IPE's United Kingdom Coverage – Page 272
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NewsBrent to up infrastructure assets by 5%
[16:40 CET 08-01] UK – The London Borough of Brent is looking to increase its exposure to infrastructure in its £400m (€436m) local government pension scheme (LGPS).
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NewsM&S says trustees back pension curbs
[16:30 CET 07-01] UK – The trustees of the Marks & Spencer Final Salary Pension Scheme are “very supportive” of the decision announced today to curb benefits for the fund’s 21,000 members, company management says.
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Equity-biased UK authorities lose out – WM
UK - State Street’s WM pension fund estimates for 2008 have shown that schemes with a bias towards equities such as local authorities will be more affected by the market turmoil than their more bond-heavy corporate cousins.
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NewsUSS expects 15-year recovery from crisis
[16:23 CET 06-01] UK – The £26bn (€29.6bn) Universities Superannuation Scheme reckons it could it take up to 15 years to recover from the current financial crisis – and that there’s a “golden opportunity” to restructure its portfolio.
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HBOS trustees seek to delay Lloyds deal
UK – The trustees of the HBOS Final Salary Pension Scheme (FSPS) have prepared a report to present in court in a bid to delay the merger between Lloyds TSB and HBOS over concerns the deal will weaken the employer covenant to the defined benefit scheme.
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Waterford Wedgwood UK schemes head for PPF
UK/IRELAND – Defined benefit (DB) schemes belonging to the UK businesses of failed china firm Waterford Wedgwood are likely to end up in the Pension Protection Fund (PPF), although the future is more uncertain for members in Ireland where this is no equivalent 'lifeboat fund'.
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Fifth of small schemes to cut UK equities in 2009
UK – More than 20% of the smallest firms offering defined benefit (DB) schemes plan to decrease their allocation to UK equities over the next year, research from the Association of Consulting Actuaries (ACA) has revealed.
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BT staff vote to accept pension changes
[15:15 CET 19-12] UK – Members of the BT Pension Scheme involved in consultative ballots with the trade unions Connect and the Communication Workers Union (CWU) have voted to accept the pension package unveiled by the company earlier this year.
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Glasgow university seeks actuarial and admin support
[16:55 CET 18-12] UK – The University of Glasgow is seeking one or more providers for actuarial and consultancy services and scheme administration and related services for its pension scheme for non-academic staff.
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RSA to develop low cost pension option
[16:50 CET 18-12] UK – The Royal Society for the Encouragement of the Arts Manufacture and Commerce (RSA) has confirmed it intends to develop a business plan for a new low-cost pension fund which it believes will fill a gap in the market.
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UK life expectancy to 'level off' from 2021
[14:00 CET 18-12] UK – Life expectancy at the UK state pension age (SPA) will begin to "level off" between 2021 and 2051 for the average person, although members of the lower socio-economic groups, such as unskilled workers, could see life expectancy decline.
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Government to take on Royal Mail deficit
[13:00 CET 17-12] UK – The government has agreed with recommendations from an independent panel that it should take responsibility for Royal Mail's historic pension liabilities, as its deficit is currently estimated at £5.9bn (€6.6bn) and is making the firm "balance sheet insolvent".
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NewsKensington seeks custodian and increases equities
[15:40 CET 05-12] UK – The Royal Borough of Kensington and Chelsea (RBKC) is seeking a global custodian for its £409.6m (€478.9m) local government pension fund.
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NewsHammersmith prepares for 2009 adviser search
[13:15 CET 03-12] UK – The London Borough of Hammersmith & Fulham is to begin looking for a new investment consultant for its £432m (€512m) pension fund, to be appointed early next year.
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Shropshire to add second global bond portfolio
[17:20 CET 01-12] UK – Shropshire County Council is seeking a fund manager to runs a second global bond portfolio for its £750m (€890m) pension fund.
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Nottingham signs Barnett Waddingham
[16: 40 CET 24-11] UK – Nottingham County Council has appointed Barnett Waddingham to take over responsibility for actuarial services from Mercer Consulting.
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SSgA wins Hillingdon's multi-asset mandate
[14:00 CET 19-11] UK – The London Borough of Hillingdon has appointed State Street Global Advisors (SSgA) to run a passive multi-asset portfolio for its £504.3m (€599m) pension fund.
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NewsBT pension changes will save €119m a year
[16:20 CET 13-11] UK – British Telecom (BT) has revealed the proposed changes to its defined benefit pension scheme will save the firm around £100m (€119m) a year.
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BT consults with staff on pension changes
[15:50 CET 11-11] UK – British Telecom is beginning a formal 60-day consultation period with employees on proposed changes to its defined benefit (DB) and defined contribution (DC) pension schemes to make the pension provision "sustainable and affordable".
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UK's combined deficit now €119bn - PPF
[17:30 CET 10-11] UK – The Pension Protection Fund (PPF) has revealed the aggregate funding position of almost 7,800 defined benefit (DB) schemes reached a deficit of £97.3bn (€119bn) at the end of October.
