All IPE articles in December 2007 (Online) – Page 3
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News
Cyprus to toughen pensions terms
[16:45 CET 14-12] REPUBLIC OF CYPRUS – Greek Cypriots are likely to have to pay higher social security contributions and face tougher claims terms at retirement, under proposals for reform of the Greek Cypriot pensions system.
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Swiss mandatory funds need CHF16bn
[16:30 CET 14-12] SWITZERLAND – The number of underfunded mandatory pension funds has dropped from 97 to 67 in the course of 2006 reducing the gap in the system from CHF19bn (€11.4bn) to CHF16.7bn.
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Military unions place levensloop with Aegon
[16:15 CET 14-12] NETHERLANDS - Three unions for military personnel have made arrangements to set up a ‘levensloop’, or life course, scheme with insurer Aego, instead of placing contributions with the scheme of their employer, the ministry of Defence.
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Employers move to rectify female pensions gap
[16:00 CET 14-12] DENMARK - The pensions gap between Danish men and women has widened in the last five years, as men now contribute an average of 54% more than women, suggest figures from the Danish Insurance Association.
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MAN finalises Pensionsfonds
[15:30 CET 14-12] GERMANY – Munich-based mechanical engineering group Man AG has today announced it has now set up its Pensionsfonds within its contractual trust arrangement (CTA).
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Paternoster closes largest buyout yet
[14:00 CET 14-12] UK – The shipping group P&O has today announced has paid £800m (€1.11bn) to transfer its pension liabilities of existing pensioners to UK pension buyout company Paternoster.
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Teesside seeks Northern custody support
[13:30 CET 14-12] UK – Middlesbrough Borough Council has reappointed Northern Trust as custodian on behalf of the £2.2bn (€3bn) Teesside pension fund.
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Volkswagen revamps UK fund
[12:00 CET 14-12] UK – The £160m (€222m) UK pension fund of German car maker Volkswagen has today confirmed it is moving towards a liability driven investment (LDI) strategy.
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Belgium fills OFP gap
[16:45 CET 13-12] BELGIUM – The CBFA, Belgium’s pension regulator, has finally clarified its position on solvency for the new OFP pension vehicle – so far a ‘missing link’ in the legislation.
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UK’s social housing fund replaces chairman
[16:30 CET 13-12] UK – Alister Green has retired after nine years as chairman of the £1.7bn (€2.4bn) Social Housing Pension Scheme (SHPS).
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Enfield mulls real estate update
[16:15 CET 13-12] UK – Concerns about the performance of the UK and European property markets mean the London Borough of Enfield is now looking closely at whether to further diversify its pension fund’s real estate allocation.
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Empower supervisory boards, say top economists
NETHERLANDS - Supervisory boards should be given more power to deal with activist shareholders and private equity players, in order to avoid negative effects on a company’s long-term value, Dutch economists have claimed.
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Dutch Unilever fund continues direct real estate
[15:45 CET 13-12] NETHERLANDS – The €4bn Dutch pension fund of Unilever, known as Progress, has strongly denied it intends to sell off its direct real estate holdings.
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News
Pearl to share Axial lessons with RAM
[15:30 CET 13-12] UK – Axial Investment Management looks set to share its asset liability investment skills with Resolution Asset Management for the benefit of the institutional market, once the two firms are merged by their parent Pearl Group.
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Banks granted right to sell pensions products
[12:00 CET 13-12] NETHERLANDS - Dutch banks will be competing with insurers from January to offer tax-friendly savings products as additional pensions plans.
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Real SRI engagement small among funds
[11:00 CET 13-12] NETHERLANDS – Most funds muse on socially responsible investing (SRI), though often falter in implementing solid strategies, according to a new report.
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IPE-QUEST: Pension fund seeks emerging market debt
[16:40 CET 12-12] EUROPE – A European industry-wide pension fund has said it is looking for managers for a $200m (€136m) global emerging market debt mandate.
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Fitch says credit crunch suffered under 'reactive' systems
[16:30 CET 12-12] GLOBAL – Ratings agency Fitch has suggested investment houses with outdated risk management processes saw the worst of recent volatility and pricing uncertainty in the credit markets.
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Danica ups payouts by 22.5%
[16:00 CET 12-12] DENMARK - Danica Pension, the insurance and pensions arm of Danske Bank, is raising the account yield on its core pension product to 5.5% after tax in 2008 from 4.5% this year.
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Citi decides on new chief
[15:30 CET 12-12] GLOBAL – Vikram Pandit, the head of institutional clients at America’s largest bank Citigroup, has been named as the group’s new chief executive, in a bid to restore the company’s profitability and reputation.
