All articles by Cecilia Valente – Page 26
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UK promises 6 million pension forecasts
UK - More than six million workers are to receive forecasts of their state and private pension provisions by 2006, the government promised.
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Sweden names head of new social security agency
SWEDEN - The government has appointed finance under-secretary Curt Malmborg to head the new social security agency, Försäkringskassan.
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Barr moves to PPM
SWEDEN - Daniel Barr, chief analyst of the seventh Swedish national pension fund Sjunde AP-fonden, AP7, has joined the premium pension authority, PPM, as chief economist.
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SSgA poaches bond team from Pictet
SWITZERLAND – State Street Global Advisors (SSgA) has enhanced its range of products for institutional investors, hiring a four-strong team of Swiss bond managers from Pictet & Cie.
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Oppenheimer tackles European market
EUROPE- US investment manager OppenheimerFunds Inc (OFI) is entering the European market through a “dual approach” with its subsidiary, Tremont Capital Management.
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Austrian government approves contribution cuts
AUSTRIA - The Austrian council of ministers has approved its much-discussed plans for pension harmonisation, cutting contribution rates for civil servants.
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ABP and PME report third-quarter returns
NETHERLANDS – Some of the largest pension funds in the Netherlands have reported third-quarter investment returns.
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Swedish debt agency calls for AP6 to be scrapped
SWEDEN - The Swedish National Debt Agency, Riskgaldenskontoret, has advised the government to scrap private equity buffer fund Sjätte AP-fonden, or AP6, and hand its 12.8 billion crowns (110 million euros) to the other five state buffer funds.
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European schemes eye currency overlay
EUROPE - Interest in currency overlay management is growing as pension funds seek to gain extra returns through investments with a low correlation with traditional asset allocation, industry figures have said.
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IPE-QUEST: Dutch scheme may tender large caps
NETHERLANDS – A Dutch pension scheme, which is currently undergoing a manager review, may tender a 200 million euro pan-European equity large-cap core mandate via IPE-Quest.
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Watson says 80% of big UK firms offer DC
UK - Many employers are likely to review their defined contribution schemes in the next year to ensure that they are meeting employer and employee expectations, Watson Wyatt says.
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UK Pension Commission says millions under-saving
UK - At least nine million people are ‘under-saving’ for their pensions and the number is likely to grow with the shift from defined benefit to defined contribution, said Adair Turner, chairman of the Pensions Commission.
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New Italian tourism scheme gets OK
ITALY- Pension regulator Covip has authorised the Marco Polo scheme, which is targeted at the 800,000-strong tourism sector, to collect contributions.
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PensionDanmark in funds transferral move
DENMARK – Industry-wide pension fund PensionDanmark is bidding for a share in the new market of funds transferral from the government-backed SP fund to other funds chosen by workers.
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UK milk fund awards bonds to Axa
UK - The 275 million-pound (398 million-euro) Milk Pension Fund has diverted 33 million pounds from a gilts portfolio managed by Merrill Lynch Investment Managers into a segregated UK fixed income mandate managed by AXA Investment Managers.
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DB trustees face dilemma over deficits – S&P
UK – The trustees of defined benefit schemes should have ‘appropriate tools’ to help them balance cutting deficits and keeping costs to the sponsor within limits, a conference has been told.
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ICI sets aside E360m for pension contingencies
UK – Chemicals firm ICI has set aside 250 million pounds (360 million euros) in a contingency fund to help it meet its pension liabilities, the firm’s benefits director says.
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IPE-QUEST: Insurer tenders E40.5m
LUXEMBOURG - A mutual insurance company has launched a request for tenders for an actively managed large cap global equity mandate via IPE-Quest.
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Firms could use loans for pension funding - PWC
UK - Companies could use corporate debt or bank loans to tackle their pension schemes' funding problems, a conference has been told by a PricewaterhouseCoopers partner.
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Industriens looking to add value with currency
DENMARK - The four billion-euro Danish industry pension fund, Industriens Pensionsforsikring, could decide to adopt currency management strategies next year to “add value”, its chief investment officer has told IPE.
