All articles by Daniel Brooksbank – Page 136
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BIS sees “disruptive” cuts in pensions benefits
GLOBAL – The Bank for International Settlements has raised the spectre of potentially “disruptive” cuts in retirement benefits in the industrialised world.
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UK pension funds’ new investments fall E9.9bn
UK – New investments by UK pension funds fell by 4.6 billion pounds (6.9 billion euros) in the first quarter of 2004, according to the statistics office.
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UK says workplace key for pensions strategy
UK – The UK’s pensions minister, unveiling a pensions information pack for employers and employees, says the workplace is “key” for its pensions strategy.
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UK report looks at actuaries’ accountability
UK – A new consultation document on the actuarial profession in the UK has questioned the accountability of actuaries in the wake of the Equitable Life scandal.
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Sweden: SPP policyholders vote to demutualise
SWEDEN – Around 90% of SPP’s policyholders have voted to demutalise the life insurer, says SPP parent Handelsbanken.
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Commission stresses portable pension urgency
EUROPE – A senior figure in the European Commission’s Employment and Social Affairs directorate has said the enlargement of the European Union has made the issue of portable pensions urgent.
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IPE-QUEST: Institution tenders more than E331m
EUROPE - An institutional investor with offices in continental Europe has tendered more than 400 million dollars (331 million euros) in four equities briefs via IPE-Quest.
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'Red herring' in M&S pension bond
UK - Mercer Investment Consulting has identified what it terms a "red herring" in Marks & Spencer's issue of new bonds to cover pension payments.
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Mellon buys hedge fund firm Evaluation
US – Mellon Financial Corp. has bought hedge fund firm Evaluation Associates Capital Markets for an undisclosed sum.
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Mellon actuarial arm faces trustee legal action
UK – The new trustees at the six million-pound (nine million-euro) Blyth & Blyth pension scheme say they are taking legal action against the scheme actuary, his employer Mellon and three former trustees over the deficit in the scheme.
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UK: Aon names development, commercial heads
UK - Aon Consulting has named Martin Good and Paul Crocker as business development and commercial directors.
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Hewitt Bacon & Woodrow hires ex-Pilkington CIO
UK - Hewitt Bacon & Woodrow says it has hired Jeff McMahon, former chief investment officer at the 1.1 billion-pound (1.7 billion-euro) Pilkington Superannuation Scheme, which outsourced its assets to State Street last year.
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King & Shaxson says it hires Pilkington’s Wilson
UK - King & Shaxson Asset Management says it has hired Andrew Wilson from the Pilkington pension scheme.
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Aviva cuts 700 life business jobs
UK – Aviva’s Norwich Union arm is to cut 700 jobs in its life business services division in a bid to cut costs and improve flexibility.
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Philips pension arm Schootse Poort changes name
NETHERLANDS – Schootse Poort, the manager of Koninklijke Philips Electronics’ 12.5 billion euros in pension assets, has changed its name to Philips Pensions Competence Center.
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Dutch pre-pension move seen fostering fairness
NETHERLANDS – The ending of the Netherlands’ pre-pension system will foster actuarial fairness, the International Monetary Fund says.
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UK’s IMA rues failure to set up pan-Europe body
EUROPE – The chairman of the Investment Management Association, Lindsay Tomlinson, has expressed regret over the failure to set up a pan-European asset management body.
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Aon says UK must raise pension age to 70
UK - Aon Consulting says the UK government will need to raise the state pension age to 70 to maintain state benefits.
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Danish second-pillar taps investment funds
DENMARK – FEFSI says Danish second-pillar pension assets held in investment funds have almost doubled in the first quarter due to the conversion of the Special Savings Pension Scheme.
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KLP says ethical investment “produces results”
NORWAY – Norwegian life insurer Kommunal Landspensjonskasse says its ethical investment requirement “produces results”.
