All IPE articles in May 2009 (Online) – Page 3
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News
Pension reforms to lessen gov’t spending, initially
[15:30 CEST 11-05] EUROPE – Just as many governments are now trying to rectify potential future shortfalls in retirement income, the European Commission has found the anticipated higher costs on domestic budgets will be at their lowest among some countries over the next decade before rising again in later years.
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FTSE pensions made conservative shift to bonds
[16:45 CEST 11-05] EUROPE – FTSE 100-listed companies have sought to reduce their pension liability risk within the last year by re-weighting assets by an average 7% to bonds, suggests a study published by Pension Capital Strategies.
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PADA rebuts personal accounts 'failure'
[17:10 CEST 11-05] UK - The Personal Accounts Delivery Authority (PADA) has hit back as claims that the new pension regime for personal accounts will not work and research which suggested just two in 100 employers will use the scheme.
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Absolute return may be future for default funds
[17:20 CEST 11-05] UK - Recent volatility in pension default fund investments has suggested there is a need to shift away from lifestyling towards alternatives such as absolute return funds, according to Punter Southall Financial Management.
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Shropshire reduces UK equities for new global mandate
[17:20 CEST 11-05] UK – Shropshire County Council is seeking one or more managers to run a new global equity portfolio for the £740m (€824m) Shropshire Pension Fund.
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IAA deficit almost trebles in 2008
[17:25 CEST 11-05] IRELAND – The Irish Aviation Authority (IAA) has admitted its pension deficit is the "most significant challenge" to its finances in 2009, as its pension shortfall has almost trebled to €146.6m in 2008.
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PPF diversifies investment portfolio
[17:25 CEST 11-05] UK – The Pension Protection Fund (PPF) is diversifying its investment strategy to include three new portfolios including global tactical asset allocation (GTAA).
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German investors keep a level pensions head
[17:30 CEST 11-05] GERMANY – Germans have continued to save for their retirement during the crisis and faith in the state pension has only increased slightly, suggests a regular study conducted by JP Morgan Asset Management.
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ABP comes close to 100% again
[12:00 CEST 12-05] NETHERLANDS - The funding ratio of ABP, the largest Dutch pension fund for civil servants, is hovering in the region of 95% to 100%, Harry Borghouts, interim president, said yesterday at the presentation of ABP’s annual report.
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VB begins drive to restore trust
[15:45 CEST 12-05] NETHERLANDS - VB, the association of industry-wide pension funds yesterday told delegates at its annual member meeting there is a pressing need to restore confidence in the Dutch pensions system.
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DNB 'very critical' on recovery plans – actuaries (updated)
[16:00 CEST 12-05] NETHERLANDS - Actuarial firms have claimed the pensions regulator, De Nederlandsche Bank, is sticking too rigidly to its checklist when judging the mandatory recovery plans of pension funds with a funding shortfall.
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Vopak swaps Mn Services for BlackRock
[16:15 CEST 12-05] NETHERLANDS - After a lengthy evaluation process, the pension scheme of Vopak, storage provider for bulk liquids, has given a fiduciary mandate worth €500m to Black Rock.
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Signs of recovery on the horizon, for some?
[16:45 CEST 12-05] AUSTRIA – Improved investment returns in April have helped Austrian pensionskassen to turn their performance into positive figures for the first time this year.
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News
Improved equity returns cut DB deficit by £50bn
[16:50 CEST 12-05] UK – The aggregate funding position of around 7,400 defined benefit (DB) pension schemes improved by more than £50bn in April, to a deficit of £188.5bn (€211bn) by the end of the month.
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UK pensioners paid £160 a week from workplace schemes
[16:55 CEST 12-05] UK – Almost three-fifths of UK pensioners received an average of £160 (€178) a week in 2007-08 from occupational pensions in retirement , according to figures from the Department for Work and Pensions (DWP).
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IBOA defers AIB action ahead of new talks
[17:00 CEST 12-05] IRELAND – The Irish Bank Officials' Association (IBOA) has agreed to defer using proxy votes at the annual general meeting (AGM) of AIB, following proposals put forward by the Labour Relations Commission (LRC) to end a dispute on pay, pensions and other issues.
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Wednesday people roundup
[15:45 CEST 13-05] GLOBAL – People roundup: Bridge Pointe, Equitable Life, Ircantec, Aviva Investors, Citi Global Transaction Services, SEB, American Century Investments
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Consultants predict potential longevity market of £15bn (updated)
[16:00 CEST 13-05] UK – Babcock International, the engineering firm, has in principle secured a deal to hedge some of its pensions longevity risk through the market’s first longevity swap, though consultants say the arena could quickly grow to be cover a potential £15bn (€17bn) in pension assets this year.
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KPN to step up risk after 14.5% loss
[16:20 CEST 13-05] NETHERLANDS - The €3.6bn pension fund of telecoms provider KPN limited its loss in 2008 to 14.5% as a result of a 70%-hedge on its interest rate risk, but officials have plans to increase its alpha risk this year.
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Slovak funds grow 0.5%
SLOVAKIA – The six pension fund companies managing mandatory funds for Slovakia’s second pillar posted a positive return for the first quarter of 2009.
