assesses the decision of the Swiss authorities not to force public funds to move to full funding over the coming decades
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AHV recovers surplus ahead of its planned separation
SWITZERLAND – The Swiss first pillar fund AHV recovered from a financial deficit in 2008 to a surplus in 2009, posting a return of 11.5% ahead of its planned separation into three discrete entities.
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Country Report
Switzerland: The wrong conversion
Barbara Ottawa assesses March’s national referendum on the mandatory conversion rate for Swiss pensions. This political victory for the few might prove detrimental to the many who will now have to pay higher contributions
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Aegon fails to make return as Czech funds post 2.28%
CZECH REPUBLIC – The ten pension funds of the Czech Republic maintained fixed income-heavy portfolios in the first quarter of 2010, posting average returns of 2.28% over the three-month period.
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Swiss Gemini fund wins fees battle
SWITZERLAND – The CHF2.3bn (€1.6bn) Swiss Gemini multi-employer fund is set to receive CHF6.4m in compensation following a three-year legal battle with an affiliate that withheld fees payable to the scheme.
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Swiss guarantee fund reports lowest payout in decades
SWITZERLAND – The CHF859.6m (€602.3m) Swiss “Sicherheitsfonds”, the fund for insolvency protection of Pensionskassen, reported the lowest pay-out for 15 years in 2009 as it adjusted its asset allocation.
