Funding – Page 157
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News
C&W reports £32m accounting deficit
[16:55 CEST 21-05] UK – Cable & Wireless has reported an accounting deficit in its main UK defined benefit (DB) pension fund of £32m (€36.5m), compared to a surplus of £375m a year earlier.
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BoI deficit almost doubles to €1.5bn
[16:55 CEST 20-05] IRELAND – The Bank of Ireland's defined benefit (DB) pension deficit has almost doubled over the last year to €1.48bn.
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NewsNorway-Global dropped 4.8% in Q1
[16:45 CEST 20-05] NORWAY – The Government Pension Fund – Global underperformed the benchmark by 0.35 percentage points in the first three months of 2009 with a quarterly return of -4.81%.
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News
Dairy Crest schemes slip into deficit
[17:05 CEST 19-05] UK/IRELAND – Dairy Crest has reported a £171m (€194m) decline in the combined value of its two defined benefit (DB) schemes, resulting in an aggregate deficit of £63.3m.
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M&S reports £152.2m IAS19 deficit
[16:55 CEST 19-05] UK – Marks & Spencer has revealed the value of its defined benefit (DB) pension scheme dropped by over £1bn to £3.98bn (€4.52bn) over the last year.
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Alliance Boots pension surplus slips to £188m
[17:10 CEST 18-05] UK – Alliance Boots has revealed a net retirement benefit surplus in its defined benefit schemes of £188m (€213m) at the end of March 2009, compared with £297m a year earlier.
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Norway global heads towards NOK 2.2trn
[17:10 CEST 18-05] NORWAY – The Government Pension Fund – Global has increased in value for the second consecutive month to reach just under NOK 2.2trn (€250bn) at the end of April 2009.
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News
NPRF could not 'justify' bank recapitalisation
[17:05 CEST 18-05] IRELAND – The National Pension Reserve Fund (NPRF) Commission has told the Ministry of Finance it could not "justify" investing €7bn to recapitalise two banks in relation to its investment remit, which resulted in legislation enabling the government to direct the Commission to make the investment.
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News
NTMA warned not to adopt hybrid scheme over levy
[16:55 CEST 18-05] IRELAND – The Committee for Public Accounts has criticised the potential introduction of a hybrid pension regime for Ireland's National Treasury Management Agency (NTMA)employees, as the scheme is a defined contribution (DC) scheme but will still require members to pay the DB-related public sector pension levy.
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News
Poland contributes cash as pensions rise
POLAND – Polish pension funds rose in value by 5.7% last month, following improved performance for the second consecutive month in a row along with fresh cash contributions from the government – the first to be made since 2003.
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News
Buy-in security 'helps credibility'
[17:15 CEST 15-05] UK – Over 90% of trustees and industry professionals believe insurance companies do not always need to offer additional security in pension-buy-in transactions, although it improves their credibility if they do so, Hewitt Associates has revealed.
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Croatian funds back in positive territory
CROATIA – Croatia’s four pension fund companies collectively lost 0.9% on investments in the first quarter, but data reveals they are back in positive territory now.
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News
Pensions Board grants DB schemes further reprieve
[16:40 CEST 14-05] IRELAND – The Pensions Board has further extended the deadline by which defined benefit (DB) schemes must file funding proposals for approval, following the introduction of new measures for DB schemes announced by the government last month.
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News
Swiss funds see long-term returns erased
[16:25 CEST 14-05] SWITZERLAND – Swiss Pensionskassen have now returned virtually nothing from their investments in the last eight years, Swisscanto found in its latest research.
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News
Provisum kept cover ratio afloat
[16:15 CEST 14-05] NETHERLANDS - Provisum, the €900m pension fund of retailer C&A, managed to sustain a cover ratio of over 120% by the end of last year, thanks mainly to its comfortable starting position.
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News
Royal Mail pension deficit nears £7bn
[16:00 CEST 14-05] UK – Royal Mail Group has revealed the deficit in its £20bn (€22.3bn) pension scheme has more than doubled over the year to £6.77bn at the end of March 2009.
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News
BT told to delay actuarial valuation results
[15:45 CEST 14-05] UK – The Pensions Regulator (TPR) has asked BT and trustees of the £29.3bn (€32.6bn) BT Pension Scheme (BTPS) not to finalise or disclose the results of the latest triennial valuation until TPR has completed discussions regarding the basis of the valuation.
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News
Slovak funds grow 0.5%
SLOVAKIA – The six pension fund companies managing mandatory funds for Slovakia’s second pillar posted a positive return for the first quarter of 2009.
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News
KPN to step up risk after 14.5% loss
[16:20 CEST 13-05] NETHERLANDS - The €3.6bn pension fund of telecoms provider KPN limited its loss in 2008 to 14.5% as a result of a 70%-hedge on its interest rate risk, but officials have plans to increase its alpha risk this year.
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News
Improved equity returns cut DB deficit by £50bn
[16:50 CEST 12-05] UK – The aggregate funding position of around 7,400 defined benefit (DB) pension schemes improved by more than £50bn in April, to a deficit of £188.5bn (€211bn) by the end of the month.
