Funding – Page 140
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NewsLife expectancy reduces PfZW indexation
[15:30 CET 04-01] NETHERLANDS – PfZW, the €84bn Dutch industry-wide pension scheme for healthcare workers, has granted its two million participants part indexation of 0.72% - lower than in previous years as officials at the pension fund anticipate life expectancy will rise in the future.
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NewsKLM scheme to grant 2.5% indexation
[15:15 CET 23-12] NETHERLANDS - The €5bn pension fund for KLM flight staff will grant all its participants a full indexation of 2.5%, following the relevant salary index.
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Usual suspects top list of nations needing pension reform
[12:00 CET 22-12] EUROPE – Greece, Slovenia and Spain have topped a list compiled by Allianz Global Investors (AGI) of the most unsustainable pensions systems in Europe.
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UK roundup: ONS and Public Sector Pensions Commission
[14:00 CET 21-12] UK – The net investment of self-administered pension funds fell by £7.9bn (€8.9bn) in the third quarter of 2009 to total just £2.8bn, the Office of National Statistics has revealed.
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Ten confirmed to join Swiss Ascoop fund
[16:50 CET 18-12] SWITZERLAND – The Ascoop spin-off fund to be created next year will be named Symova and will initially see 10 companies join it.
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Norwegian pension funds declined 4.4% in 2008
[16:40 CET 18-12] NORWAY – Norwegian pension funds had a combined deficit of NOK4.7bn (€560m) in 2008, according to latest figures from Statistics Norway.
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NewsDutch railways scheme keeps recovery on track
[16:15 CET 18-12] NETHERLANDS - The €10.3bn railways scheme SPF will grant its participants full indexation of 2.07% from the beginning next year, but the metal workers’ scheme PMT has failed to recover enough to consider it.
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Housing fund SPW returned 8% in Q3
[16:55 CET 17-12] NETHERLANDS - The €4.8bn pension fund for housing corporation SPW saw its cover ratio rise by 6.5 percentage points to 103.4% in the third quarter of this year, thanks to an 8% return on investments.
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Cadbury completes £500m buy-in with PIC
[16:15 CET 16-12] UK - Trustees of the £2bn (€2.2bn) Cadbury Pension Fund have agreed a buy-in for around £500m of their pensioner liabilities with Pension Insurance Corporation (PIC).
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Berkshire completes first LGPS longevity deal
[16:15 CET 15-12] UK – The Royal Borough of Windsor and Maidenhead (RBWM) has completed the first longevity hedging deal for a local government pension scheme (LGPS).
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Norway Global hits NOK 2.6trn in November
[15:45 CET 15-12] NORWAY – The value of investments in the Norway Government Pension Fund – Global increased to NOK2.6trn (€305.6bn) by the end of November after a brief dip in value the previous month.
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Solvency thaw lifts returns for Finnish pensions
[16:15 CET 14-12] FINLAND - The solvency levels of Finnish pension insurance companies were significantly boosted in the third quarter of this year as a result of improved investment returns, much like those enjoyed among pension funds across Europe.
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BA deficit exceeds €4bn as trustee chair steps down
[16:00 CET 14-12] UK – British Airways has announced it has a combined pensions deficit of £3.7bn (€4.1bn) in its two defined benefit (DB) schemes, but it has at least reached a provisional agreement with trustees over its actuarial calculations.
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Ofgem goes ahead with 15yr DB funding period
[16:15 CET 11-12] UK – Ofgem, the UK energy regulator, is to continue with plans to apply a 15-year optional funding period across all energy companies, in a bid to recover the cost of pension deficits from customers.
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Icelandic pensions establish private equity fund
[16:10 CET 11-12] ICELAND – Sixteen Icelandic pension funds have co-founded the Icelandic Investment Fund (Framtakssjóður Íslands), which is designed to invest in domestic companies that have suffered in the financial crisis but which show potential.
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Strong gains allow Industriens to pay 6%
[16:00 CET 11-12] DENMARK - Industriens Pension is boosting the account dividend it pays scheme members to 6% next year, as a result of the high returns it made on shares and corporate bonds this year.
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German association fears contribution drop
[16:00 CET 10-12] GERMANY – The VFPK, the German association of company Pensionskassen, has warned that a government move to introduce tax advantages for employers offering shares as part of salary entitlement could divert money from occupational pension schemes.
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UK public sector pension cap is 'scam' - Ros Altmann
UK – Expected savings of around £1bn (€1.1bn) a year on public sector pensions, following the introduction of a cap on taxpayer contributions, is a “scam” according to a pensions expert.
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Irish public sector turns to career average scheme
[14:00 CET 10-12] IRELAND – A new career average pension scheme is being introduced for new entrants to the public sector workforce from next year, in an effort to cut the government pay and pensions bill.
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UK employee contributions outstrip employers
[17:05 CET 09-12] UK – Employee contributions to funded pension schemes reached £42.5bn in 2008, overtaking the rate of employer contributions for the first time in six years.
