All articles by Barbara Ottawa – Page 83
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Regulatory framework sufficient - Austrian FMA
[12:00 CEST 12-06] AUSTRIA – There are no plans to tighten Austrian pension fund regulations in the wake of the subprime crisis, the supervisory body FMA confirmed today.
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Austrian pension reform reveals initial effects
[16:05 CEST 10-06] AUSTRIA – The Austrian National Bank and economic researchers agree the fear of not having enough money at retirement will influence saving behaviour more than the current economic crisis, as evidence reveals Austrians are saving more than ever before.
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Private equity funds threaten to leave Austria
[15:30 CEST 09-06] AUSTRIA – Private equity funds will find new domiciles unless a legal framework for venture capital investments is created in Austria within the next six to eight months, the private equity association AVCO stressed.
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German CGT reforms 'to cut pensions'
[14:00 CEST 06-06] GERMANY – Lifting the capital gains tax (CGT) exemption for pension funds would create a double burden on pensioners, the association of company-specific pension schemes (VFPK) hs warned.
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aba fears 'automatic link' to Solvency II
[15:15 CEST 04-06] GERMANY/EUROPE – aba, the German pension vehicle federation, has warned pension providers could still see an impact from Solvency II through the IORP Directive, even if the European Commission makes no explicit link.
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Unions attack slashing of minimum interest rate
[13:00 CEST 03-06] SWITZERLAND - Swiss unions have warned the government is cutting the minimum interest rate required for retirement assets by 0.75 percentage points by too much.
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Allianz swallows drinks maker's pension reserves
[16:30 CEST 02-06] GERMANY – The pension reserves for 600 retired workers at Germany's Eckes AG have been transferred into a fund to be managed by Allianz Life Insurance.
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Austrian government reaches pensions agreement
[13:00 CEST 30-05] Austria’s governing coalition is to establish a sustainability commission to tackle increasing life expectancy rather than automatically triggering an increase in the statutory retirement age.
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German first pillar funds defended
[16:25 CEST 29-05] GERMANY – Pension funds for the self-employed have been given fresh support by the German government in a fight against dissolution plans put forward by unions and left-wing parties.
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APK moves into hedge fund of funds
SWITZERLAND – Aargauische Pensionskasse (APK) has made first foray into infrastructure and created a long/short equities portfolio, to further diversify its CHF7.6bn (€4.7bn) portfolio.
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Currency overlay useless – Swiss funds
[16:40 CEST 27-05] SWITZERLAND – Swiss pension funds do not believe in hedging their portfolio against currency risk, and are now especially critical of currency overlay, as evidence suggests the practice has not helped scheme finances.
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Metzler AUM up 10%
[16:05 CEST 23-05] GERMANY – The asset management division of Metzler, the Frankfurt based bank, saw an AUM increase of 10% – to €33bn – in 2007
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Czech funds see profits drop 60%
[15:00 CEST 22-05] CZECH REPUBLIC – Profits generated by Czech pension funds were slashed to CZK560m (€22.3m) for the first quarter, down from CZK1.4bn for the same period last year.
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UBS disposes of subprime-related embarrassment
[15:30 CEST 21-05] SWITZERLAND - Swiss bank UBS has sold $15bn (€9.7bn) worth of US residential mortgage-backed securities to a newly created distressed asset fund.
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Croatian funds grow 18%
CROATIA – The four mandatory pension funds of the Croatian second pillar increased their assets to HRK22bn (€3bn) over the last year even though returns dropped to -3% on average.
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NewsHalf of Germans support mandatory second pillar
[13:00 CEST 19-05] GERMANY – A survey of German consumers suggests employees would like the state to put pressure on people to make additional savings for retirement.
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Pensions industry takes anti-free choice stance
[16:25 CEST 16-05] SWITZERLAND – Giving individuals the option to choose their pension fund freely would “destroy the solidarity in the system”, participants at a panel discussion in Zurich have argued.
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Swiss funds dispute caution around SRI
[15:30 CEST 16-05] SWITZERLAND – The latest Swisscanto pension fund survey reveals only 6% of Pensionskassen assets are invested according to sustainable criteria – but the funds themselves beg to differ.
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NewsSwiss funds join critics of new solvency rules
[12:30 CEST 15-05] SWITZERLAND – Swiss Pensionskassen fear there could be major financial burdens arising from the discussed application of the country's very own revised solvency regime for insurers, known as Swiss Solvency Testing.
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Pensions "safe until 2050" – Austrian minister
[15:45 CEST 13-05] AUSTRIA – Contribution increases to the first pillar pension, designed to cope with demographic changes, should not be left to “soulless calculating machines”, Austrian social affairs minister Erwin Buchinger has suggested.
