All articles by Daniel Brooksbank – Page 207
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Safeway raises pension contributions
UK – Retailer Safeway, facing a 217 million pound (315 million euro) pension deficit, is to increase the contributions it makes into its final salary pension scheme to 15% of salary, from nine percent currently.
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Northern Trust reviews business as earnings fall
US – Securities services provider Northern Trust says it is undergoing an “intensive review” of its business and operations following a sharp decline in quarterly earnings.
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UK wants “protection” for pension scheme members
UK – The UK’s pensions minister has said that the government wants to provide protection for pension scheme members who feel “vulnerable”.
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WTO seeks consultant for DB scheme
SWITZERLAND – The World Trade Organisation is looking for an independent investment analyst/consultant for its defined benefit pension scheme.
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New Dutch pensions ombudsman named
NETHERLANDS – Former PVK board member PJC Keizer has been named as the new Dutch Pensions Ombudsman. He will take over from J de Ruiter on May 1.
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State Street to cut up to 1,800 more jobs
US – State Street Corp. says it will cut a further 1,800 jobs in addition to the 1,000 jobs it has already announced, in a bid to trim 125 million dollars in costs this year.
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Spain needs career-average pension system – OECD
SPAIN – The OECD has called for Spain to phase in a career-average pension system, adding that the need for pension reform in the country is more serious than people think.
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Two asset managers seek partner via IPE-Quest
EUROPE – Two specialist asset managers who are planning to create a 10-50 million dollar global Emerging Markets equity product are seeking a third partner via IPE-Quest.
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UK firm wants to recruit manager for e2.9bn pension fund
UK – A large UK company is seeking a manager for a two billion pound (2.9 billion euro) mature pension fund.
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PGGM considers average salary scheme
NETHERLANDS – The 45 billion euro Dutch healthcare and social service fund PGGM says it is mulling a switch to an average salary scheme.
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Ten thousand sign up for new Bosch pension
GERMANY – Ten thousand employees have signed up for the supplementary pension of German engineering company and appliance maker Robert Bosch.
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Watson quits UK local authority actuarial market
UK – Consultancy firm Watson Wyatt is withdrawing from a one million pound (1.45 million euro) business providing actuarial consulting to UK local authorities.
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Pension reform key for European economy – IMF
EUROPE - The International Monetary Fund says structural reform, in particular of the pension system, is vital for Europe to achieve medium-term economic sustainability.
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UK pension fund in e36m PE mandate via IPE-Quest
UK – A UK consultant, on behalf of a UK pension fund, has tendered a 25 million pound (36.2 million euro) private equity mandate via IPE-Quest.
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T. Rowe Price issues profit warning
US – Baltimore-based investment manager T. Rowe Price says it expects a 30% decline in first-quarter earnings due to a decline in US and foreign equity markets.
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Hermes backs UK’s Higgs proposals
UK – Hermes Pension Management has called for companies and investors to embrace the Higgs proposals on corporate directors.
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Denmark “able to meet ageing challenge” - S&P
DENMARK – Ratings agency Standard & Poor’s says Denmark has “ample” fiscal flexibility to meet the demands of an ageing population.
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European Commission targets “active ageing”
BELGIUM – The European Commission says active ageing is one of its 10 priorities to promote full employment, productivity and labour market inclusion.
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UBS sells back office unit to Fidelity
SWITZERLAND – Swiss banking giant UBS has agreed to sell its Correspondent Services Corp. division to Fidelity Investments for an undisclosed price.
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UK’s Whitbread sticks by final salary scheme
UK – Leisure group Whitbread says it will continue to fund its 2.2 billion euro final salary pension for up to 15 years.
