All articles by James Mawson – Page 3
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Calls for UK authorities to allow DB costs to be passed on
UK – John McCall, chairman of the Alumasc Group, has called on the authorities to allow the costs of its defined benefit scheme to be passed on to its former employees, although tax issues have scuppered previous attempts to broker such a deal.
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Mellon to offer pension funds a complete package
EUROPE – Mellon Financial is looking to expand its European fixed income capability and also target small pension funds with a complete service offering this year.
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Financial Stability Forum to investigate hedge funds
GLOBAL – The Financial Stability Forum will review in September systemic risks to the global financial system caused by increasing leverage of hedge funds.
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SEB to buy Denmark's Codan for about €400m
DENMARK – Swedish financial services provider SEB has announced the planned acquisition of Denmark’s fourth largest life and pensions company, Codan, for an estimated €400m.
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UK expected to change retirement age to 70 or never
UK – Compulsory retirement in the UK is expected to be shaken up with the age at which people retire inevitably increasing past 65, according to the government’s chief independent advisory body on pensions and Mercer Human Resources Consulting.
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Willis snaps up Ireland's Coyle Hamilton
IRELAND – Global insurance broking giant Willis Group has reached an agreement in principle to buy Coyle Hamilton, Ireland’s leading broker and risk management consultancy.
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CEA demands pause in EU regulation as life sales drop
EUROPE – The European Insurance and Reinsurance Federation is calling for a pause in European Union regulation as for the third consecutive year life insurance underperformed general insurance.
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Atkins fund plunges into deficit
UK – The pension scheme of project management company WSAtkins has fallen from a surplus into a £65m deficit.
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Stagecoach cuts pension fund deficit by about a third
UK – Stagecoach Group has reduced its pensions deficit by nearly a third to £115.8m, the company said on Wednesday.
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Menco replaces Troostwijk at Dutch Eendragt fund
NETHERLANDS – Philip Menco has replaced Arnold Troostwijk as managing director of the €660m Eendragt pension fund.
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Tillinghast slams ‘stupid’ stakeholder product plans
UK - Towers Perrin’s Tillinghast actuarial and management consulting business, has criticised the UK government’s plans for cheap and simple investment products as “stupid”.
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EuroStat reveals economic growth outstrips pension costs
EUROPE – EuroStat has revealed pension expenditure as a percentage of European Union members’ GDP fell to 12.5% from 12.9% in the eight years to 2001, apart from in Germany, Greece, Austria and Portugal.
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Capital Alliance formed to aid wave of new real estate funds
GLOBAL – Capital Alliance Partners, a London-based real estate fund advisory company, has been launched ahead of a wave of planned fund launches targeting institutional investors.
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Principal Group finds few expect pensions to meet basic needs
The Principal Financial Group’s third study of the world’s financial health showed nearly 80% of workers thought they would be unable to pay for basic expenses in retirement.
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Boots under fire for 'casual' move out of bonds
UK – UK retailer Boots has confirmed that while it has a conflict of interest regarding contributions to its £2.8bn (€4.2bn) pension scheme it has rejected concerns the decision to switch out of bonds was made too lightly.
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Aon points to cash contributions near doubling
UK – Listed companies’ cash contributions to UK pension funds have nearly doubled in two years to £13bn but at least 20 companies have more than a 40% deficit.
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CalPERS earns $98.4m (€81.2m) from stock lending
US – CalPERS has earned $98.4m (€81.2m) from lending out about two-thirds of its securities in one year and is moving further into enhanced index strategies and away from index funds and active managers.
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RBoS puts St David's trust into admin receivership
UK – Royal Bank of Scotland has put the St David’s Investment Trust into administrative receivership after minority shareholders objected to the restructuring proposal.
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Fortis markets its Ucits III status
BELGIUM – Fortis Investments has obtained Ucits III status for its Luxembourg Sicav to allow it to market a wider range of products across Europe, but as the UK funds trade association identified further issues to create a single market.
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UK figures show number contracting in rising
UK – The UK’s Department for Work and Pensions has released figures showing a 55.8% increase in people paying National Insurance contributions, reflecting the shift of money from Defined Benefit to Defined Contribution pension schemes.
