Funding – Page 153
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News
UK DB deficit grows £20bn in June
[17:00 CEST 14-09] UK – The funding position of defined benefit (DB) schemes deteriorated in June for the first time since March, as the aggregate deficit of around 7,400 schemes increased by more than £20bn to £200.1bn (€233.3bn).
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Irish pensions paybill to hit €2bn in 2009
[16:55 CEST 14-09] IRELAND – The net cost of pensions to the Irish Exchequer increased by 56.5% between 2004 and 2009 to reach almost €2bn, figures from the department of finance have revealed.
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News
Pensions deficits grow to €1.7bn at Philips
[16:45 CEST 14-09] GLOBAL – Philips, the electronics manufacturer, has reported the deficit on its defined benefits pensions plans now stands at over €1.7bn globally as a result of negative market activity in the last six months.
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News
Swiss pensionskassen return 3.3% in H1
[15:45 CEST 14-09] SWITZERLAND – The last three months have proven to be very positive for the 100 Swiss Pensionskassen included in Credit Suisse's index.
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News
Barratt closes DB as deficit exceeds €100m
[17:35 CEST 13-07] UK - Barratt Developments, the UK housebuilder, has joined the ranks of companies ending their final salary pension schemes by announcing the closure of its defined benefit (DB) pension scheme to existing members from 1 July.
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News
Pension deficits may cause more dividend cuts
[17:35 CEST 13-07] UK – More companies could start cutting dividend payouts in an attempt to help fund pension deficits, although Towers Perrin has warned this would only be part of the solution.
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News
Austrian pensionskassen back on positive ground
[16:35 CEST 13-07] AUSTRIA – The second quarter brought a major shift into positive territory for Austrian pensionskassen with a return of 3.74%.
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NewsGerman bond exodus signals potential problems for euro-zone
[18:00 CEST 10-07] EUROPE - Renewed selling of German bonds could indicate more tough times for the euro-zone, according to Bank of New York Mellon.
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NewsUK PPF updates investment principles following insolvencies
[17:45 CEST 10-07] UK - The Pension Protection Fund (PPF) has updated its statement of investment principles (SIP) in response to the expected increase in its funds under management because of the surge in company failures.
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NewsIreland may be better off with first pillar
[16:55 CEST 10-07] IRELAND - The collapse in asset values of Irish pension funds has strengthened the arguments for pay-as-you-go (PAYG) financed pensions rather than funded ones, according to a senior finance lecturer at Dublin’s Trinity College.
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News
Schemes advised be 'wary' of new mortality models
[17:20 CEST 09-07] UK – Pension schemes have been warned to be ‘wary’ of moving towards longevity projections based on data from the wider UK population rather than occupational scheme data, following the publication of the rationale behind a prototype mortality model.
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NewsSwiss canton fund raises contributions
[17:10 CEST 09-07] SWITZERLAND – The CHF1.5bn (€1bn) Schaffhausen Pensionskasse is battling a 10.5 percentage point drop in its funding level.
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NewsCredit crisis 'could cause PPF cuts'
[17:00 CEST 09-07] UK – One potential consequence of a prolonged credit crisis is that the Pension Protection Fund (PPF) could be forced to cut the level of compensation paid to beneficiaries in order to survive, Barnett Waddingham has claimed.
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News
Norway prepares review of active management
[16:55 CEST 07-07] NORWAY – The Norwegian ministry of finance is seeking a consultant to prepare a report which will then feed into the government’s evaluation of the active investment management of the NOK 2.3trn (€254.9bn) Norwegian Government Pension Fund – Global.
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NewsSuffolk No.1 fund deficit nears £700m
[16:45 CEST 07-07] UK – The deficit of Suffolk County Council's main pension fund has more than quadrupled over the past two years to £690m (€800.8m).
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NewsAhold scheme saw cover ratio fall 40%
[16:45 CEST 07-07] NETHERLANDS - The €1.8bn pension fund of retailer Ahold saw its cover ratio drop by 68 percentage points to 102% last year, through falling equity markets combined with decreasing long-term interest rates.
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NewsBBC pension fund drops £1.6bn
[17:15 CEST 06-07] UK – The value of the BBC Pension scheme dropped £1.6bn (€1.86bn) to £6.5bn at the end of March 2009.
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News
ABN Amro limited losses through rebalancing
[16:00 CEST 06-07] NETHERLANDS - The €8.8bn pension fund of ABN Amro managed to limit its losses to 1.6% in 2008 thanks to the introduction of ‘dynamic rebalancing policy’.
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NewsNorth Yorks funding level drops to 35%
[15:00 CEST 06-07] UK – North Yorkshire Pension Fund saw its funding level drop to 35% in March 2009 compared with 68.8% two years earlier.
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News
Irish investment strategy 'too risky'
[14:15 CEST 06-07] IRELAND – The investment strategy of many Irish pension funds was "too risky" and is why around 90% of schemes failed to meet the funding standard last year, the Pensions Board has claimed, and why some are unable to meet liabilities of existing pensioners if the scheme ...
