Funding – Page 161
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News
ERAFP award global equity and eurobond mandates
[16:50 CEST 16-04] FRANCE – ERAFP, the French civil service supplementary pension scheme, has awarded five new asset management mandates as part of a €2.4bn diversification strategy.
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News
Alderney pensions deficit doubles
[16:15 CEST 16-04] UK – The States of Alderney, part of the British Channel Islands, has reported the deficit in its staff pension scheme had doubled by the end of 2008 as a result of the economic downturn.
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News
Negative Q1 for Swiss pension funds
[17:10 CEST 15-04] SWITZERLAND – Swiss pensionskassen returned -1.5% in the first quarter, according to the latest calculations by Credit Suisse.
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News
Russia moves on reforms as Ukraine seals IMF loan
UKRAINE – Dmitry Medvedev, president of Russia, has confirmed draft laws to change the country's pension system onto an insurance basis are being finalised, while Ukraine has implemented anti-crisis measures, including balancing of the state pension fund, to secure continued IMF funding.
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News
DB deficit hits £242bn despite changes to data
[17:15 CEST 14-04] UK – Updated scheme valuations have improved the estimated funding position of defined benefit (DB) schemes in the Pension Protection Fund's (PPF) 'eligible universe' by around £15bn (€16.9bn), though the reality is deficits have widened further.
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News
DNB pension ups fixed income allocation
[14:30 CEST 14-04] NETHERLANDS - The €880m pension fund of pensions regulator De Nederlandsche Bank has downgraded its investment risks by divesting equity in favour of fixed income investments.
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News
Shell reduces equities to meet recovery plan
[14:00 CEST 14-04] NETHERLANDS – The Dutch pension fund of Royal Dutch Shell Group is hoping to return its funding ratio to the minimum statutory level of 105% by October 2011, through a series of changes including alterations to its asset allocation.
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News
Unions agree to AUA contribution cut
[17:15 CEST 09-04] AUSTRIA – Employee representatives of onboard staff at Austrian Airlines Group (AUA) have consented to a 75% cut in company contributions to their pension fund for one year.
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NewsAviva ends non-contributory part of DC scheme
[17:05 CEST 09-04] UK – Aviva has confirmed members of its UK defined contribution (DC) scheme will have to start paying a minimum of 1% from July, rising to 2% in April 2010.
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NewsNPRF falls to €15.5bn as Q1 returns -6.7%
[17:00 CEST 09-04] IRELAND – The National Pension Reserve Fund (NPRF) has posted a return of -6.7% for the first quarter of 2009, and figures show almost a quarter of the fund's assets are now invested under the direction of the Minister of Finance as part of the bank recapitalisation ...
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News
Maltese reforms cut 2006 liabilities by €1.6bn
MALTA – Pension reforms introduced in 2006 to raise the state pension age from 61 to 65 between 2014 and 2023 have reduced pension liabilities by €1.6bn, according to figures from the National Statistics Office (NSO).
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News
Quantitative easing has 'distorted' pension liabilities
[17:00 CEST 09-04] UK – The Bank of England’s policy of quantitative easing has indirectly increased the pension scheme deficits of FTSE 100 companies as the price of gilts “soared to their highest level in 20 years”, Deloitte has claimed.
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News
Companies need pension guarantees – VFPK
[17:10 CEST 08-04] GERMANY – Pensionskassen in Germany have survived the second major crisis since their implementation but Peter Hadasch, chairman of the association of company Pensionskassen VFPK, believes there is scope for further growth.
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NewsIreland takes uni pensions to boost treasury coffers
[17:00 CEST 08-04] IRELAND – The government has confirmed the assets and liabilities of certain university pension funds and non-commercial state agencies will be transferred to the Exchequer to improve the General Government Balance (GGB) of Ireland.
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NewsAon UK cuts contributions in favour of matching
[16:50 CEST 08-04] UK – Aon UK has confirmed it is reducing the standard rate of employer contributions to its money purchase pension scheme, but will match additional employee contributions up to set levels.
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NewsUnions to sue gov't over Waterford pension collapse
[14:00 CEST 08-04] IRELAND – Trade unions are preparing to take legal action against the Irish government for failing to protect the pension benefits of employees in insolvent companies, as the Waterford Crystal pension schemes are now being wound-up with a deficit of €110m.
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News
Employers warned over cost of deferred DC
[17:20 CEST 07-04] UK – Employers need to address the extra costs associated with administering defined contribution (DC) schemes for deferred members, as large firms could be spending more than £500,000 on ex-employees, Towers Perrin has warned.
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NewsSwiss funding levels deteriorate in three months
[16:00 CEST 07-04] SWITZERLAND – Six out of 10 second pillar Swiss pension funds are now underfunded, and at least a third have less than 90% of the assets to meet their funding requirements.
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NewsAIB faces further talks over €1bn deficit
[17:15 CEST 06-04] IRELAND – Negotiations between AIB and the Irish Bank Officials Association (IBOA) may be referred to the Labour Relations Commission (LRC), as AIB has proposed changes to its defined benefit (DB) scheme saw to help tackle a pension deficit exceeding €1bn.
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News
Fully-hedged liabilities double for FTSE pensions
[16:25 CEST 06-04] UK – The true value of the estimated UK pension fund deficit for the top 100 listed companies would have almost doubled over the course of the year to £245bn (€270bn) had all liabilities been hedged, suggest figures from consulting firm Redington Partners.
