All IPE articles in December 2008 (Online) – Page 2
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NewsIf IORP ain’t broke, don’t fix it - EFRP
[16:45 CET 03-12] EUROPE – The European Federation for Retirement Provision (EFRP) has told the European Commission there is still no evidence the IORP Directive is failing, making harmonisation of work place pensions and introduction of solvency II-type requirements within the IORP Directive premature.
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NewsFSCS yet to cover pension scheme buyout protection (amended)
[16:50 CET 03-12] UK – The UK's Financial Services Compensation Scheme (FSCS) has today stressed it has yet to be decided whether it would pay compensation to both members and trustees of pensions schemes where there has been a pensions buyout or buy-in, should the insurance company involved collapse.
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NewsFinnish pensions may require more risk-taking
[17:00 CET 03-12] FINLAND – The Bank of Finland has warned uncertainty about its ageing population and potential future tax rises of over 5% could destabilise the entire welfare state and lead to a future reduction in social services and transfers.
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NewsJP Morgan to shrink equity derivatives teams
[16:55 CET 04-12] EUROPE – JP Morgan is planning job cuts on its derivatives desk by combining its structured investments distributor (SIDM) and financial institutions distributor (FIDM) teams in derivatives marketing in London, IPE has learnt.
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NewsFrench money managers warned clean up your act
[17:00 CET 04-12] FRANCE – Ratings agency Fitch has today warned French asset managers they are out of touch and need to regain investors' confidence by offering products which match their needs.
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NewsPension funds see cover ratio fall to 95%
[16:30 CET 04-12] NETHERLANDS - The average cover ratio of Dutch pension funds dropped to approximately 95% this week because of a steep decrease in long-term interest rates, Hewitt Associates has suggested.
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NewsPGGM combines chief finance and risk management role
[17:10 CET 04-12] NETHERLANDS – Jac Kragt has been promoted to become the chief finance and risk officer (CFRO) at the recently disconnected asset management arm of the giant Dutch health care pension fund Zorg & Welzijn (PFZW).
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NewsDanica to cut pension interest to 1.5% in 2009
[17:15 CET 04-12] DENMARK – Danica Pension, the DKK 241bn (€32.36bn) pension arm of Danske Bank, has announced it will pay a net interest rate of 1.5% for all customers with Danica Traditional pension plans.
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NewsCornwall targets passive global equities
[17:15 CET 04-12] UK – Cornwall County Council is seeking a passive global equity manager to run a new portfolio for its £823m (€951m) pension fund.
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NewsLothian action against Vodafone is dismissed
[17:20 CET 04-12] UK - A class action brought by Lothian Pension Fund against Vodafone, relating to its purchase of the German telecoms company Mannesmann, has been dismissed by a New York court.
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NewsBMB recruits Chris Walker for European schemes
[17:25 CET 04-12] GLOBAL – Chris Walker, former managing director of Scottish Widows Investment Partnership (SWIP), has joined alternative asset manager BMB Group ahead of the firm's move to launch Shari'a compliant products for European pension funds.
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NewsIreland allows two-year annuity deferral
[15:15 CET 05-12] IRELAND – Members of Irish defined contribution (DC) occupational schemes have been given the option of deferring for two years the need to buy an annuity at retirement.
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NewsLothian buses may increase alternatives
[15:25 CET 05-12] UK – The Lothian Buses Pension Fund, a part of the Lothian Pension Fund overseen by Edinburgh City Council, has been recommended to reduce its allocation to equities by 15% and switch the money into alternative assets.
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NewsBaerum appoints consultant for new scheme
[15:50 CET 05-12] NORWAY – The Norwegian municipality of Baerum has appointed Pensjon & Finans AS to help establish a new pension fund.
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NewsKensington seeks custodian and increases equities
[15:40 CET 05-12] UK – The Royal Borough of Kensington and Chelsea (RBKC) is seeking a global custodian for its £409.6m (€478.9m) local government pension fund.
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PMT halts indexation and raises subs
[16:10 CET 05-12] NETHERLANDS – PMT, the giant pension fund for metal workers, has announced it will not grant its participants any indexation in 2009 because of its considerable funding shortfall.
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Concentrate on home territory, warns DNB’s Kellerman
[16:15 CET 05-12] NETHERLANDS – Dutch pension funds and pension providers with cross-border ambitions should put such plans on hold and focus on solving asset shortages caused by the credit crunch, the Dutch pension regulator DNB has warned.
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NewsSweden advised to link retirement to longevity
[15:30 CET 05-12] SWEDEN – The Organisation for Economic Cooperation and Development (OECD) has suggested Sweden should consider linking the state retirement age to life expectancy.
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NewsItalian funds to discuss investment review
[16:45 CET 05-12] ITALY – The Italian pension fund regulator Commisione di Vigilanza sui Fondi Pensione (Covip) has invited Italy’s largest pension funds to discuss possible changes to the current investment strategy in light of the credit crunch.
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New evidence of bad advice on pension transfers
[13:00 CET 08-12] UK – The Financial Services Authority has uncovered fresh evidence of pension transfer mis-selling which indicates some occupational pension members may have been wrongly advised to shift out of schemes in the wake of A-Day.
