Funding – Page 155
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NewsPfZW recovers to 100%
[16:15 CEST 18-06] NETHERLANDS – Pensioenfonds Zorg en Welzijn, the industry-wide pension fund for the healthcare industry, saw its cover ratio rise back up to 100% by the end of May and its assets climb to €74.4bn.
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NewsMembers at 20 schemes could face benefit cuts - DNB
[15:00 CEST 18-06] NETHERLANDS - Approximately 20 pension funds will have to cut their benefits unless their proposed recovery measures generate sufficient improvement to their financial positions next year, the pensions regulator De Nederlandsche Bank has warned
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NewsIreland cuts former ministers' pensions by 25%
[17:20 CEST 17-06] IRELAND – The government has confirmed former ministers still serving as members of parliament (TDs) and currently in receipt of a ministerial pension will see their benefits cut by 25%.
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Norway-Global passes NOK2.3trn in May
[17:20 CEST 17-06] NORWAY – The value of the Norwegian Government Pension Fund – Global has increased for the third consecutive month to reach NOK 2.308trn (€258.9bn).
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Consultancy fears pension 'catastrophe'
[17:20 CEST 16-06] GERMANY – Underestimating the long-term effects of the recent financial crisis on pension schemes and measures to counteract it could lead to a “catastrophe” in the second pillar, German consultancy Longial has suggested.
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Pension costs deter private sector bids
[17:05 CEST 16-06] UK – The government needs to “level the playing field” and stop private sector companies having to pay up to three times as much in pension costs than the public sector following staff transfers, the Confederation of British Industry (CBI) has warned.
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NewsMEPs launch legal challenge over reforms
[17:10 CEST 16-06] EUROPE – Members of the ABSL voluntary pension fund for Members of the European Parliament (MEPs) have launched a legal action against the European Parliament over changes to the pension scheme.
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Management at state firms 'should switch to DC' - Finnish report
[17:00 CEST 16-06] FINLAND – An independent working group established to review remuneration and pensions at Finnish state-owned companies has recommended that all existing schemes should be replaced with defined contribution (DC) pensions.
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Latvia to tackle budget deficit with pension cuts
LATVIA – The Latvian government is planning to reduce its budget deficit for 2009 by LVL500m (€714.3m) but intends to do so, among other routes, through a major cut in pension payouts.
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News'Prudent' pension accounting adds £40bn
[17:10 CEST 15-06] UK – The voluntary adoption of prudent accounting assumptions when calculating pension liabilities has already added an additional £40bn (€47bn) onto UK company balance sheets, and future changes to accounting rules could impact companies by a further £70bn, KPMG has warned.
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NewsIreland unveils uni pension transfer details
[17:05 CEST 15-06] IRELAND – A government Bill outlining provisions for the transfer of assets from 14 university and state body pension schemes to the National Pension Reserve Fund (NPRF) has confirmed the value of the assets will offset government contributions to the fund.
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NewsStrathclyde deficit hits £2.6bn
[17:15 CEST 12-06] UK – Strathclyde Pension Fund is moving forward with changes to its investment strategy, with the appointment of two absolute return bond managers and a tender search for a transition manager, as its deficit hits £2.6bn (€3.04bn).
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NewsScots gov't to pay for backdated police pensions
[17:15 CEST 12-06] UK – The Scottish government has confirmed it will pay an additional £20m (€23.4m) to fund the cost of backdating police pension commutation arrangements to 1 December 2006 following the results of a judicial review.
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NewsGermany's PSV levy could quadruple
[17:05 CEST 12-06] GERMANY – German employers with book reserve pension schemes could face a fourfold increase in the levy they pay into the pension protection association (PSV) next year, IPE has learnt.
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Merseyside drops 17.7% in 2008-09
[16:55 CEST 12-06] UK – The Merseyside Pension Fund posted an annual return of -17.7% for the year ending March 2009, equivalent to a decline of £800m (€938m).
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Public sector liabilities hit £1.1trn
[17:20 CEST 11-06] UK – Unfunded public sector pension liabilities have reached £1.1trn (€1.29trn), according to research by the Policy Exchange, leading to calls for the arrangements to be switched to a funded basis through the creation of a new public sector pension body.
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Romanian second pillar back on schedule
ROMANIA – The IMF has agreed a financial aid package with Romania which will ensure, that the country can return to its original schedule for changes to second pillar contributions and in turn will put in place reforms.
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Northern Rock deficit revised to £60m
[17:05 CEST 11-06] UK – Trustees of the Northern Rock Pension Scheme have revised the estimated deficit in the plan down from £100m to £60m (€71m) following a provisional funding agreement with the government, subject to review later in the year.
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SSRB consults on future of MP pensions
[16:10 CEST 10-06] UK – The Senior Salaries Review Board (SSRB) has issued a consultation to gather feedback on the future of the Parliamentary Contributory Pension Fund (PCPF), which includes proposals for reducing costs and the possibility of switching to a different pension arrangement.
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DB deficit sees £9bn improvement in May
[17:10 CEST 09-06] UK – The aggregate funding position of around 7,400 defined benefit (DB) schemes has improved by just over £9bn to a deficit of £179.3bn, according to the Pension Protection Fund (PPF).
