Funding – Page 157
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NewsCBI calls for 'smoothing' in pension valuations
[16:50 CEST 26-05] UK – The Confederation of British Industry (CBI) has claimed pure marked-to-market valuations "doesn't work for pensions schemes" and an "element of smoothing" should be introduced to protect balance sheets from extreme volatility.
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NewsDC assets see second month of growth
[14:45 CEST 26-05] UK – Defined contribution (DC) pension assets have grown for the second consecutive month to reach a combined total of £418m (€477bn), according to Aon Consulting,
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NewsBA's pension deficits hits £1.46bn
[17:15 CEST 22-05] UK – The aggregate accounting position of British Airways' (BA) two UK defined benefit (DB) schemes worsened by almost £1.2bn (€1.37bn) in the last financial year, to approximately £1.46bn.
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Ageing impact requires further fiscal 'squeeze'
[17:15 CEST 22-05] UK – Existing plans by the government for fiscal tightening of 6.3% of GDP, or £90bn, over the next few years, to return the current budget to balance by 2017/18, is not sufficient to counter the costs of an ageing population, PricewaterhouseCooper (PwC) has warned.
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Country-specific risk changes could lower funding - LCP
[17:00 CEST 22-05] GLOBAL – Companies with pension arrangements in several countries have been advised by Lane, Clark & Peacock to consider potential changes to funding levels and terms at local schemes based on the overall benefit it will bring to the company, and look at shifting from one country to another if it will lower the overall risk pressures.
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Public sector reform to boost Romanian pensions
ROMANIA – Second pillar pensions funds in Romania could see a significant boost to membership in the coming years, according to pension experts, as the government is introducing reforms to cut its budget deficit which include reducing the non-contributory pensions for some public sector workers.
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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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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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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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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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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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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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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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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.
