All articles by Barbara Ottawa – Page 74
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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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Unions agree to AUA contribution cut
[17:15 CEST 09-04] AUSTRIA – Employee representatives of onboard staff at Austrian Airlines Group (AUA) have consented to a 75% cut in company contributions to their pension fund for one year.
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Companies need pension guarantees – VFPK
[17:10 CEST 08-04] GERMANY – Pensionskassen in Germany have survived the second major crisis since their implementation but Peter Hadasch, chairman of the association of company Pensionskassen VFPK, believes there is scope for further growth.
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NewsGermany needs more private pension - Rürup
[17:15 CEST 07-04] GERMANY – The German pension system should be made up of 60% state pension and 40% private retirement provision, pension expert Bernd Rürup has told a conference in Berlin.
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NewsÖPAG head says second pillar loss is unrealistic
[16:50 CEST 06-04] AUSTRIA – The Austrian Pensionskassen system has been harshly criticised in the wake of the financial crisis but no politician can seriously think about abolishing the system, claimed Andreas Zakostelsky, head of the ÖPAG Pensionskasse.
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Luzern Pensionskasse loses 10.3%
[17:00 CEST 03-04] SWITZERLAND – The Pensionskasse for the Swiss canton of Luzern (LUPK) reported a negative result of 10.3% for 2008, as a result of massive losses from its equity and alternatives exposure.
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Germany faces Riester changes
[17:00 CEST 01-04] GERMANY – The state-subsidised German supplementary pension vehicle Riester violates EU labour laws and changes must therefore be made, according to Advocate General to the European Court of Justice (ECJ).
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NAEV reaches required actuarial rate
[16:40 CEST 31-03] GERMANY – Nordrheinische Ärzteversorgung (NAEV), the German doctors’ pension fund, has managed to reach the required actuarial rate of 4%, IPE has learned.
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Croatia pensions threatened with second pillar opt-out
CROATIA – Croatian pension funds have a “cloud of insecurity” hanging above them, according to market experts, following a statement by the prime minister claiming the mandatory second pillar had been “a failure”.
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Pensionskassen see no growth again
[13:00 CET 27-03] GERMANY – Contributions to pensionskassen and pensionsfonds have stagnated for the second year in a row, according to GDV, the umbrella organisation of private insurers.
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Swiss postal fund gets CHF250m injection
[16:15 CET 26-03] SWITZERLAND – The pension scheme of the Swiss Post is once again missing billions, having already received several rounds of funding, so its sponsor company is now intending to plug the hole with more money.
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Swiss parliament rejects tougher investment rules
[16:45 CET 25-03] SWITZERLAND – The smaller chamber of the Swiss parliament has rejected a motion by the Social Democrats to ban certain types of investments, such as hedge funds, within pensionskassen.
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Record losses for Polish pension managers
POLAND – Managers of Polish pension funds lost a record figure of PLN5.6bn (€1.2bn) in February.
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VFPK renews pensions tax demands
[16:30 CET 23-03] GERMANY – The Association of company pension schemes in Germany, VFPK, wants to see more tax incentives encouraging employees to contribute to retirement plans.
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BLPK returns -14.78%
[16:55 CET 20-03] SWITZERLAND – The Basellandschaftliche Pensionskasse (BLPK) saw its assets plunge to CHF4.3bn (€2.9bn) from CHF5.2bn the year before following a return of -14.78%.
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Allianz notes decline in pension outsourcing
CZECH REPUBLIC – The crisis has led German companies to think less about outsourcing their pension arrangements, Gerhard Rupprecht, chairman of Allianz Germany, has claimed.
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Pension funds stay focused on European private equity
[16:30 CET 18-03] EUROPE – Pension funds and other institutional investors remained major investors in private equity during the crisis, suggest the latest figures by the European Venture Capital Association (EVCA), but a pension fund official has questioned the sector's immediate future.
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Polish gov’t to slash pension fund contribution
POLAND – The Polish government would like to see several changes to the mandatory second pillar including contribution and fee cuts, the introduction of a life-cycle model as well as alterations to the sales procedure.
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Target funds to return, or will they?
[17:25 CET 16-03] EUROPE – Target return managers will see major inflows into their funds in the wake of the crisis, but not all pension funds will be receptive to this type of product, an investment consultant has argued.
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German pensions 'comparatively sound' – WWH
[16:30 CET 13-03] GERMANY – Funding levels in the pension schemes of large German companies are expected to have dropped five percentage points year-on-year between 2007 and 2008, according to Alfred Gohdes, director of Watson Wyatt Heissmann.
