IPE's United Kingdom Coverage – Page 273
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News
Dorset adds £30m to internal UK equity manager
[16:20 CET 26-01] UK – Dorset County Council Pension Fund has been advised to increase the assets run by its internal UK equity manager by £30m (€32m), to pull its overall UK equities portfolio back towards the strategic target allocation.
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News
Risk-free rates add £160bn to UK deficits
[16:10 CET 23-01] UK – A move to a risk-free rate of accounting as proposed by the UK accounting standards board (ASB) would add over £160bn (€170bn) to UK deficits of the Aon200 companies alone, Aon’s Marcus Hurd has warned.
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News
1,000 open DB plans could switch to DC [updated]
[15:00 CET 23-01] UK – More than 50% of open defined benefit (DB) pension schemes could close to new members as a result of the economic crisis, claims new research by the National Association of Pension Funds (NAPF).
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News
Royal Mail's £8bn deficit deterring investors
[15:30 CET 21-01] UK – The UK government will not be able to find a "strategic partner" to help modernise Royal Mail unless something is done about the pension deficit which is now estimated to stand at around £8bn (€8.52bn), Richard Hooper has warned.
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PPF 'concerned' over future claim growth
[16:30 CET 20-01] UK – The Pension Protection Fund (UK), the UK's £5.2bn pension lifeboat fund, has revealed concerns over the growth in future claims from pension funds and the nature of recovery in the UK.
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News
PPF ready to face Nortel's £1bn deficit
[16:25 CET 19-01] UK – The Pension Protection Fund (PPF) today has said it would be able to handle a £1bn (€1.12bn) deficit, as the ailing UK pension scheme of defunct Canadian telecoms giant Nortel is poised to be placed in the UK lifeboat scheme.
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News
Camden fulfils first stage of restructuring
[14:00 CET 19-01] UK – Camden County Council has completed the first phase of its portfolio restructuring and confirmed the appointment of four new investment managers.
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News
Isle of Man to consult on unifying public pensions
[16:30 CET 16-01] UK – The Isle of Man has confirmed it will begin a three-month consultation next month over proposals to replace 15 of the island's 20 public sector pension plans with a new unified scheme.
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News
Auto-enrolment set for October 2012
[16:30 CET 16-01] UK – Auto-enrolment into occupational pension schemes, including personal accounts, is not expected to begin until October 2012, the Personal Accounts Delivery Authority (PADA) has revealed.
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News
Gov't offers Eq Life apology but limits compensation
[16:15 CET 15-01] UK – The UK government has accepted charges of maladministration in some areas relating to the near collapse of Equitable Life, but has only agreed to set up a payment scheme for policyholders "disproportionately" affected by the event.
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News
Older workers may opt for retirement delay
[16:45 CET 14-01] UK – Almost a fifth of workers aged between 45-54 expect to delay retirement by at least five years because of the current economic climate, according to Life Trust.
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News
UK deficits hit £194bn in 2008
[16:30 CET 12-01] UK – Pension scheme funding was substantially worse in the UK last year than in 2007, the Pension Protection Fund has revealed, as aggregate deficits rose to over £194bn (€ by the end of December and the total assets valued within pension funds are thought to have ...
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NewsIberia says no to BA pension fund top-up
[15:00 CET 09-01] SPAIN – Spanish carrier Iberia will not make any injection into the ailing British Airways (BA) pension fund if the companies' planned merger goes ahead, IPE has learnt.
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NewsHBOS trustees drop Lloyds merger objection
[16:30 CET 08-01] UK – The trustees of the HBOS Final Salary Pension Scheme (FSPS) have announced today they will drop plans to delay the bank's takeover by rival Lloyds TSB until they would receive a funding guarantee for the scheme.
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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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News
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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News
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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News
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'.
