Investor Strategy – Page 145
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News
FTSE pensions made conservative shift to bonds
[16:45 CEST 11-05] EUROPE – FTSE 100-listed companies have sought to reduce their pension liability risk within the last year by re-weighting assets by an average 7% to bonds, suggests a study published by Pension Capital Strategies.
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Bankpension posts net loss of 19.7%
[17:25 CEST 08-05] DENMARK – Bankpension, the pension fund for employees in the Danish financial sector, has reported an “extremely unsatisfactory” result of -23.1% before tax in 2008.
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Swaps should be favoured over gilts – F&C
[16:55 CEST 08-05] UK – Pensions funds are being warned to tread carefully at present when deciding whether to hedge their liabilities against UK gilts, as the huge level of government borrowing is likely to mean yields will need to rise in the short-term to attract borrowers.
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PADA initiates discussion on investment
[17:05 CEST 07-05] UK - The Personal Accounts Delivery Authority (PADA) has issued a discussion paper to help inform its trustee corporation of its thoughts on investment strategy, and which includes thinking on corporate governance and responsible investing.
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Budget forces rethink on pension plans
[17:00 CEST 07-05] UK – Planned reductions in higher rate tax relief on pension contributions have caused nearly 60% those in charge of pension schemes to rethink existing pension projects, according to Hewitt Associates.
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Berkshire adopts new due diligence policy
[17:15 CEST 06-05] UK – The Royal Borough of Windsor and Maidenhead has implemented a new due diligence policy relating to the external managers of the £1.05bn (€1.19bn) Berkshire pension fund, in response to "a number of scandals during 2008".
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Avon calls on HSBC
[16:25 CEST 05-05] UK – Bath and North East Somerset Council has appointed HSBC Actuaries and Consultants to provide full investment consultancy services to the £1.95bn (€2.2bn) Avon Pension Fund.
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Mercer saw manager searches put on hold
[16:20 CEST 05-05] EUROPE - European pension funds chose to largely focus on strategic issues during last year's financial markets turmoil rather than press ahead with manager or structural changes to their portfolios, according to consulting firm Mercer.
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Employer reps can conflict pensions board, say trustees
[13:00 CEST 01-05] UK – Finance directors may be able to wear two hats and operate both on behalf a company and as a trustee of a pension scheme providing there are likely to be no significant disagreements over funding, according to trustees.
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NewsHull PCT wants 'comparable' scheme to NHS
[11:30 CEST 01-05] UK – NHS Hull, the area's primary care trust (PCT), is seeking a provider to develop a company pension fund for the City Health Care Partnership (CHCP) that will offer "comparable" benefits to the NHS pension scheme.
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Economic crisis could lengthen deficit recoveries
[16:00 CESt 30-04] UK – Calculations made by Towers Perrin suggest the current levels of corporate bond yields alongside growing defined benefit pension scheme deficits could lengthen funds’ recovery times to as much as 20 years.
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News
Berkshire halves equity assets under new strategy
[17:10 CEST 29-04] UK – The Royal Borough of Windsor and Maidenhead has finalised the remaining manager appointments for its diversified strategy for the Royal Berkshire Pension Fund, which includes more than halving the fund's equity allocation to 32.5%.
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News
Berkshire completes first set of mandates
[17:00 CEST 27-04] UK – The Royal Borough of Windsor and Maidenhead has confirmed the appointment of three new investment managers for the £1.05bn (€1.17bn) Royal County of Berkshire Pension Fund, as part of a diversification strategy.
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News
Allianz rallies against 'safety pension'
[16:40 CEST 27-04] AUSTRIA – Calls to introduce a 'safety pension' with a lower calculation rate in Austria will not completely rule out the need for pension cuts, officials at Allianz have argued.
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Henkel creates global fiduciary pensions structure
[16:00 CEST 27-04] GLOBAL - Henkel, the Düsseldorf-based personal and consumer goods multinational, has completed what is thought to be the first global restructuring of pension schemes as a notional pooling structure and appointed three firms to manage its plans globally as custodian, fiduciary and risk manager.
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Danes to withdraw €3.3bn from pensions 'for luxuries'
[16:35 CEST 24-04] ATP, the manager of the Danish state-owned SP pension scheme, says approximately DKK25bn (€3.35bn) could be withdrawn from the scheme to be spent on luxuries by the Danish population when the government allows access to the assets later this year.
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News
PNO Media considers cuts as a recovery option
[13:00 CEST 24-04] NETHERLANDS - PNO, the €2.5bn pension fund for the media, has not ruled out the prospect of cutting pension benefits and claims, if additional recovery measures turn out to be insufficient to improve its funding level.
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News
Pension funds turn to specialists and alternatives
[14:30 CEST 23-04] EUROPE – Pension funds are increasingly moving into alternatives but the next growth area could be in the expansion of specialist fixed income mandates and single strategy hedge funds, according to Mercer’s review of pension fund asset allocation.
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Future provision threatened by early pension access - OECD
[12:00 CEST 23-04] GLOBAL – The OECD has warned future pension provision could be undermined by giving early access to pension funds to aid people in “severe economic difficulties” alongside access to national pension reserves.
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News
Norway Global sees value increase in March
[17:15 CEST 20-04] NORWAY – The Norwegian Government Pension Fund – Global increased in value to NOK 2.08trn (€236.4bn) in March, following two consecutive months of decline.
