All IPE articles in November 2002 (Magazine) – Page 3
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Features
Covip lays down the law
Much of the future of Italy’s new complementary DC plans lies in the hands of the Commissione Vigilanza sui Fondi Pensione (Covip), which was set up to regulate them. Covip has been severely criticised by pension funds for what they see as the excessive bureaucracy of the approval process. It ...
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Features
Consumer 'will not crack'
Battered and bruised after almost three years of collapsing markets, equity investors have just experienced the largest quarterly decline in US, UK and European shares since 1987. Japanese stocks have also reached a new 19-year low. Consequently, bond yields have been falling sharply as investors have sought shelter. So, why ...
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Features
‘Transformation of Pension Systems in Central and Eastern Europe'
This is a book edited and written by social policy academics on the state pensions systems of the “Visegard four” central European states (Czech Republic, Hungary, Poland and Slovakia) and the three Baltic republics (Estonia, Latvia and Lithuania). It provides a brief overview of their respective social security systems before ...
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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
Managing disability costs in Canada
Like many jurisdictions around the world, Canada is experiencing significant increases in benefit costs, notably medical and disability costs. Several factors contribute to disability cost increases but there are three major factors common to many countries – the ageing work force, stress and depression, and a strained healthcare system. For ...
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Features
Bonds - suitable case for treatment
With many active bond managers failing to outperform their clients’ benchmarks over the last few years, indexing, or passively managing bond portfolios is becoming an increasingly popular alternative for plan sponsors. A passive strategy is defined as one that strives to match the return of the portfolio to a given ...
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Features
Blown off course
Professionals in the Spanish pensions market will remember this month as the end of a long process during which Spanish companies were forced, by law, to externalise their pension reserves by establishing a pension fund or an insurance contract. Previous deadlines regarding this outsourcing were postponed due to disagreements among ...
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Features
Time for liability-driven benchmarks
We are all told early on in pensions investment theory that you can’t invest without incurring risk and that, indeed, you have to accept risk to achieve reward. Now, after years of investing in the equity market, apparently without risk, as returns rolled in without having to worry , it ...
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Features
Benign Belgian flexibility
Market volatility has not precipitated any sharp changes of direction among Belgian pension funds, according to Hervé Noël the head of portfolio management at Tractebel Pension Funds in Brussels. Furthermore, the regulator, the Office de Controle des Assurances/Controledienst voor Verzekeringen (OCA/CDV) is using a light hand on the tiller. “Until ...
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Features
Finding a place of asset managers
A pervading atmosphere of gloom surrounded Sibos, the annual operations conference of the financial messaging operator Swift, at Geneva in early October. The twin conference themes – resilience and value – did little to stimulate any real debate and the economic downturn had cast a pall over the 250 companies ...
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Features
Out of one comparto and into another
One sign that the new occupational DC plans in Italy are shifting into a higher gear is the beginning of a move from monocomparto schemes, which offer members a single line of investment – usually a balanced portfolio – to multicomparto schemes that offer a choice of investments. Investment choice ...
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Features
Nightmare on ALM street
American defined benefit (DB) pension funds may become the next nightmare for US corporations. David Blitzer, chairman of Standard & Poor’s index committee, predicts that pension contributions will replace stock options as the big corporate accounting issue next year. The almost three year severe stock market downturn has deeply damaged ...
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