Funding – Page 136
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News
Harbour workers accept settlement in Optas pensions dispute
NETHERLANDS - The representative body of Dutch harbour workers (SBPVH) said it has settled its financial dispute with the Optas Foundation concerning the ownership rights to a harbour pension plan.
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NewsIlmarinen sets a trend for positive returns in Q1
FINLAND – The start of this investment year has continued with the same positive spirit as 2009 for Finnish pension insurer Ilmarinen, as it returned 5% in the first three months of the year.
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NewsLPFA says proposed LGPS Commission would not take on investment strategy
UK – Local authorities could retain control over investment policy but would need to adopt standard guidance on valuation assumptions, under proposals for an independent commission for local government pensions put forward by the London Pension Fund Authority (LPFA).
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NewsIrish DB trustees handed funding deadline reprieve
IRELAND – Trustees of defined benefit (DB) schemes have been given an extra five months to file funding proposals and applications to reduce benefits to enable them to take into account recent regulatory changes including the ability to raise retirement ages with immediate effect.
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NewsIcelandic schemes to learn from financial crisis
ICELAND – Stricter demands on brokers and asset managers and increased involvement in shareholder meetings are among the recommendations for pension funds put forward by an IPFA committee investigating lessons learned from the financial crash.
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Swiss funds returned over 2.3% in Q1
SWITZERLAND – Preliminary calculations by Credit Suisse suggest Swiss pension funds delivered a 2.32% return in the first quarter and surprising asset allocation revelations while Swisscanto's research could show there has been a significant funding level increase.
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News
FTK parameters could cost extra 50% in contributions - VB and OPF
NETHERLANDS - The new parameters for the financial assessment framework FTK, as proposed by social affairs’ minister Piet Hein Donner, could require a 50% rise in contributions, the pensions bodies VB and OPF have claimed.
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Austrian funds return 3% in Q1
AUSTRIA – Austrian Pensionskassen could be heading for a good annual result, the pension fund association FVPK has suggested, as the funds returned an average 3% on investments in the first quarter of this year.
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Housing pension SPW gained 13.8% in 2009
NETHERLANDS - The €5bn pension fund for the housing corporations (SPW) has returned 13.8% on investments last year, its preliminary figures suggested.
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News
Shell's Dutch pension plan makes spectacular recovery
NETHERLANDS - The Dutch pension fund of energy giant Shell pulled back a major recovery on its investments last year and delivered a 26% return on assets.
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News
UK DB schemes hit first surplus since 2008
UK – The volatility of pension fund accounting showed itself strongly again last month. But the news is positive for the first time since June 2008 as the aggregated funding level of UK defined benefit funds hit a £300m (€340.4m) surplus in March.
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News
Alternatives to play a greater role in AP1 strategy
SWEDEN – Swedish pension buffer AP1 is planning to allocate more of its assets to alternatives as part of its long-term reforms, even though this asset class generated a negative return in 2009.
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Bank of Ireland changes may cut deficit by 50%
IRELAND – The Bank of Ireland has proposed changes to its defined benefit (DB) scheme that it claims could halve the €1.6bn accounting deficit in the scheme.
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UK roundup: PPF chair, C&W Worldwide, Paternoster
UK – The Pension Protection Fund (PPF) has appointed a new chairman, while the pension fund of Cable & Wireless Worldwide has awarded Eversheds a legal services contract and Paternoster has reported improved capital reserves.
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News
Swedish roundup: Kåpan Pensioner, AI Pension, Survey on Swedish pensions interest
SWEDEN – Kapan Pensioner recovered its investments to deliver a double-digit positive return in 2009, having lost over 15% in 2008. Its rival AI Pension followed close behind with an 11% gain. And a Swedish survey has revealed over half of the population care about their pensions.
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News
UK roundup: BA, Lincolnshire, West Sussex, the AA
UK – British Airways (BA) and Iberia have signed a merger agreement subject to BA and the trustees agreeing a "satisfactory" deficit recovery plan. Meanwhile Lincolnshire County Council has appointed global equity managers and West Sussex has awarded a global custody mandate.
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News
Latvia admits second pillar contributions too high
LATVIA – Contributions to the Latvian mandatory second pillar will remain at 2% for 2010 and then increase to 4% next year, reaching 6% in 2012.
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News
Investment returns improve Finnish pension solvency levels
FINLAND - Finnish pension insurance companies improved their solvency levels in 2009 as a result of good investment returns that were boosted by equities.
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News
Irish managed funds edge towards 6% in Q1
IRELAND - Irish managed pension funds returned an average of 5.8% in March, to produce an overall first quarter return of 5.9% on investments.
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News
CBI calls for Swedish-style shift on UK public sector pensions
UK - Public sector pensions in the UK have become "unsustainable", with an estimated unfunded liability of £1.01trn (€1.14trn), according to the UK Confederation of British Industry (CBI). But one solution proposed is a move to a Notional Defined Contribution (NDC) system similar to one applied in Sweden.
