Investor Strategy – Page 146
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News
PMA recovery to alter asset allocation
[16:40 CEST 20-04] NETHERLANDS - The €889m pension fund for pharmacies’ staff PMA expects to recover from its reserve shortfall within 15 years by adjusting its yearly indexation and changing its asset allocation strategy.
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Property and infra to see investment resurgence - study
[16:30 CEST 20-04] GLOBAL – A study of pension funds and institutional investors suggests funds will increase their listed and private equity holdings this year, but the asset classes of most interest for future years are likely to be property, infrastructure and hedge funds of funds.
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Eureko and Poland to enter 'secret' talks
POLAND – Dutch insurer Eureko and the Polish Treasury have signed a new memorandum to bring about a new round of negotiations concerning the insurer's shareholding in pension firm PZU.
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Industriens diversifies to tap high-yielding dividends
[16:00 CEST 17-04] DENMARK – Industriens Pension, the €8.3bn pension fund, has diversified its equity holdings a fraction to tap potential opportunities linked to dividend income.
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Providers say traditional diversification needs rethink
[17:00 CEST 16-04] EUROPE – Classic balanced or multi-asset mandates have failed to protect pension funds during the current crisis and need to be reconsidered, according to both Allianz Global Investors and German consultancy Heubeck Feri.
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ECJ to review Poland's overseas investment limit
POLAND – The European Commission has referred Poland to the European Court of Justice for limiting the amount of money that local pension funds can invest overseas to just 5%, arguing this in turn breaks EC rules concerning the free movement of capital.
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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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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
Horeca maintains strategy with small cap appointment
[16:00 CEST 09-04] NETHERLANDS – The €2.5bn Horeca & Catering pension fund is continuing with its asset allocation diversification plan despite a recent further fall in its cover ratio, and has awarded RCM a mandate to manage European small cap equities.
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News
50 pension funds miss DNB deadline
[16:45 CEST 07-04] NETHERLANDS - Almost 50 Dutch pension funds with a funding shortage have yet to submit a recovery plan, a spokesman for De Nederlandsche Bank (DNB) has confirmed.
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NewsLongevity swaps reality improved by pensions funds
[16:30 CEST 07-04] UK – It may soon be possible for UK pension funds to purchase longevity swaps as protection against members living longer than anticipated because pension funds have themselves improved pricing by making more cautious mortality assumptions.
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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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NewsAP7 voting constraints 'should be lifted'
[17:10 CEST 06-04] SWEDEN – A Swedish government committee has recommended restrictions prohibiting the Seventh AP Fund (AP7) from voting in relation to its Swedish holdings should be removed while other constraints preventing AP funds from being an active owner should be reviewed.
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NewsLAPFF targets T.Rowe Price over execs pay
[17:05 CEST 06-04] UK – The Local Authority Pension Fund Forum (LAPFF) is urging its members to take action against T.Rowe Price as it is concerned that remuneration packages for executives are "not serving shareholders' interests".
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News
Norway-Global rules out high-yield bonds
[17:00 CEST 06-04] NORWAY – The Government Pension Fund – Global has ruled out extending into high-yield and emerging market bonds, and has also warned it is unlikely to reach its 5% allocation to real estate for "several years".
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NewsÖPAG head says second pillar loss is unrealistic
[16:50 CEST 06-04] AUSTRIA – The Austrian Pensionskassen system has been harshly criticised in the wake of the financial crisis but no politician can seriously think about abolishing the system, claimed Andreas Zakostelsky, head of the ÖPAG Pensionskasse.
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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.
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NewsPPF considers shift in levy payment strategy
[16:20 CEST 06-04] UK – Pension Protection Fund executives are discussing a series of potential changes to the funding of the pensions lifeboat which could eventually see employers contribute higher levy sums during positive economic cycles but make lower payments during times of recession and market downturn.
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News
Westminster mulls frameworks amid manager concerns
[16:50 CEST 03-04] UK – Westminster City Council is considering the development of framework agreements to allow mandate changes to be speeded up, following concerns over manager performance.
