All articles by IPE staff – Page 34
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Features
In the same boat
The stable world of Norwegian pensions is at something of a crossroads. Spurred on in part by comments from the likes of the International Monetary Fund, which said earlier this year that Norway’s current public pension system is “not financially viable”, the country awaits the final presentation – expected in ...
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Features
Domestic concerns predominate
Spain is one of the countries within the European Union that experts believe will be less affected by the introduction of the EU Pensions Directive. Spanish pension fund managers are more worried about the changes that their domestic market is undergoing than the new legal framework for pensions at a ...
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Features
Taking more control
2002 was the year asset liability management became the hot topic in Finland in the light of difficult markets and the need to meet tight solvency regulations. While the investment trends that became apparent at the time of the euro introduction – the shift to equities and increased foreign exposure ...
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Features
Reforms provoke heated debate
Pensions have been a hot topic in Austria during the past few months. Both the public and private pensions sectors have undergone more or less unwelcome reforms and it seems the months to come will continue to add more ingredients to the pensions debate. In May, thousands of Austrians took ...
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Features
On the edge of the debate
The discussions regarding the introduction of the European Pensions Directive have passed almost unnoticed by Portuguese fund managers. Like those in Spain, large Portuguese corporations do not possess many subsidiaries across Europe and, in any case, the market for occupational pension funds is still very limited. The very young pension ...
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Features
A difficult year
For those following the developments in the pensions market in France, 2003 is proving a very difficult year. After months of strikes against the government’s plans to reform the retirement system, the new pensions bill was officially adopted by the French Parliament last month. The most controversial proposal included in ...
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Features
Great expectations
Iceland’s unique geographical position in Europe mirrors its somewhat idiosyncratic approach to pension provision. The country has privatised its pension system more comprehensively than any other Nordic state, with a fully funded second pillar of private and public occupational pension schemes. The country currently spends only 2% of GDP on ...
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Features
Facing realities
One of the most significant changes to have occurred in the last year in Germany was the proposed cut of the interest guarantee offered by some Pensionskassen from 3.25% to 2.75% at the beginning of next year. Many Pensionskassen have struggled to come anywhere close to their interest guarantees and ...
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Features
Holds no fears
Like their UK and Dutch counterparts, Irish pension funds worried about the potential of a proscriptive pan-European Pensions Directive laying down rules where previously the prudent person pension fund management principle had worked well for decades. However, in a speech concerning the practical implications of the directive for Ireland, Anne ...
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Features
Feeling the squeeze
This relatively comfortable world of Swiss pensions with its world renowned three pillar system has been put under the microscope in the last year with Swiss pension scheme funding levels hit dramatically by the continued fall of stock markets. A report in June this year by ASIP, the Association of ...
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Features
Waiting game
For three years in a row, Belgian pension funds have started the year with news of disappointing investment returns and discussions regarding the future of the country’s pension industry. Added to this the debate regarding the introduction of the European Pensions Directive hasn’t gone unnoticed, although all agree that the ...
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Features
Opportunity or trap?
Fears in the Netherlands that some of the early drafts of the pan-European Pensions Directive – particularly where it mentioned quantitative investment restrictions – could have impacted seriously on Europe’s second largest pension market were allayed by the final adopted version. This took great pains not to restrict any of ...
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Features
Still stressed
The Danish pension fund market has been dominated in the past few years by the Danish Financial Supervisory Authority’s (DFSA) introduction of colour-coded stress tests to assess the financial strength of life insurers and pensions institutions. The DFSA’s so-called ‘traffic light’ system works on two scenarios: a ‘red light’ under ...
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Features
DJ microsectors
Dow Jones Indexes started calculating 15 MicroSector Indexes in June. These are narrow-based equity indices that include five of the largest and most actively traded stocks in each sector. They are derived from industry groups and subgroups of the group’s global classification standard comprising the Dow Jones global indexes. A ...
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News
Consultant launches FRS17 liabilities database
UK – Consulting actuaries Punter Southall & Co. have launched a web-based database which will allow financial advisors and investment analysts to compare and contrast the pensions liabilities of the UK’s leading companies under FRS 17 accounting rules.
