Funding – Page 129
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NewsEquity exodus slows among largest UK company funds
UK – The UK's top 100 company pension schemes have temporarily halted their flight from equities to bonds with allocations to fixed income remaining static over the past 12 months.
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NewsAustrian pension funds return 2.4% in H1
EUROPE – Pension funds in Austria returned just under 2.4% over the first six months of the year, according to figures from the Austrian Control Bank (OeKB).
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NewsUK roundup: ACA, Barclays UK Retirement Fund, Pitmans Trustees
UK – The Association of Consulting Actuaries (ACA) has called for "better safety valves and flexibility" in the public sector pension scheme.
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NewsSupervisors blast executive board at €945m Dutch scheme
NETHERLANDS – The internal supervisors of the €945m occupational pension fund for Dutch notaries (SNPF) has blasted the executive board's performance in 2009.
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NewsUK roundup: Hymans Robertson, Premier Foods, AJ Bell
UK – Hymans Robertson has outlined its proposals for a "once-in-a-generation opportunity" for reform to public sector pensions in submissions made to Lord Hutton’s pension review.
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News€1.7bn Dutch fund loses two-thirds of return to interest hedge
NETHERLANDS – The €1.7bn pension fund for the Dutch food products industry returned 14.4% on investments, but lost 9.6 percentage points due to a 115% hedge of the interest risk on its liabilities.
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Third of FTSE 100 companies neglecting pension risk, says LCP
UK – Nearly a third of FTSE 100 companies are paying “insufficient attention” to their pension risks, according to LCP, the company formerly known as Lane Clark & Peacock.
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News€4bn PWRI returns 8.2% with new investment strategy
NETHERLANDS – The €4bn Dutch pension fund PWRI has returned 8.2% on investments after it decided to set up a mandate along main themes, with a wide geographical spread of equity and fixed income investments.
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NewsAon warns on overfunding as UK DB schemes cut deficit by 25%
UK – The 200 largest defined benefit (DB) schemes cut their funding shortfall by £26bn between June and July, according to figures released by Aon Consulting.
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UK roundup: BA, the Pensions Regulator, Towers Watson, Mercer
UK – The Pensions Regulator has agreed to a recovery plan for British Airways’ (BA) two pension schemes in a move that makes a merger between the airline and Spanish carrier Iberia evermore likely.
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UK Roundup: BT, Islington
UK – BT yesterday announced a £1bn (€1.1bn) reduction in the BT Pension Scheme’s (BTPS) deficit, while also indicating it would fight a recent decision by Ofcom barring it from increasing wholesale prices to close the shortfall.
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NewsIBM makes €277m contribution to Dutch pension scheme
NETHERLANDS – The €2.9bn Dutch pension fund of IT giant IBM managed to keep its coverage ratio at 123.1% at year-end, mainly due to a €277m additional contribution from its sponsoring company.
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NewsInterest in UK debt rebounds following CPI-link announcement
UK – Interest in index-linked gilts returned this week, after the UK Debt Management Office successfully sold £6bn worth of bonds maturing in 2040.
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NewsUK roundup: default retirement, Local Government Pension Scheme
UK – The government today confirmed its plans to abolish the default retirement age, allowing workers to continue in their position beyond 65.
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NewsInterest rates hit coverage ratios at large Dutch schemes
NETHERLANDS – The €5.3bn pension fund of steelworks Hoogovens, as well as two of KLM's large pension schemes, saw their coverage ratios hit by dropping long-term interest rates in the second quarter.
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NewsRabobank pension scheme loses 3.1% due to coverage ratio hedge
NETHERLANDS – The €11.5bn pension fund of Rabobank returned 10.5% on investments, but ultimately lost 3.1% of its assets due to its extensive strategic hedge to protect its coverage ratio.
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Hard-hit Océ scheme narrowly avoids rights cut
NETHERLANDS – The €741m pension fund of copier manufacturer Océ narrowly avoided being the first Dutch scheme to reduce pension rights, thanks to an additional contribution from its sponsoring company.
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News€3bn Horeca fund to increase interest hedge
NETHERLANDS – The €3bn pension fund for the Dutch hotel and catering industry has decided to strategically target a 75% interest hedge on liabilities.
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NewsSwedish roundup: Swedbank, Handelsbanken, Länsförsäkringar
SWEDEN – Swedbank's income from premiums increased by 37% for the first half, amounting to SEK12.9bn (€1.4bn) compared with SEK9.4bn at the end of 2009.
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NewsSwiss roundup: Social ministry BSV, State Street index
SWITZERLAND – The Swiss social ministry BSV is tendering another survey into second-pillar costs, this time focusing on asset management fees.
