Funding – Page 158
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News
DAX pensions lose €13bn in 2008
[17:10 CEST 06-05] GERMANY – The pension schemes of companies listed on the German stock exchange index Dax remain well-funded over the long-term despite suffering a combined loss of €13bn last year, consulting firm Mercer has found.
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Danica Pension posts Q1 profit
[16:50 CEST 05-05] DENMARK - Danica Pension, the pensions arm of Danske Bank Group, managed to generate net income of DKK91m (€12.2m) in the first quarter of 2009, despite seeing a decline in total premiums paid.
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News
Basle City to plug pension hole
[16:45 CEST 05-05] SWITZERLAND – The CHF8.2bn (€5.4bn) pensionskasse for the Swiss canton of Basle City is to receive CHF1.38bn to ensure the pension scheme is fully-funded again.
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Irish managed funds find positive ground
[16:30 CEST 05-05] IRELAND – Irish managed funds posted a second consecutive month of positive returns with an average yield in April of 8.7%, according to Hewitt Associates.
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DSM scheme returned –18.8%
[15:00 CEST 05-05] NETHERLANDS - PDN, the €4.1bn pension fund of chemicals giant DSM, lost 18.8% on its investments last year, and fell short of its benchmark by 3%.
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News
Aon extends funding index to avoid FRS17 'distortion'
[15:00 CEST 01-05] UK – Financial reporting standards are "distorting" the level of pension scheme losses suffered in the financial crisis, effectively hiding around £120bn (€135bn) of losses Aon Consulting has warned.
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NewsBermuda insurer targets buy-ins with 'bridge' model
[13:30 CEST 01-05] UK/EUROPE – Bridge Pointe, a Bermuda-based insurance company, has confirmed its intention to enter the European buyout market and the UK in particular, where officials claim they could expand the market by up to £1bn (€1.12bn) in the next 18 months.
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NewsATP loses DKK2.4bn after negative SP result
[12:30 CEST 01-05] DENMARK – ATP Group has reported an overall loss of DKK2.4bn (€322m) in the first quarter, driven primarily by a 4.3% loss in the Special Pension Savings Scheme (SP).
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News
Solidarity fund loses 4.39% under PensPlan
[17:15 CEST 30-04] ITALY – The €258m solidarity fund, managed by PensPlan for the semi-autonomous Trentino Alto Adige region in northern Italy, returned -4.39% for 2008.
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NewsHewitt awarded PPF longevity risk role
[17:05 CEST 30-04] UK – The Pension Protection Fund (PPF) has appointed Hewitt to provide advice on the scheme's exposure to longevity risk.
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News
Hanafin criticised for 'rushing' DB changes
[17:20 CEST 29-04] IRELAND – Last-minute amendments to the Social Welfare Bill introducing measures to support members of defined benefit (DB) schemes, including a state annuity scheme, have been criticised by opposition political parties for being “rushed through” the Oireachtas.
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News
Gov't admits it will not leave RMPP fully funded
[17:25 CEST 29-04] UK – The UK government has confirmed it will take responsibility for around £29.5bn (€33.1bn) in pension liabilities of the Royal Mail Pension Plan (RMPP) and leave the scheme with "sufficient assets" to meet its remaining liabilities, though this will not be on a fully-funded basis.
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News
Whitbread sets out recovery plan for £388m deficit
[16:20 CEST 28-04] UK – Whitbread, the UK hospitality firm, has confirmed it is giving its pension fund £150m of its property assets as contingent assets after the latest valuation revealed a pension deficit of £388m (€435.2m) on an actuarial basis.
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News
Etera and Veritas Q1 losses stay below 2%
[16:10 CEST 28-04] FINLAND – Etera Mutual Pension Insurance Company and Veritas have reported their pension funds suffered small losses in the first quarter of 2009 of -1.4% and -1.3% respectively.
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News
Ukraine's pension deficit could reach €1.2bn
UKRAINE – Victor Yushchenko, president of the Ukraine, has warned of a growing deficit in the state pension system, which could reach UAH13bn (€1.26bn) by the end of this year.
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News
ESB deficit increases €600m in 2008
[17:00 CEST 27-04] IRELAND – The €2.4bn Electricity Supply Board (ESB) pension scheme has a deficit of almost €2bn following the collapse of investment markets in 2008.
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News
KLM adopts new landing position (amended)
[16:15 CEST 27-04] NETHERLANDS - The €3.9bn pension fund for KLM’s ground staff is acting like many other Dutch pension funds and anticipates it will only need to raise contributions to recover from its shortfall.
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News
Talking Point: Larger reserves needed?
The Dutch pensions regulator, De Nerderlandsche Bank, has suggested local pension funds may in future need to hold larger surplus reserves to ensure their liablities can be met. But is this an issue all pension funds should now be considering?
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News
Finnish self-employed are undersaving by a third
[16:30 CEST 24-04] FINLAND – A study suggests Finnish self-employed workers are not paying enough into their pension funds as the levels of self-employed persons pensions insurance (YEL) policies are about a third lower than actual annual income.
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News
Tesco fund gets £500m property as deficit exceeds £1bn
[16:15 CEST 24-04] UK – Tesco has revealed its pension deficit increased to £1.1bn (€1.2bn) by the end of February 2009, so the firm has pledged £500m of property to the scheme as contingent assets in a bid to improve its financial security.
