All articles by Daniel Brooksbank – Page 216
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PGGM to set up members’ council
NETHERLANDS – The 47 billion euro Dutch health and social workers’ pension fund PGGM says it will set up a members’ council.
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State Street in Schroders UK funds accounting win
UK – Schroders has appointed State Street Corp. to provide accounting and administration for 64 of its funds representing more than 11 billion pounds (16.2 billion euros) in assets.
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UK backs unions’ shareholder activism
UK – The Uk government has said that greater shareholder activism by unions via workers’ pension funds gives them the chance to promote their “wider” social objectives.
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Jardine Lloyd pension review business falls
UK - Insurer and employee benefits consultancy firm Jardine Lloyd Thompson saw an unexpected fall in its pension review business in the second half of 2002, though it still sees excellent prospects for its employee benefits arm as a whole in 2003.
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OECD: Belgium must cut early retirement incentives
BELGIUM – The Organisation for Economic Cooperation and Development (OECD) says Belgium needs to do more to reduce incentives for early retirement...
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EU Parliament committee passes pensions directive
EUROPE – A European Parliament committee has approved 24 compromise amendments to the European Commission’s so-called common position on the Pension Funds Directive aimed at promoting cross-border supplementary pension schemes.
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UK port operator continues pension holiday
UK – Ports operator Associated British Ports has bucked the trend for reporting pension deficits by saying its scheme is in surplus and that it is continuing its contribution holiday.
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GSAM names European equity heads
EUROPE – Goldman Sachs Asset Management has named Hywel George and Stuart McPherson as its new co-chief investment officers for its European equity business.
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AIB’s e482m pension liability to hit P&L
IRELAND – Allied Irish Banks, Ireland’s largest company, says it has a net pension liability of 482 million euros as at December 2002 and that the decline would hit its bottom line.
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Pension gaps weigh on global recovery – Merrill
EUROPE – Corporate pension fund deficits are hindering the recovery of the global economy, says Merrill Lynch’s top investment strategist.
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Mercer sees pension costs rising by 30%
UK – Mercer Human Resource Consulting has calculated that the costs for a typical final salary scheme are expected to rise by 30% over the next five years
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Aon to integrate investment manager research
US – US-based insurance and consultancy firm Aon has set up a global unit to integrate its investment manager research and hired an Internet entrepreneur to run it.
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BT pension scheme in property buy
UK – Hermes Pensions Management has agreed to buy the 50% of property firm MEPC that it did not already own on behalf of the 44.9 billion euro British Telecom pension scheme.
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ThyssenKrupp in “intense dialogue” with S&P
GERMANY – German industrial group ThyssenKrupp says it is in “intense dialogue” with Standard & Poor’s following the ratings agency’s decision to put it on credit watch negative because of its pension liabilities.
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UK employers’ pension contributions rise 25%
UK – A new study by Incomes Data Services has found that pension contributions made by employers have risen by 25% over the past two years to a total of more than six billion pounds (8.95 billion euros).
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Finland’s Varma sees higher-than-inflation yield
FINLAND – The largest Finnish pension insurer, Varma-Sampo, sees its average yield rising to 3%-4% higher than inflation – the prediction came as it reported a 1.9% yield on investments in 2002.
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Bolkestein ups ante as EMAC votes on directive
EUROPE – The European Commission’s internal market and taxation chief Frits Bolkestein has called for progress on the Pension Funds Directive – on the eve of a decisive vote on the directive at the European Parliament’s Economic and Monetary Affairs Committee.
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UK’s Opra relaxes stance on transfer values
UK – The UK pensions regulator the Occupational Pensions Regulatory Authority says it has decided to temporarily relax its policy on the calculation of cash equivalent transfer values.
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Pension funds rate Pictet top for custody
EUROPE – Pension funds have again rated Pictet as the best global custodian in the latest survey of the custody business by UK firm R&M Consultants.
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UK sets up corporate governance office
UK – The UK government is setting up a new office that will become a “centre of expertise” on corporate governance issues.
