Funding – Page 129
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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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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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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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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.
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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.
