Latest from IPE Magazine – Page 668
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Features
Directive: failure is not an option
It’s hardly Watergate perhaps, but conspiracy theorists may be intrigued by two high-profile pensions events in Brussels recently. It is of course possible that the two events are entirely unconnected, yet as one pensions official remarked: “The timing was excellent.” For those who believe in coincidence, the first event was ...
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Features
Is Switzerland in crisis?
Switzerland has been teetering on the brink of a so called ‘pensions crisis’ for several months. When the government lowered the minimum guaranteed interest rate paid on occupational pension schemes from 4% to 3.25%, one sensed that all was not well with Switzerland’s second pillar system. With an increasing number ...
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Features
Europe trails in US footsteps
We must all hang together or, most assuredly, we will all hang separately. This is the current message from the Euro-zone equity markets, rattled by fears of a war in Iraq and its consequences for the US economy. The high degree of correlation between the European and US markets means ...
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Features
Surprise move by Bank of England
It has hardly been the most unpredictable first few months for the European bond markets in 2003. Economic situation – gloomy, war in Iraq – probable, ECB rate cuts – likely. An environment, which although has been positive for the European bond market, driving a sharp downward spike in yields, ...
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Features
Rescuing fallen angels
If there is one realm in which the theory ‘beggars can’t be choosers’ is surely disproved, it is that of the financial markets. Wounded by two to three years of weak global equity markets, investors are being thrown ever more choices as they forge ahead on their quest for positive ...
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Features
'Nothing sacred' in reform
Japan appears to be in a vicious circle right now, with low interest rates, a banking industry burdened by bad loans and moribund financial markets all weighing on the world’s second largest economy. And that’s not to mention a rapidly ageing population. To try to dig its way out of ...
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Features
Positive about equity returns
After three consecutive down years in equity markets, Schroders believes 2003 will be a better one for investors, despite current gloom, and we will look to add to our equity holdings as economic indicators improve. We expect gradual economic growth in 2003, although the pace is likely to be modest. ...
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Features
In the twlilight zone
Financial markets are searching for the global economic rebound. Any encouraging signs are greeted with recovery trades in equity and bond markets. However, these trades are just as quickly unwound when the economic news becomes more sombre. Chances are that an erratic global economy will continue to feed market volatility. ...
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Features
Change on the horizon
In matters of French pensions the adage plus ça change, plus c’est la même chose could often be employed in the past with an accompanying gallic shrug. Today the case is different. While France is not about to give up its beloved répartition (pay-as-you-go) pensions system for all the demographic ...
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Features
All together to save the system
“We must save our pay-as-you-go system, and we must save it together,” declared French Prime Minister, Jean-Pierre Raffarin, in a rousing oratory to France’s economic and social council on February 3. The rhetoric will have been lapped up by the 300,000 plus protesters who had just taken to the streets ...
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Features
Where France takes the lead
The reform of the French pension fund market will be good for custodians, says Bernard Blaud, head of sales and relationship management for international investor services, France, at BNP Paribas Securities Services. “Pension funds will require a range of services, including daily net asset value calculations and compliance monitoring.” Bruno ...
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Features
Closing the pensions gap
Defined contribution plans have historically played a small part in the Germany’s occupational pension system. So the reform of the system engineered by former labour minister Walter Riester raised hopes among some companies that Germany might see the introduction of a DC plan design along Anglo-Saxon lines – the German ...
