All IPE articles in December 2003 (Online) – Page 2
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News
Allianz pension arm gets DB transfer approval
GERMANY – Allianz Group’s pension arm has won approval from financial regulator Bafin to take over existing corporate defined benefit pension plans.
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Alfred Berg buys Norwegian asset manager
NORWAY – ABN Amro’s Alfred Berg has bought the asset management activities of Norwegian banking alliance SpareBank in a deal worth around 6.7 million euros.
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UK warned over deficit as population ages
UK – The UK has been warned by the IMF to cut its deficit “to provide more comfort” against liabilities such as population ageing.
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Dutch union critical of widows’ pensions
NETHERLANDS – Dutch labour union federation the CNV says the pensions of widows and widowers are under threat.
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Dutch fund tenders E190m debt via IPE-Quest
NETHERLANDS – A Dutch pension fund has tendered two debt mandates worth a total 190 million euros via IPE-Quest.
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UK projects 12% rise in pensioners
UK – According to government projections, the number of pensioners is set to rise by almost 12% to 12.2 million in the next 10 years.
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CalPERS sues New York Stock Exchange
US – The largest US pension fund, CalPERS, is suing the New York Stock Exchange and seven trading firms over a fraud it says has “generated untold shareholder losses”.
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European Commission backs EDF pension plan
FRANCE – The European Commission has approved the French government’s plan to reform the pension scheme for the electricity and gas sector.
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Irish occupational pensions at “watershed”
IRELAND – Occupational pension provision in Ireland is at a “watershed” due to regulatory changes, according to an academic writing in an Irish banking quarterly.
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EU raps four countries over pension taxation
EUROPE - The European Commission wants Belgium, Portugal, Spain and France to end tax discrimination against foreign pension funds – saying it is “incompatible” with the EC Treaty.
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New EU study sees higher taxes to combat ageing
EUROPE – A new academic study published by the European Commission envisages higher taxes as a solution to the problem of population ageing.
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UK business spending seen hit by pensions
UK – The influential economic forecasting group the ITEM Club says it is still concerned that business expenditure in the UK is being hindered by pension fund deficits.
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Consultant Day event warned about conflicts
The pensions consultants in the US and internationally are under considerable financial pressures, Brian Meath of Lazard Asset Management in New York told the Consultant Day gathering in Frankfurt yesterday.
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Winner of IPE Scholar Award 2004 named
Riitta Hallila, head of sales at Svenska Handelsbanken in Helsinki, has been announced as the IPE Scholar for 2004.
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Tate & Lyle fund taps State Street for lending
UK – The 600 million-pound (854 million-euro) Tate & Lyle Group Pension Scheme has named State Street as its securities lending agent.
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Swiss funds cut reserves too far - survey
Swiss institutional investors are holding fluctuation reserves of only 3% of their assets compared with 16% three years ago, according to a survey. Only 10% of institutional investors, which include pension funds and foundations, have fluctuation reserves of more than 10%.
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BNP Paribas in bid to exploit pension reform
FRANCE - BNP Paribas is launching a pension Sicav to take advantage of changes in French pensions law.
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Merrill finds fund managers’ outlook brighter
World equity markets will be higher in 12 months time, fund managers believe, buoyed up by global reflation.
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UK public pension numbers up and private down
The number of people in second tier pensions in the UK has risen in almost every year for the past 20 years, according figures from the Department of Work and Pensions. But private pension scheme membership has seen a dramatic fall.
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20% of Swiss schemes underfunded
One in five pension funds in the Swiss second pillar were underfunded in 2002, according to figures from the Swiss government.
