All IPE articles in December 2008 (Online) – Page 5
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News
PIC snags remaining Thorn
[16:30 CET 15-12] UK – Pensions Insurance Corporation, the insurance-based pensions buyout provider, has agreed a deal with trustees of the £1.1bn pension fund for former Thorn employees to take on the pensions liabilities and top up the benefits to members.
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Geroa tackles regulator on domestic equity
[16:35 CET 15-12] SPAIN – Geroa Pentsioak, the €712m defined contribution pension fund set up to complement the Spanish state pension scheme for the employees in Basque Country region of Gipuzkoa, is challenging its regulator for more investment freedom.
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Defuse pensions time bomb, warns employers' group
[16:40 CET 15-12] UK – The Confederation of British Industry (CBI) has called for an independent commission to analyse the assumptions and the ballooning real cost of public sector pensions.
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Expert supports full-funding holiday
[16:50 CET 15-12] SWITZERLAND – A Swiss pension consultant is supporting a call by Swiss centre-left politicians to postpone putting money into the Pensionskasse Basle-City during the current economic crisis.
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Railways scheme to pay 2% indexation
[17:00 CET 15-12] NETHERLANDS - The €10bn railways pension fund SPF will be the first large pension fund to pay its 74,000 participants an indexation for 2008.
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Madoff fraud hits pension funds
[17:05 CET 15-12] GLOBAL – As the list of investors hit by Bernard Madoff’s scam grows, it has emerged pension funds have also been hit by the alleged $50bn Ponzi scheme.
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Thousands face pension cut following Xafinity blunder
[15:30 CET 16-12] UK – The UK government has admitted tens of thousands of ex-servicemen, former NHS employees and teachers, and other former public service industry workers now face an pensions cut, following a blunder on indexation connected to Xafinity Paymaster.
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BPF Schilders postpones indexation
[15:35 CET 16-12] NETHERLANDS - BPF Schilders, the pension fund for the painting, glazing and finishing sector, will not grant its members an indexation payment in the short-term, but will reconsider its decision next summer.
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Earlier access sought to tax-free sum
[16:30 CET 16-12] UK – A minister of the UK upper parliamentary chamber is calling on the government to alter pensions legislation and allow defined contribution pensionholders access to some of the assets during times of need.
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Goldman sees revenue fall but AM holds firm
[16:50 CET 16-12] GLOBAL – Goldman Sachs has recorded its first ever quarterly loss, since the company floated in 1999 of over $2bn (€bn) but a breakdown of the fourth quarter figures reveals its asset management division is still generating record fees and revenue.
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Ballendux goes it alone
[16:55 CET 16-12] NETHERLANDS – Frans Ballendux, the former business leader of Mercer Investment Consulting in the Netherlands, has said he will depart from Mercer to start his own investment consultancy business.
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Fortis Investments remains under state control
[17:00 CET 16-12] BELGIUM – Fortis has confirmed its asset management arm will remain under state control, following a Brussels’ Court of Appeal ruling freezing the sale of Fortis Bank's Belgian assets to French bank BNP Paribas.
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Scandinavian fund seeks equity managers
[17:00 CET 16-12] NORDICS – An industry-wide Scandinavian pension fund is looking for managers for three equity mandates worth at least €115m, using IPE Quest.
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RCM sees assets drop by 32% but stays ahead
[17:05 CET 16-12] AUSTRIA – Raiffeisen Capital Management (RCM) suffered outflows and losses of €12.2bn in the first 10 months of this year but maintained its market leadership, officials have claimed.
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Government to take on Royal Mail deficit
[13:00 CET 17-12] UK – The government has agreed with recommendations from an independent panel that it should take responsibility for Royal Mail's historic pension liabilities, as its deficit is currently estimated at £5.9bn (€6.6bn) and is making the firm "balance sheet insolvent".
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TPR outlines protection against new powers
[16:00 CET 17-12] UK – The Pensions Regulator (TPR) has initiated a consultation on the code of practice for applying the "material detriment test" when deciding whether to issue a contribution notice.
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Polish funds deliver worst result ever
POLAND – Assets in polish pension funds were down -6.8% in October alone, making it the worst month in the history of the system.
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News
Wednesday people roundup
[16:00 CET 17-12] People roundup: Nordea, UBS, Hewitt Associates, APAPR, Partners Group, Mandarine Gestion, Affiliated Managers Group, Mercer
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News
BankPension to collaborate with letpension
[16:20 CET 17-12] DENMARK – BankPension has entered into a "strategic co-operation" with the individual pension company letpension to establish a joint management company.
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Pensions accounting should not aim to keep schemes open
UK – The Chartered Institute of Management Accountants (CIMA) has warned pension accounting standards should not be "artificially engineered" to help keep defined benefit schemes open.
