Funding – Page 128
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NewsATP's H1 results boosted by domestic equities, interest rates
DENMARK – Domestic equities and interest rates helped Denmark's largest pension fund ATP – ranked fifth in IPE's Top 1,000 European Pension Funds – to a half-year profit of DKK11.7bn (€1.6bn).
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Equity quotas for Austrian funds will stay at 30%, says FVPK
AUSTRIA – Equity quotas for Austrian Pensionskassen have returned to around 30% from a 25% dip in 2008, and they are set to remain at that level for years to come, according to the Austrian Association of Pensionskassen (FVPK).
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NewsASIP members dump hedge funds, return 0% in H1
SWITZERLAND – The median return of a selection of 68 member funds of ASIP, the Swiss Pensionskassen association, was 0% for the first six months of 2010, according to Towers Watson.
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NewsFinnish roundup: VER, Tapiola
FINLAND – Valtion Eläkerahasto (VER), the country's state pension fund, saw its assets increase to almost €13bn in the first six months of 2010, as its equity portfolio performed best of all assets.
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NewsSwedish roundup: Pensionsmyndigeten, AP, Alecta, KPA, Folksam Liv
SWEDEN – The premium income at Pensionsmyndigeten, the Swedish Pensions Agency, has increased fivefold to SEK968.8m (€101.6m) for the first half of 2010, compared with SEK190.4m during the same period last year.
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NewsUK roundup: CPI switch 'underestimated', EMI turns to TPR
UK – The head of investment strategy at Mn Services has warned the impact of the switch from the retail price index (RPI) to the consumer price index (CPI) has been underestimated.
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NewsNordic roundup: Pension Fennia, Etera
FINLAND – Pension Fennia and Etera have announced results for the first half of the year, with Pension Fennia's chief investment officer saying the economic outlook looks "exceptionally unstable".
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Dutch retail fund seeks co-operation with similar schemes
NETHERLANDS – Detailhandel, the €7.7bn pension fund for the retail sector, is seeking co-operation with similar sector-wide schemes “to keep on providing a proper pension to its participants”.
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NewsUK roundup: HSBC pension scheme, Edinburgh tender notice
UK – HSBC has made a £1.7bn (€2.2bn) contribution to its underfunded defined benefit pension scheme in an effort to reduce an almost £3bn deficit.
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NewsCoverage ratio for €27.6bn Dutch fund bpfBouw falls below minimum
NETHERLANDS – The €27.6bn pension fund for the Dutch building industry, bpfBouw, returned 0.7% on investments during the second quarter, but saw its coverage ratio fall to 104.5%, less than the required minimum.
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NewsUK roundup: ABI on auto-enrolment, Northern Trust, Transport for London
UK – The Association of British Insurers (ABI) responding to the ongoing Workplace Pension Reforms Review, has said auto-enrolment should only start for people earning more than £10,000.
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NewsNorway Global loses €19bn in value as European equities plummet by 12% in Q2
NORWAY – The Norway Government Pension Fund Global today announced losses of NOK155bn (€19.5bn) for its second quarter as a result of weak global stock markets.
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NewsDutch butchers lose returns to interest hedge
NETHERLANDS – The €1.3bn pension fund for the Dutch meat industry returned 9.2% on investments last year but lost 5 percentage points of its return to its interest rate hedge following the rise in long-term interest rates last year.
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NewsFinland's Keva sees stable returns weakened by poor equity market
FINLAND – The local authority pension fund Keva has announced stable returns of 3.9% for the first half of the year, aided by solid performances from both its fixed-income and listed equity portfolios.
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NewsDanish generational rule change means work for pension providers
DENMARK – Danish regulators are acting to rule out intergenerational subsidy within guaranteed pension contracts with new rules on with-profits arrangements, and pension providers will now have to set guarantees and investment strategies for different generational groups.
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NewsSwiss Pensionskassen return to the red
SWITZERLAND – After a year of consolidation the average Swiss Pensionskasse has fallen below a 100% funding level, calculates Swisscanto
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NewsFinnish insurer's first half assets make slow progress over Q1
FINLAND – Varma's growth slowed in the first half of the year, despite strong returns from private and unlisted equity, as well as hedge funds.
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UK roundup: BBC, Interserve, Axa Investment Managers
UK – The BBC’s director general Mark Thompson yesterday admitted that there was ‘anxiety and anger’ over proposed changes to the broadcaster’s pension scheme.
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Defensive strategy pushes airline scheme off course
NETHERLANDS – Returns from the €5.5bn KLM pension fund for flying staff fell short of its 2009 target after a defensive strategy failed to capitalise on recovering markets.
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NewsCost-cutting sees Danish pension provider weather tough markets
DENMARK – Profits at Danish pension provider Danica showed strong growth at the half-year stage, with business boosted by revenue from Norway and Sweden rather than the domestic market.
