All IPE articles in May 2009 (Online) – Page 7
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NewsECB staff to strike over pensions
[16:15 CEST 26-05] EUROPE – Staff at the European Central bank (ECB) are planning to hold an initial 90-minute strike next month, in protest against the bank's "unilateral decision-making" concerning changes to its defined benefit (DB) pension fund.
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NewsAustrian pensions system 'riskiest' by comparison
[16:35 CEST 26-05] AUSTRIA – A study of defined contributions pensions regimes in Europe suggests beneficiaries of the Austrian second pillar alone bear almost the full risk of the capital market, according to pension expert Gerald Klec.
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NewsCBI calls for 'smoothing' in pension valuations
[16:50 CEST 26-05] UK – The Confederation of British Industry (CBI) has claimed pure marked-to-market valuations "doesn't work for pensions schemes" and an "element of smoothing" should be introduced to protect balance sheets from extreme volatility.
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FRR seeks real estate and transition managers
[17:00 CEST 27-05] FRANCE – The Fonds de Réserve pour les Retraites (FRR), the French pension reserve fund, has launched a search for four investment managers to run transition and real estate portfolios for the €26bn fund.
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EC to look at solvency rules on pensions
[14:15 CEST 27-05] EUROPE - The European Commission is to conduct an impact assessment of solvency rules for EU pension funds before it responds to last year's consultation on the topic and a public hearing that was held in Brussels today.
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Wednesday people roundup
[15:45 CEST 27-05] GLOBAL – People roundup: AP1, IASCF, Ipes, Osmosis Capital, Carnegie Investment Bank
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'Failed' industry-wide schemes could lose members
[16:20 CEST 27-05] NETHERLANDS - Almost one in four Dutch pension funds with mandatory membership did not pass a key investment performance test between 2004 to 2008 and could potentially lose sponsoring employers as a result, according to VB, the Dutch association of industry-wide schemes.
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Mn farms a fresh fiduciary contract
[16:45 CEST 27-05] NETHERLANDS – Mn Services has been appointed to act as the fiduciary asset manager and strategic adviser to Pensioenfonds Productschappen, the €365m pension fund for the Dutch commodity boards.
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Pension fund members to go to court
[17:00 CEST 27-05] AUSTRIA – 2,600 members of Austrian pensionskassen have hired a lawyer to file a complaint with the constitutional court over the question of ownership of pension fund assets.
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PensionDanmark returns 0.2% in Q1
[17:05 CEST 27-05] DENMARK – PensionDanmark has reported a positive net return of 0.2% in the first quarter of 2009, as the value of its premiums increased to DKK2.6bn (€349.3m).
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Somerset fund drops to £765m
[17:10 CEST 27-05] UK – Provisional figures suggest the Somerset County Council pension fund made a loss of 28% in the 2008-09 financial year, as the value of the fund dropped to a low of £765m (€878.6m) by the end of March.
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LAPFF sets out plan to boost shareholder engagement
[14:00 CEST 28-05] UK - The Local Authority Pension Fund Forum (LAPFF) has published a plan for strengthening the governance of companies in which local authority pension funds invest.
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EC to replace CEIOPS (updated)
[14:15 CEST 28-05] EUROPE – The European Commission is proposing to replace the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) with a new pensions authority in 2010, which it hopes will significantly improve cross-border cooperation and understanding between regulators.
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'Duty to report' replaces ban on short-selling
[15:15 CEST 28-05] NETHERLANDS - The ban on short-selling of Dutch equities will be replaced by a temporary but mandatory registration of short positions in Dutch financial institutions.
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Eq Life judicial review passes to next stage
[15:30 CEST 28-05] UK – Equitable Life policyholders have been given permission to proceed with a full judicial review hearing, over the government's failure to implement the Parliamentary Ombudsman's recommendations on compensation.
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Growing private pensions not enough – IMF
SLOVENIA – The Slovenian government wants to increase incentives for people to save privately for their retirement and work longer, but the International Monetary Fund (IMF) thinks this is not enough the pensions regime.
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BNP Paribas takes over ETFs joint venture
[16:00 CEST 28-05] GLOBAL - AXA Investment Managers has transferred the operational management of the remaining 22 ETFs in the EasyETF range to BNP Paribas Asset Management.
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Swiss APK moves back into gains
[16:15 CEST 28-05] SWITZERLAND – The Swiss pensionskasse for the canton of Aargau returned 1.5% in the first four months of 2009 while the scheme for Solothurn has just reported a 14.8% loss for 2008.
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AIMA rallies against EC alternatives directive
[16:30 CEST 28-05] GLOBAL - The Alternative Investment Management Association (AIMA), which represents the global hedge fund industry, is planning to lead members in opposition to certain provisions in the European Commission's draft directive for alternative investment fund managers.
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IASB admits 'unintended consequences' to IFRIC 14
[13:00 CEST 29-05] GLOBAL – The International Accounting Standards Board (IASB) has unveiled proposed amendments to IFRIC 14 rules concerning pensions minimum funding rules shown on the balance sheets as officials say “unintended consequences” mean some prepayments are not shown as an asset.
