Investor Strategy – Page 147
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News
Norway global to exclude tobacco and target environment
[16:45 CEST 03-04] NORWAY – The exclusion of tobacco-producing companies from the Government Pension Fund – Global and a NOK20bn (€2.26bn) environmental investment programme are just two of the measures announced by the Ministry of Finance following a review of ethical guidelines.
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Rhondda and Somerset start manager searches
[16:25 CEST 02-04] UK – Rhondda Cynon Taf County Borough Council has initiated a search for at least two investment managers, while Somerset Council is seeking an active Japanese equity manager.
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Sponsor threatens pensions withdrawal at LDI pioneer
[15:30 CEST 02-04] NETHERLANDS – Super de Boer, the employer sponsor behind the Super de Boer pension fund, will withdraw its support from the scheme from 1 January 2010 under the current terms, unless all parties involved can agree a funding recovery plan that the employer is happy with.
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PMT ups contributions to tackle shortfall
[15:30 CEST 01-04] NETHERLANDS – PMT, the €28bn industry-wide pension fund for Dutch metal workers and technicians, has decided to maintain its current asset allocation strategy but increase the contributions required in a bid to pull back its funding position.
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Trustees advised to consider short-term activity
[17:05 CEST 31-03] IRELAND – The Pensions Board has argued trustees need to think more about sustainability and the impact of short-term events on long-term promises if defined benefit (DB) schemes are to be a “viable alternative” to defined contribution (DC) funds.
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Bank of England scheme pre-empted crisis
[17:00 CEST 31-03] UK – The Bank of England Pension Scheme appeared to almost pre-empt the financial crisis of last year as it returned 12% in the year to February 2008 and reduced equity holdings so it could invest in index-linked gilts.
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National funding rules deter multinational derisking
[16:50 CEST 31-03] GLOBAL – AEGON Global Pensions has warned local regulations on pension fund governance have added an extra layer of complexity for multinational companies who want to derisk pension schemes.
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Irish funds drop 23% 'but could have been worse' - IAPF
[16:30 CEST 31-03] IRELAND – Irish pension schemes lost almost €20bn in 2008, but this is “less than might have been expected” following reductions in equity allocations to domestic stocks, The Irish Association of Pension Funds (IAPF) has revealed.
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ABP opts for rise in premiums and lower risks
[15:45 CEST 31-03] NETHERLANDS - ABP will temporarily increase contributions by 1% as of July and by another 2% from 1 January 2010, in a bid to restore the underfunded civil servants’ pension scheme to its required regulatory funding level.
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Strathclyde's pension deficit keeps growing
[17:00 CEST 30-03] UK – Strathclyde pension fund has revealed its pension deficit more than doubled to £486m (€523m) at its last actuarial valuation, although a recent snapshot of the scheme’s position showed there has been a further fall in its funding position.
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PFZW bases recovery plan on 6.9% yield
[16:45 CET 30-03] NETHERLANDS - Pensioenfonds Zorg & Welzijn (PfZW), the Dutch industry-wide pension fund, is pinning its hopes on achieving a yield of 6.9% alongside with a long-term interest rate of 3.6%, as the basis for its recovery plan presented to the financial regulator.
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PME backtracks on plan to cut benefits
[16:00 CEST 30-03] NETHERLANDS – PME, the €18.7bn industry-wide pension fund for metal workers, has decided it will not cut pensioner benefits as part of its proposals to improve the underfunded pension plan but it will freeze benefits paid and the contributions required for the next five years.
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News
Footballer scheme’s positive return from 100% fixed income
[17:10 CET 27-03] NETHERLANDS - The €560m ‘pension fund’ for Dutch professional football players generated positive returns of 1% after allocating all its assets to fixed income investments in mid-2008.
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Royal Mail trustees 'agnostic' about part-privatisation
[16:50 CET 27-03] UK – Trustees of the Royal Mail Pension Scheme have written to all 450,000 members to confirm it “has no position” on government plans for the part-privatisation of Royal Mail.
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ONS to monitor signs of DC 'levelling down'
[15:00 CET 27-03] UK – The Office of National Statistics (ONS) intends to monitor changes in the average level of employee and employer contribution rates to contracted-in defined contribution (DC) schemes to see if there are signs of “levelling down” ahead of 2012.
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News
NBIM wants improvement in child labour policies
[14:00 CET 27-03] NORWAY – Norges Bank Investment Management (NBIM) has revealed an "overall low" level of compliance with its expectations on children's rights across four investment sectors.
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News
Powys seeks global equity replacement
[12:00 CET 27-03] UK – Powys Council is seeking a global equity manager to manage a £27m (€28.9m) mandate, while the Royal borough of Kensington and Chelsea (RBKC) is tendering an actuarial contract.
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Credit Suisse challenges M&S’s pensions calculations
[11:00 CET 27-03] UK – Marks & Spencer, the high street chain, is likely to face higher than anticipated pensions liabilities at its next triennial review, according to an analyst at Credit Suisse, as the calculations the firm used to establish its discount rate is substantially higher than its peers ...
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ICTU calls off pension strike to enter talks
[16:40 CET 26-03] IRELAND – The Irish Congress of Trade Unions (ICTU) has called off next week's planned one-day national strike over pensions, and is returning to talks with the government over the development of an "integrated national response".
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DNB sticks firm to yield curve for liabilities
[17:20 CET 23-03] NETHERLANDS - Pensions regulator DNB is sticking to its earlier position stating it will not consider an instrument change for calculating liabilities, despite continued calls from the industry.
