IPE's United Kingdom Coverage – Page 265
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NewsMerseyside appoints managers to transition panel
[16:55 CEST 07-07] UK – Wirral Borough Council has appointed four transition managers to aid the movement of assets in the Merseyside Pension Fund following strategy changes.
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Torfaen to move into global equities
[16:50 CEST 07-07] UK - Torfaen County Borough Council is searching for one or more managers to run a new global equity portfolio valued at around £100m.
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NewsSuffolk No.1 fund deficit nears £700m
[16:45 CEST 07-07] UK – The deficit of Suffolk County Council's main pension fund has more than quadrupled over the past two years to £690m (€800.8m).
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NewsBBC pension fund drops £1.6bn
[17:15 CEST 06-07] UK – The value of the BBC Pension scheme dropped £1.6bn (€1.86bn) to £6.5bn at the end of March 2009.
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NewsNorth Yorks funding level drops to 35%
[15:00 CEST 06-07] UK – North Yorkshire Pension Fund saw its funding level drop to 35% in March 2009 compared with 68.8% two years earlier.
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NewsPension scheme investment hits £2bn in Q1
[17:05 CEST 03-07] UK – Net investment by self-administered pension funds increased by £14.8bn over the first quarter of 2009 to show a net result of £2bn (€2.33bn), the Office of National Statistics (ONS) has revealed.
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NewsLancashire fund drops below £3bn
[17:00 CEST 03-07] UK – Lancashire County Council has revealed the value of its pension fund dropped more than £730m in the year to March 2009 to £2.93bn (€3.43bn).
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CLG consults on funding target changes to LGPS
[17:05 CEST 02-07] UK – The government is proposing two alternative approaches for local government pension schemes (LGPS) to meet solvency requirements from the 2010 valuation instead of relying on a 100% funding target, an informal consultation from the department for communities and local government (CLG) has revealed.
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Unpaid employer contributions almost double
[17:00 CEST 01-07] UK – The UK's Pension Advisory Service (TPAS) has reported a "worrying increase" in the number of enquiries to its helpline about the non-payment of pension contributions by employers.
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CofE consults on pension changes as defict hits £352m
[17:00 CEST 01-07] UK – The Church of England (CofE) has revealed the pension deficit of its Funded Clergy Pension Scheme had increased to £352m (€411.4m) by the end of 2008.
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Three-year deficit high to force equity shift and scheme closures
[16:45 01-07] UK – Latest predicted returns figures for the UK defined benefit pensions market saw funds’ deficits hit their highest levels last month for three years, according to consultants who say further changes must be expected if pressure is to be eased on employers.
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Surrey dropped £463m in 2008-09
[17:20 CEST 30-06] UK – Surrey County Council has revealed its pension fund lost £463m (€544.5m) in 2008-09 as a result of the financial crisis, as the investment return on the fund was -24.7%.
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Employer DC cuts puts more pressure on individuals
[17:00 CEST 30-06] UK – Almost three-quarters of occupational defined contribution (DC) members are saving "adequately", according to UK insurer Scottish Widows, however employers are gradually reducing their contributions and leaving employees to make up the shortfall.
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Staffordshire awards currency mandate
[16:15 CEST 29-06] UK – Staffordshire County Council has appointed Record Currency Management to run a specialist active currency overlay for its £1.69bn (€1.99bn) pension fund.
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Edinburgh Uni tenders admin, actuarial and investment
[15:00 CEST 26-06] UK – The University of Edinburgh is re-tendering the administration, actuarial and investment services for its £155m (€181m) Staff Benefits Scheme (SBS).
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MPs' pensions deficit is result of lower contributions
[14:30 CEST 26-06] UK – The Parliamentary Contributory Pension Fund (PCPF) for members of parliament (MPs) would have been £5m in surplus instead of £50m (€58.6m) in deficit at the last valuation if the government had made the correct contributions, the chairman of the scheme has claimed.
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Babcock confirms longevity deal with Credit Suisse
[14:00 CEST 26-06] UK – Babcock International has confirmed trustees of its Davenport Royal Dockyard defined benefit (DB) scheme have signed a longevity swap agreement with Credit Suisse to cap £300m (€328m) of its pensioner-in-payment liabilities.
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DC recovery needs another nine months – Aon
[16:30 CEST 25-06] UK – Investments in defined contribution pension funds may have seen positive returns for three months in a row but it will take at least another nine months of similar returns to pull assets back to 2007 levels, according to analysis by Aon Consulting.
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Budget cuts blamed for fall in pensions motivation
[16:40 CEST 24-06] UK – Over three-quarters of UK companies believe the plan to reduce higher rate tax relief on pensions has reduced motivation to provide both defined benefit (DB) and defined contribution (DC) schemes, research by PricewaterhouseCooper (PwC) has revealed.
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ONS says 2012 reforms may double DC membership
[17:20 CEST 23-06] UK – The UK's 2012 pension reforms could double the membership of defined contribution (DC) schemes, although questions remain over whether they will be capable of providing sufficient retirement income in the future, the Office of National Statistics (ONS) has claimed.
