All IPE articles in November 2008 (Online) – Page 7
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NewsAP7 chief appointed as Carnegie chair
SWEDEN – Peter Norman, chief executive of the Swedish pension fund AP7, has been appointed the new chairman of Carnegie Investment bank following its takeover by the Swedish National Debt Office.
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NewsDutch port workers to snub Optas pension offer
[15:40 CET 11-11] NETHERLANDS – Dutch harbour workers are unlikely to accept the recent offer of €350m towards their pensions from insurer Optas Foundation, according to workers’ representatives.
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BT consults with staff on pension changes
[15:50 CET 11-11] UK – British Telecom is beginning a formal 60-day consultation period with employees on proposed changes to its defined benefit (DB) and defined contribution (DC) pension schemes to make the pension provision "sustainable and affordable".
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Schemes snap up Danish 30-year bond
[15:00 CET 11-11] DENMARK – Pension funds seeking to improve their risk management snapped up Denmark's 4.5% 30-year bond auctioned this morning, executives said
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Expert challenges Austrian pension estimates
[15:51 CET 11-11] AUSTRIA – Calculations of future pension costs in Austria's state system are up to 8% short, according to a former government advisor.
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Julius Baer investment chief departs
[12:20 CET 11-11] SWITZERLAND - Beat Wittmann, chief executive of investment products at Swiss private banking group Bank Julius Baer & Co. Ltd., is to depart after less than a year in the job amid a major rethink of strategy.
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Italy delays review of funds' asset limits
[16:20 CET 11-11] ITALY – A planned review aimed at allowing Italian pension funds to diversify into higher yielding asset classes has been put on hold, IPE has learnt.
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Dutch schemes get more time to recover - DNB
[17:30 CET 10-11] NETHERLANDS – The Dutch pension regulator DNB and the ministry of social affairs today announced pension funds will not have to submit recovery plans before April next year.
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State Street eyes European custody expansion
[16:00 CET 10-11] EUROPE – Asset servicing bank State Street has indicated it is “looking at opportunities” to expand its European global custody business, benefiting from the fallout of the banking crisis.
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Finnish reforms lead to later retirement
[16:00 CET 10-11] FINLAND - The introduction of flexible retirement for the old age pension and higher accrual rates for those working past the age of 63 is encouraging people to retire later, the Finnish Centre for Pensions has revealed.
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Rethink at HSBC’s pension consulting arm
[17:05 CET 07-11] UK – HSBC Actuaries and Consultants (HACL), the pension consulting arm of bank giant HSBC, has appointed defined benefit head Steven Robinson to a new strategic role in a bid to update its DB and trustee market offerings
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UK's combined deficit now €119bn - PPF
[17:30 CET 10-11] UK – The Pension Protection Fund (PPF) has revealed the aggregate funding position of almost 7,800 defined benefit (DB) schemes reached a deficit of £97.3bn (€119bn) at the end of October.
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Ex-banker to review Irish reserve fund
[17:05 CET 10-11] IRELAND – The Irish government has appointed former central bank governor Maurice O'Connell to review the €18.7bn National Pension Reserve Fund (NPRF) following the recent market volatility..
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Porsche cool on pension outsourcing report
[17:00 CET 10-11] GERMANY – German car manufacturer Porsche has played down newspaper reports it plans to outsource its pension liabilities.
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Pensionskassen now wary of alternatives
[16:00 CET 10-11] EUROPE – The financial crisis may have ended the extensive growth in alternative investments seen over the last years, Pensionskassen have suggested to IPE.
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BMW transfers pensions to new Trust
[17:25 CET 07-11] GERMANY – Munich-based car manufacturer Bayerische Motoren Werke (BMW) is preparing to make a second pensions transfer to its newly-launched contractual trust arrangement (CTA).
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Corporate fund seeks equity manager
[17:20 CEt 07-11] EUROPE – A European corporate pension fund is looking for managers for a $100m (€78.4bn) all or large cap pan-European equity mandate, using IPE Quest.
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Guernsey superannuation fund drops £142m
[17:20 CET 07-11] UK – The States of Guernsey has revealed the Superannuation Fund for public sector employees has declined in value by £142m (€175m) in 2008.
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Swiss buffers down 2.5%
[17:15 CET 07-11] SWITZERLAND – Swiss Pensionskassen saw their reserve buffers begin to melt in 2007 after two years of significant growth, official statistics have revealed.
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BA admits DB deficit needs longer recovery
[17:05 CET 07-11] UK – British Airways has revealed the accounting deficit in its New Airways Pension Scheme (NAPS) has increased by another £201m. stretching its total deficit to £558m (€690m).
