Investor Strategy – Page 145
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News
Fujitsu mulls closing UK DB scheme to future accrual
[17:20 CEST 15-05] UK – Fujitsu Services UK has confirmed it is initiating a three-month consultation with staff and trade unions over the closure of its defined benefit (DB) scheme to future accrual.
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Irish tourism authority seeks pensions admin
[17:20 CEST 15-05] IRELAND - Fáilte Ireland, the National Tourism Development Authority, is tendering a contract for consultancy and administration services to its three pension funds.
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East Sussex bank plan is 'madness'
[17:15 CEST 15-05] UK – Proposals by East Sussex County Council to use money from its local government pension scheme (LGPS) to establish a bank to help local businesses have been criticised as "utter madness" by the GMB.
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Pension funds act on negative swap spread
[13:00 CEST 14-05] GLOBAL - Pension funds have been lining up to take profits from the interest-rate swaps they have put in place for liability-driven investing (LDI), according to their fixed income managers and advisers.
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1 in 4 Danes to work past retirement
[17:30 CEST 13-05] DENMARK – Almost 50% of Danish workers intend to take early retirement before the age of 65, while just over a quarter plan to continue working past the normal retirement age, according to Forsikring & Pension, the Danish Insurance Association (DIA).
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KPN to step up risk after 14.5% loss
[16:20 CEST 13-05] NETHERLANDS - The €3.6bn pension fund of telecoms provider KPN limited its loss in 2008 to 14.5% as a result of a 70%-hedge on its interest rate risk, but officials have plans to increase its alpha risk this year.
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Consultants predict potential longevity market of £15bn (updated)
[16:00 CEST 13-05] UK – Babcock International, the engineering firm, has in principle secured a deal to hedge some of its pensions longevity risk through the market’s first longevity swap, though consultants say the arena could quickly grow to be cover a potential £15bn (€17bn) in pension assets this year.
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News
IBOA defers AIB action ahead of new talks
[17:00 CEST 12-05] IRELAND – The Irish Bank Officials' Association (IBOA) has agreed to defer using proxy votes at the annual general meeting (AGM) of AIB, following proposals put forward by the Labour Relations Commission (LRC) to end a dispute on pay, pensions and other issues.
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News
Signs of recovery on the horizon, for some?
[16:45 CEST 12-05] AUSTRIA – Improved investment returns in April have helped Austrian pensionskassen to turn their performance into positive figures for the first time this year.
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PPF diversifies investment portfolio
[17:25 CEST 11-05] UK – The Pension Protection Fund (PPF) is diversifying its investment strategy to include three new portfolios including global tactical asset allocation (GTAA).
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News
Absolute return may be future for default funds
[17:20 CEST 11-05] UK - Recent volatility in pension default fund investments has suggested there is a need to shift away from lifestyling towards alternatives such as absolute return funds, according to Punter Southall Financial Management.
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News
Shropshire reduces UK equities for new global mandate
[17:20 CEST 11-05] UK – Shropshire County Council is seeking one or more managers to run a new global equity portfolio for the £740m (€824m) Shropshire Pension Fund.
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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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News
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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News
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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News
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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News
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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News
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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News
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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News
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.
