Latest from IPE Magazine – Page 685
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Features
CNA combines three into one
The pension plan for employees of Spain’s Central Nuclear de Almaraz, AIE, is the only one connected to the Santander XXV pension fund, and had 530 members and beneficiaries and an asset base of €11.6m. The scheme resulted from an agreement to transform three collective insurance funds – capitalised pension ...
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Features
Working through complexities of externalisation
For a small pension fund like the pension fund for the employees of the Central Nuclear de Almaraz (CNA) in Spain, winning the IPE award for best fund structure and administration in Spain came as nice surprise, only two years after the fund was created. With around €12m under management ...
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Features
AP7 uses its internet trade reporting system to benefit savers
The Stockholm-based Seventh Swedish National Pension fund, the AP7, describes itself as “a fund option for the entire nation”. Set up just over two years ago, it is different from the other six national pension funds that form part of the restructured state pay-as-you-go (PAYG) system. Firstly, AP7 is a ...
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Features
Focus on IT developments has been key part of strategy
AP7 has won an IPE Country Award for fund structure and administration in Sweden. The AP7 national fund is the default fund of the Swedish PPM system set up two years ago. Since then, the developments within the PPM system and the AP7 fund itself have been closely followed by ...
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Features
CSIF aims for benefit transparency
The Canton of Zurich Civil Service Insurance Fund (CSIF), prides itself on the clear and accessible way in which it communicates with its members. “The broad information, the transparency and efficiency of the insurance and investment services over the last few years make us believe that the CSIF belongs to ...
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Features
Award provides a 'peer group benchmark' for the fund
What the judges said: “Clearly structured and informative website which also answers most FAQs.” One of the key benefits of winning an IPE Award for the Zurich-based Beamtenversicherungskasse, the Civil Servants Insurance Fund (CSIF), is the international and domestic exposure it brings. “In Switzerland the employer decides whether an independent ...
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Features
Rapid response to Swissair crisis
Within hours of the collapse of Swissair last October, the powers-that-be at the group’s various pension schemes, worth collectively SFr11bn (e7.5bn) at the time, decided to take action to protect its assets and members. Before the funds could be dragged down with the bankruptcy proceedings and see their assets exposed ...
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Features
Responding to courage and vision
Courage and vision are the two key attributes that the management of Pension Fund Services (PFS), the pension fund company created by the boards of the three main pension schemes in the Swissair group following the latter’s demise last year, believes convinced the judges to give PFS the IPE Award ...
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Features
Diageo keeps benefits flowing
Diageo’s £2.9bn defined benefit scheme comprises eight membership categories: three non-contributory sections (closed since 1988); two main contributory sections (Silver and Gold); and three executive sections (two contributory, one non-contributory). The scheme has a total of 70,700 members and is open to all permanent, temporary or casual employees of the ...
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Features
Aiming to do the best the fund can has paid dividends
The hand of Myners is seen at work in the Diageo fund, according to at least one judge. “Paul Myners’ best disciple – right down to a clear 5% commitment to venture capital – this might be the shortest summary.” Graeme Robertson, UK pensions director at Diageo, expresses his satisfaction ...
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Features
Danner win helps tax cause
The European Court of Justice has delivered a judgement in favour of Rolf Dieter Danner in a move that confirms elements of Finnish tax legislation contravene EU legislation. As expected, the judgement follows the March opinion of the advocate general and the outcome is likely to boost other tax discrimination ...
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Features
Russian pensions 'opening up'
Pension system reforms in Russia and the CIS could open doors to those countries for foreign fund managers. Russia has been tackling the issue of non-state pension funds reform for 10 years. Introduced only in 1991, by 1993 there were already 1,000 non-state schemes. As tough requirements were introduced, however, this figure shrank. As of 2001, there were 268 non-state pension funds in Russia with e1.6bn in total assets.
