Funding – Page 159
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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.
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News
DNB says larger pension reserves needed
[16:00 CEST 24-04] NETHERLANDS – Dutch pension funds may need to set aside more of their returns and hold larger financial buffers to protect against potential future setbacks, officials at the pension regulator,De Nederlandsche Bank, have suggested.
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News
Interest rate hedge doubles PME’s loss
[15:00 CEST 24-04] NETHERLANDS – PME, the industry-wide pension fund for Dutch metalworkers electricians, saw its assets under management fall by 1.4% in the first three months of this year as an earlier move to protect the fund against falling interest rates instead damaged its returns.
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News
Irish gov't urged to extend Pension Board powers
[14:30 CEST 24-04] IRELAND – The Pensions Board should have similar powers to the UK Pensions Regulator allowing it to force solvent companies to address pension deficits before the firm is sold, the Services, Industrial, Professional and Technical Union (SIPTU) has claimed.
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News
Bulk of Swiss schemes now underfunded
[14:00 CEST 24-04] SWITZERLAND – The number of underfunded Swiss Pensionskassen has increased considerably in the first quarter with 74,3% now being below the full funding level.
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News
Positive Q1 boosts Varma value
[13:30 CESt 24-04] FINLAND – Varma Mutual Pension Insurance company has reported a positive first quarter performance of 0.3%, although its rival Eläke-Fennia produced a slightly poorer result of -0.2%.
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News
MEP reforms approved as EP votes against extra contributions
[16:30 CEST 23-04] EUROPE – Reforms to the voluntary pension fund for members of the European Parliament (MEPs) should allow the scheme to continue to pay benefits "for as long as necessary", and without the need for taxpayers to cover the actuarial deficit of €120m.
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News
Equity bounce limited PfZW and PMT falls
[16:15 CEST 23-04] NETHERLANDS – PfZW and PMT, the giant industry-wide pension funds for healthcare and metal industry workers, suffered losses of over 4% in the first quarter of this year, despite a slight recovery in equity markets last month.
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News
AP1 revises ownership policy over gov't guidelines
[15:45 CEST 23-04] SWEDEN - Första AP-fonden (AP1) is planning to abstain from voting on remuneration issues for senior executives of companies it is invested in, until a decision on a revised ownership policy has been made following new government guidelines.
