Funding – Page 167
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News
EDHEC sees banking solution in Solvency II-type funding
[16:30 CET 29-01] EUROPE – Applying Solvency II flexible funding rules to banks would have substantially reduced the need for recent government monetary support to the sector, academics from French business school EDHEC have claimed.
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L&G wins buy-in as new AUM drops 39%
[16:00 CET 29-01] UK – The Press Association Pension Fund has completed a £60m (€65m) 'buy-in' of its pensioner liabilities with Legal & General (L&G) at the same time as the insurer revealed its gross new funds under management dropped 39% to £33.1bn in 2008.
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€72bn evaporated from Dutch big four in 2008
[15:45 CET 29-01] NETHERLANDS – The four largest pension funds in the Netherlands, ABP, PFZW, PMT and PME, have seen their assets drop by €71.6bn as a results of the credit crunch.
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Pension funds set to receive €500m in Dutch tax rebates
[16:20 CET 28-01] NETHERLANDS/UK – The Dutch tax office will have to refund up €500m to pension funds after a legal challenge by the UK’s £9.24bn (€10.3bn) Strathclyde pension fund.
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State fund to boost economy through corporate debt
[16:20 CET 28-01] FINLAND – The ministry of finance is to allow the State Pension Fund VER to purchase commercial paper in “significant and solid Finnish companies” as part of a series of proposals to help boost the Finnish financial markets.
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Scheme costs drop 4.7% as buyouts increase
[16:10 CET 28-01] UK – Pension scheme expenditure on pension benefits fell by 4.7% in 2007, the first significant decrease since 1984, and a move which the Office of National Statistics (ONS) attributes to an increase in pension buyouts.
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Last-minute gains fail to recover Polish funds
POLAND – After reporting the worst month since inception of the system, Polish pension funds managed to return 3.6% in November and December 2008.
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AUA mulls flight from pensions payment
[16:45 CET 27-01] AUSTRIA – The Austrian airlines group AUA is considering halting payments to the Pensionskasse in a bid to save money.
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One in four plans up mortality assumptions
[16:30 CET 27-01] UK – More than a quarter of UK pension schemes are planning to switch to a long cohort mortality projection for their mortality assumptions, potentially increasing life expectancy by almost two years, suggests research from Mercer.
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Dutch KPN pledges €120m for pensions
[15:30 CET 27-01] NETHERLANDS – The Dutch telecoms giant KPN today said the cover ratio of its €430m pension fund dropped to 94% at the end of last year, requiring the corporation to inject around €120m into its fund over the course of this year.
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Pensioner-only focus to drive 2009 buyouts
[15:15 CET 27-01] UK – The buyout market in 2009 is expected to rise by another £8bn (€8.55bn), similar to 2008, though the focus is likely to be on pensioner-only transactions, according to Lane Clark and Peacock (LCP).
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Risk not rewarded in the medium-term
[15:00 CET 27-01] SWITZERLAND – Risk in Pensionskassen portfolios has not been rewarded over a longer period, Credit Suisse has claimed, while State Street has calculated pensionskassen saw an average 2008 return of -16.83%.
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News
Talking Point: The future of DB schemes
TALKING POINT – Research from the National Association of Pension Funds (NAPF) - suggesting 52%, or 1,000, open defined benefit (DB) schemes could close as a result of the impact of the economic crisis - has raised a debate on whether DB schemes can be saved.
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News
German DB losses lessened by bond rates
[16:00 CET 26-01] GERMANY – German companies saw their pension plans’ assets decline considerably over the last year but a rise in interest rates in the last quarter also helped reduce liabilities, according to a study by consultancy Rauser Towers Perrin (RTP).
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More time needed for Dutch recovery
[15:30 CET 26-01] NETHERLANDS – The Dutch employer organisation for the metal industry and union CNV have today argued pension funds need more time to recover from the global economic downturn than the current regulated timeframe.
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News
KPA Pension returns 7% in 2008
[15:15 CET 26-01] SWEDEN – KPA Pension, the SEK50bn (€4.8bn) Swedish public-sector pension company, returned 7% on its investments in 2008, despite the global economic downturn, IPE has learnt.
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News
Risk-free rates add £160bn to UK deficits
[16:10 CET 23-01] UK – A move to a risk-free rate of accounting as proposed by the UK accounting standards board (ASB) would add over £160bn (€170bn) to UK deficits of the Aon200 companies alone, Aon’s Marcus Hurd has warned.
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News
DNB prefers gradual recovery to claims cut - Hewitt
[16:00 CET 23-01] NETHERLANDS – The pensions regulator De Nederlandsche Bank would prefer pension funds with a shortfall of their financial reserves to gradually recover, rather than to base this process on discounting the pension claims of their participants, consultants have suggested.
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News
Austrian funds average 13% loss
[15:30 CET 23-01] AUSTRIA – Average losses for Austria's 20 Pensionskassen amounted to -13.1% last year, according to preliminary calculations by their federation.
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News
First Bulgarian fund fails minimum mark
[16:30 CET 22-01] BULGARIA – A Bulgarian pension fund has failed to generate the minimum rate of return set by the supervisor for the first time since the three-pillar pension fund system was created in 1999/2000.
