Latest from IPE Magazine – Page 403
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Features
Irish reforms under fire
More than two years after the Irish government first published its green paper on reforms to the pension system, the National Pensions Framework has been unveiled, proposing increases in state retirement age and auto-enrolment into pensions.
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Opinion Pieces
Boost to derivatives legislation
Flesh is being added to the bones of the proposed regulation to cover legislation of the vast derivatives markets in the EU, and the European Parliament’s EP Economic and Monetary Affairs Committee (ECON) is generally welcoming of the tough stance put forward by its co-ordinating MEP.
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Opinion Pieces
Derivatives not WMD
Derivatives, and credit-default swaps in particular, have become synonymous with Wall Street wrongdoings, and in Europe authorities want to tightly regulate them, even ban speculative derivative trades. President Obama has promised reforms that would fix problems in the derivatives market, starting with trading all derivatives onto transparent exchanges.
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Opinion Pieces
Danyelle Guyatt, Mercer & Jon Lukomnik, IRRC Institute
“The problems start when so-called long-horizon managers play the short-term game”
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Features
Regulation roundup
Gail Moss highlights key legislative and regulatory developments for pensions across seven European countries
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Country ReportGermany: Risiko!
Many German institutions already use their tight risk budgets to finance minimum returns. Now, with inflation on the horizon, the task is to allocate risk effectively, writes Nina Röhrbein
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Country Report
Germany: Local and global
Nina Röhrbein assesses the state of play in the German asset consulting marketplace following the merger of Towers Perrin and Watson Wyatt
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Country Report
Germany: A pan-German conundrum
Greater subsidiarity for the 16 German provinces could lead to a multitude of pensionprovision regulations for civil servants and significant mobility problems, finds Barbara Ottawa
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Country Report
Germany: Pensions at a time of rising PSV contribution rates
Nikolaus Schmidt-Narischkin assesses the problems arising from increasing corporatecontributions to Germany’s PSV pension guarantee system
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Country Report
Germany: Risk and occupational pensions
Nigel Cresswell, Wolfram Horneff and Stephan Wildner assess risk management techniques
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Country Report
Germany: BilMoG reforms ring the changes
Günter Hainz and Georg Thurnes assess the implications of the new BilMoG accounting rules for pension liabilities
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Country ReportGermany: Focus on security
Frank Schnattinger outlines the results of the latest IPE-Institutional Investment survey of German institutional investors
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Country Report
Austria: Domestic headwinds buffet Pensionskassen
Second pillar pension losses during the financial crisis have strengthened the arguments of critics of Austria’s funded pension system. Barbara Ottawa reports
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Country Report
Austria’s equity puzzle
Barbara Ottawa finds Austrian pension funds focused on the here-and-now, especially when it comes to risk management. The equity returns of 2009 are no future panacea
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Special ReportLiabilities & Matching Strategies: Stractical
There are several ways to make LDI implementation smarter, but practitioners differ significantly over whether or not these are tactical moves – and the extent to which they should deviate from the strategic de-risking journey plan. Martin Steward reports
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Special Report
Liabilities & Matching Strategies: Bespoke fit, chainstore refund policy
The benefit that swaps bring to liability driven investing, of being able to create a bespoke hedge across almost the entire tenor of a scheme-specific liabilities curve, comes at a price: concentrated counterparty risk. The interbank market in swaps has not had to worry about that since 1999, when LCH.Clearnet ...
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Special Report
Liabilities & Matching Strategies: More bedtime reading from ASB
Stephen Bouvier looks at the UK ASB’s latest recommendations on pension liability accounting, and how they fit with ongoing IASB efforts
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Special Report
Liabilities & Matching Strategies: Inflation and pensions
Theo Kocken welcomes the recommendations of the Frijns Committee, which would bring the FTK in line with the effective ambitions of pension funds to provide indexed pensions
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Special Report
Liabilities & Matching Strategies: Modelling realities
Con Keating identifies some key problems in asset-liability modelling and liability-driven investment based on mixed-attribute accounting
