All articles by Barbara Ottawa – Page 76
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NewsGerman ministry warned against Solvency II
[12:00 CET 12-02] GERMANY – A German ministerial committee has reiterated pension associations’ fears by arguing the introduction of Solvency II for the insurance sector could be detrimental to the financial system.
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Eureko rebrands Romanian division
ROMANIA – Netherlands-registered insurer Eureko is renaming its Romanian operations prior to a pension fund merger, in a bid to reassure clients.
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UBS sees CHF226bn in outflows
[14:00 CET 10-02] GLOBAL – Net new money outflows from all of UBS’ businesses amounted to CHF226bn (€150.6bn) in 2008 and CHF103bn of that was from asset management – though January has already led to inflows at the bank.
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Swiss Pensionskassen are 'stable' – ASIP
[16:50 CET 09-02] SWITZERLAND – ASIP, the pension fund association, has claimed Swiss Pensionskassen system are “weathering the storm” of the market, just as the Social Democrats suggest measures to keep it that way.
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Cantons reject mandatory full funding
[16:40 CET 06-02] SWITZERLAND – Swiss cantons officials have rejected government proposals to pass a law which would oblige all public funds to become fully-funded over the next 40 years, just as funding levels are falling further.
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Bonds save severance funds falls
[16:50 CET 05-02] AUSTRIA – Mandatory severance pay funds posted a negative return of -1.8% for 2008, which could have been worse had it not been for their large bond exposure.
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State pension hit worst – German poll
[16:00 CET 04-02] GERMANY – Almost half of people interviewed in a recent poll think the current financial crisis will weaken the state pension system but only 12% fear a negative influence on occupational pensions.
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EFRP supports Romanian funds
ROMANIA – The European Federation for Retirement Provision has labelled the Romanian government's decision to maintain second pillar contribution levels as being “of grave concern”.
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Romania allows alternatives in pensions
ROMANIA – Pension funds in Romania are now allowed to invest in private equity and commodities – to some extent.
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Pensionskassen to be reformed
[16:55 CET 29-01] AUSTRIA – The Austrian government has put in place a reform commission today to discuss changes to the laws on pensionskassen, at the same time as pensioners are demonstrating in Vienna.
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Last-minute gains fail to recover Polish funds
POLAND – After reporting the worst month since inception of the system, Polish pension funds managed to return 3.6% in November and December 2008.
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AUA mulls flight from pensions payment
[16:45 CET 27-01] AUSTRIA – The Austrian airlines group AUA is considering halting payments to the Pensionskasse in a bid to save money.
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Risk not rewarded in the medium-term
[15:00 CET 27-01] SWITZERLAND – Risk in Pensionskassen portfolios has not been rewarded over a longer period, Credit Suisse has claimed, while State Street has calculated pensionskassen saw an average 2008 return of -16.83%.
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German DB losses lessened by bond rates
[16:00 CET 26-01] GERMANY – German companies saw their pension plans’ assets decline considerably over the last year but a rise in interest rates in the last quarter also helped reduce liabilities, according to a study by consultancy Rauser Towers Perrin (RTP).
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Austrian funds average 13% loss
[15:30 CET 23-01] AUSTRIA – Average losses for Austria's 20 Pensionskassen amounted to -13.1% last year, according to preliminary calculations by their federation.
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First Bulgarian fund fails minimum mark
[16:30 CET 22-01] BULGARIA – A Bulgarian pension fund has failed to generate the minimum rate of return set by the supervisor for the first time since the three-pillar pension fund system was created in 1999/2000.
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Second pillar faith not withered yet
[16:30 CET 21-01] CEE – The current credit crisis has yet to damage people’s faith in the recently introduced funded pension systems in the CEE, suggested delegates at a conference on the region today.
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Pension fund potential in CEE infrastructure
[15:30 CET 20-01] CEE – Local investors should take the chance to grab stable investment opportunities ino Central and Eastern Europe while many foreign investors remain wary, according to Werner Weihs-Raabl, head of group infrastructure finance and public sector at Erste Group.
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Prospects for new-born Riester dampened
[14:30 CET 20-01] GERMANY – People should wait for better offers instead of signing the first Riester contracts for purchasing homes which have come onto the market, the consumer group Verbraucherzentrale NRW said.
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Polish Treasury worried about Eureko
POLAND – The current situation of Dutch insurer Eureko was “a cause for concern for the Polish people” given Eureko’s commitment to the Polish market, the Treasury said in a statement.
