All articles by Cecilia Valente – Page 21
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Italy could extend pension bonus - minister
ITALY – The 32.7% tax-free bonus for workers who postpone retirement could be extended beyond the deadline set by the pension reform, welfare minister Roberto Maroni has announced.
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Swiss vote means no gold for pensions
SWITZERLAND - The Swiss first pillar scheme AHV will receive nothing from the sale of 1,300 tons of the central bank’s gold reserves, the upper chamber of parliament has decided.
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Volvo boss switches to DC (Correct)
(Corrects headline) SWEDEN – AB Volvo president and CEO Leif Johansson has switched from a final salary defined benefit (DB) pension deal to a defined contributions (DC) arrangement.
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Siemens pension chief Miller departs
UK – Tony Miller, general manager of the £1.2bn pension (E1.75bn) scheme of Siemens Shared Services Ltd., has left the fund following a review of the schemes’ structure.
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SEI scoops £70m mandate
UK – Multi-manager SEI Investments (Europe) has scooped a £70m (€101.8m) mandate with a provider of helicopter services company, which dismissed Legal & General Investment Management and Deutsche Asset Management for “poor performance”.
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Italian trade unionist warns of reform delay
ITALY – Italy’s pension reform could be delayed if the 2005 budget, being voted on by the Senate today, does not include provisions to fund tax incentives for employees and compensation for employers, a leading trade union official has warned.
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No pensions ‘coverage’ in Italian budget - minister
ITALY – Welfare minister Roberto Maroni has criticised the latest draft of the 2005 budget, due to be voted by the Senate tomorrow.
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Lancashire CC Pension Fund allocates mandates
UK – The £2.5bn (€3.56bn) Lancashire County Council Pension Fund has appointed two new asset managers and retained two of his previous managers in a revamping of its portfolio. The changes followed an investment strategy review earlier this year.
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Electronics firm outsources fund management
UK – Manufacturer Intelek plc has appointed insurer Multi-manager Investment Solutions Limited to manage its closed £9.5m (€13.7m) defined benefit pension fund.
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Italy’s Pegaso switches investment strategy
ITALY - The €103m pension scheme for the employees of the gas and electricity industries is looking for seven asset managers as it changes its investment strategy to cater for its members’ different attitudes to risk.
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AP1 replaces fixed income head Gustafson
SWEDEN – The 148.1 billion-crown (16.4 billion-euro) First Swedish National Pension Fund, Första AP-fonden or AP 1, has replaced its head of fixed income, Hans Gustafson, with insurer AFA Försäkring’s Arnold Fahlén.
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Swiss railways on track with pension revamp
SWITZERLAND - The Swiss Federal Railways, SBB, says it will trade off a collective pay rise for its employees against the costs for the financial reorganisation of its 11 billion-franc (7.1 billion-euro) pension fund.
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Italy: charge of the 50-year-olds
ITALY - Workers over 50 years got 80% of the 225,000 jobs available in 2003 while the amount of pension-age workers who decided not to retire was up 5.2%.
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Gasunie pension scheme set to split
NETHERLANDS - The 650 million-euro pension scheme of gas supply and transport company Gasunie may be split in two next year, as the company prepares to divide its transport and supply operations.
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There are no safe pensions - Germany's Rürup
GERMANY - Bert Rürup, the economist who headed Germany’s commission on pensions, has said there are no safe pensions.
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IPE-QUEST: Dutch scheme requests bond info
NETHERLANDS - A Dutch pension has put out a request for information for a 37 million-euro credit bonds mandate through IPE-Quest.
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Aon sees Dutch FTK leading to “landslide”
NETHERLANDS - The introduction of new regulations to calculate Dutch pension premiums and commitments will lead to “a landslide”, according to consulting firm Aon.
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IPE-QUEST: German scheme tenders US large caps
GERMANY - A German pension fund has tendered a 75 million-dollar (56.3 million-euro) US Large-Cap mandate via IPE-Quest.
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Swiss schemes' funding position improves - BSV
SWITZERLAND - The number of under-funded Swiss pension funds has gone down from 19.8% in 2002 to 11.9% in 2003, according to a survey of Swiss Federal Office for Social Security – BSV.
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Erste targets pension funds with inflation-linked
AUSTRIA – Austrian asset manager Erste Sparinvest has launched two inflation-linked bond funds mainly aimed at pension funds and institutional investors.
