Funding – Page 131
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NewsHigh interest hedge slows coverage recovery on €1.7bn Delta Lloyd fund
NETHERLANDS – The €1.7bn pension fund of insurer Delta Lloyd attributed its slowly improving coverage ratio to its 90% hedge of the interest risk on its liabilities.
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NewsGerman dentist fund goes into indirect real estate, mulls private equity
GERMANY – The €2.1bn pension fund for the dentists of the west-German region of Westfalen-Lippe is pulling out of direct real estate and looking to diversify its alternative investments.
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NewsNew longevity model could entail 2% provision increase, Hewitt warns
NETHERLANDS – The average Dutch pension fund will have to make an additional 2% financial provision if the Actuarial Society (AG) endorses a new longevity model currently in development, Hewitt Associates has warned.
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NewsSara Lee pension scheme still rebalancing assets
NETHERLANDS – The €1.1bn Dutch pension fund of consumers goods company Sara Lee is still gradually rebalancing its asset allocation, after its 40% strategic return portfolio decreased to 26% at the end of 2008.
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Swedish roundup: SPP, Storebrand, SEB
SWEDEN – Swedish insurer SPP lost SEK206m (€21.7m) in the second quarter, while SPP’s parent, Storebrand, lost NOK39m (€4.8m). Meanwhile, operating profit at SEB Trygg Liv came to SEK349m over the same period.
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NewsDutch scheme slashes unconditional indexation by 20%
NETHERLANDS – The €1.8bn occupational pension plan for physiotherapists, Stichting Pensioenfonds voor Fysiotherapeuten (SPF), has slashed its unconditional indexation by 20% to raise its coverage ratio.
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NewsIreland's €24.1bn NPRF revamps asset allocation
IRELAND – The €24.1bn National Pensions Reserve Fund (NPRF) has revised its long-term investment strategy, as circumstances have "changed materially" since the previous target asset allocation was set years ago.
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European roundup: Alitalia, Hewitt, EFAMA
EUROPE – Alitalia has announced detals of a buy-in by the Pension Insurance Corporation (PIC), while Hewitt said funding ratios in both the UK and mainland Europe had fallen sharply over the last quarter, and The European Fund and Asset Management Association (EFAMA) announced UCITS had seen strong net outflows in May.
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NewsDutch pension fund ABP returns 4.6%, sees coverage fall to 95%
NETHERLANDS – The €218bn civil service scheme ABP returned 4.6% on investments during the first six months of 2010, but saw its coverage ratio drop to 95% in the same period.
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NewsNestlé PK chief criticises German stress tests, plans EM diversification
GERMANY – Short-term regulatory demands are leading pension funds into damaging cyclical behaviour, according to Peter Hadasch, head of the €780.6m corporate Pensionskasse for Nestlé Germany.
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NewsFunding deficit for UK DB schemes jumps to £21.8bn
UK – Funding for final salary pension schemes took a turn for the worse last month, according to the Pension Protection Fund (PPF).
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NewsDutch pension fund PMT postpones 'risky' investments
NETHERLANDS – PMT, the pension fund for metalworkers and mechanical engineers, has postponed new investment in relatively risky and less liquid asset classes such as private equity, international property and infrastructure.
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NewsDutch pension fund SBZ transfers administration to Syntrus Achmea
NETHERLANDS – SBZ has begun the two-year process of transferring its in-house administration and board support to pension provider Syntrus Achmea.
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NewsCredit Suisse Swiss Pension Fund index falls sharply
SWITZERLAND – The Credit Suisse Swiss Pension Fund index fell by 2.4% in the second quarter, bringing its overall performance for the first half of the year to -0.06%.
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NewsIcelandic pension funds recover from financial crisis, says OECD
GLOBAL – Pension funds reported strong returns last year, with Icelandic funds recovering all losses made during 2008, according to a report by the Organisation for Economic Co-operation and Development (OECD).
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BT trustees seek clarity on 'crown guarantee' in court case
UK – BT’s pension trustees will launch a court action this week to determine the extent of the company’s ‘crown guarantee’.
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NewsDAX30 companies amass €2bn pension reserves for former directors
GERMANY – Former directors cost DAX30 companies an average of €7m in pension reserve payments annually, figures from the Hans-Böckler-Stiftung have shown.
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NewsNedlloyd pension fund blames alternatives misery on Madoff scandal
NETHERLANDS – The €1.2bn pension fund of Dutch shipping company Nedlloyd has attributed the 15% underperformance of its alternatives investments to fraudster Bernard Madoff.
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NewsSwitching UK pension indexation to CPI may add complexity, experts warn
UK – Government plans to change the indexation of private sector defined benefit (DB) occupational pensions from Retail Price Inflation (RPI) to Consumer Price Inflation (CPI) in line with changes to public sector pensions could cause even more complexity to pensions.
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UK Pensions Regulator issues FSD against Nortel for £2.1bn deficit
UK – The UK Pensions Regulator (TPR) has confirmed it has issued a Financial Support Direction (FSD) against 25 companies in the Nortel Group in Canada, the US, the UK and Europe, requiring them to provide support to the UK pension scheme to cover a £2.1bn (€2.5bn) deficit.
