All articles by Nyree Stewart
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NewsPwC sells UK trustee and actuary service to Xafinity
UK – Xafinity Consulting has agreed a deal to acquire the UK trustee and scheme administration business of PricewaterhouseCoopers (PwC) for an undisclosed sum.
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NewsSwitching UK pension indexation to CPI may add complexity, experts warn
UK – Government plans to change the indexation of private sector defined benefit (DB) occupational pensions from Retail Price Inflation (RPI) to Consumer Price Inflation (CPI) in line with changes to public sector pensions could cause even more complexity to pensions.
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NewsNorwegian municipalities tender for pension provision
NORWAY – Three Norwegian municipalities have re-tendered the provision of the local authority pension schemes.
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NewsUK roundup: PPF, NILGOSC, Tesco, Finance Bill 2010
UK – The Pension Protection Fund (PPF) is seeking a number of alternative credit managers to take part in a framework agreement for the fund, while the Northern Ireland Local Government Officers Superannuation Committee (NILGOSC) is tendering for an investment adviser.
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UK Pensions Regulator issues FSD against Nortel for £2.1bn deficit
UK – The UK Pensions Regulator (TPR) has confirmed it has issued a Financial Support Direction (FSD) against 25 companies in the Nortel Group in Canada, the US, the UK and Europe, requiring them to provide support to the UK pension scheme to cover a £2.1bn (€2.5bn) deficit.
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NewsEuropean Parliament backs EIOPA and pension stability fund
EUROPE – Members of the European Parliament (MEPs) have backed plans to establish three new European Supervisory Authorities for financial services.
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NewsCommittee recommends USS move to career average for new members
UK – The Joint Negotiating Committee (JNC) of the £28bn (€33bn) Universities Superannuation Scheme (USS) has agreed a package of reforms to be recommended to trustees after the chairman had to make a casting vote in favour of a move to a career average scheme.
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NewsSmiths Group sets up escrow account for pension deficit
UK – Smiths Group, the global technology company, has reached an agreement with the trustees of its two UK pension schemes to recover the combined deficit of £655m (€788m) over the next decade.
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NewsUK public sector pensions akin to 'unstable Ponzi' scheme
UK – The existing approach to UK public sector pensions has been compared to an "unstable Ponzi scheme" in an independent report from the Public Sector Pensions Commission.
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Port of Copenhagen pension fund appoints manager
DENMARK – The pension scheme of the Port of Copenhagen has appointed a pension fund manager to run its assets including up to a quarter in equities.
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NewsEC sanctions state aid for UK's NEST
EUROPE – The European Commission (EC) has approved the establishment of the National Employment Savings Trust (NEST) in the UK under State Aid rules on the basis that it would not receive "overcompensation".
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Lothian moves more equities in-house to make efficiency savings
UK – The £3.2bn (€3.9bn) Lothian Pension Fund has reduced its equity managers by four as it starts to increase the in-house management of its assets as part of its revised investment strategy and to save almost £1m in external management fees.
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NewsDifferent ring-fencing rules could hinder cross-border pensions
EUROPE – The safeguards expected from ring-fencing pension assets may not work as expected in certain situations or countries, raising potential risks for cross-border pension provision, CEIOPS has warned.
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Finland's Varma to take on healthcare pension
FINLAND – PlusTerveys, a private healthcare provider, is the latest company to transfer its pension provision to Varma Mutual Pension Insurance Company.
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NewsIrish managed funds decline further in June
IRELAND – Irish managed funds have declined for the second month in a row as the average fund fell by 1.8% in June.
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NewsAP1 seeks hedge fund managers for diversification
SWEDEN – Första AP-Fonden, the First Swedish National Pension fund (AP1), is seeking as many as three strategic partners to run hedge fund portfolios valued up to $1.5bn (€1.2bn).
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NewsUK roundup: ONS, BBC, pension de-risking
UK – A third of UK pensioners rely solely on the state pension in retirement, according to figures from the Office of National Statistics, while the BBC has defended proposed changes to its defined benefit (DB) scheme.
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NewsBA completes £1.3bn buy-in with Rothesay Life
UK – British Airways has completed a £1.3bn (€1.57bn) pension buy-in transaction with Rothesay Life that will cover approximately 20% of the pensioner liabilities of its Airways Pension Scheme (APS).
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NewsUK roundup: TPR, PADA-NEST
UK – The Pensions Regulator (TPR) has issued guidance on multi-employer scheme support, while the Personal Accounts Delivery Authority (PADA) has claimed it remains on track to deliver the National Employment Savings Trust (NEST) "on time and at low cost" ahead of the transition to the NEST Corporation next week.
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UK roundup: PPF, North Yorkshire, Strathclyde, ONS
UK – The Pension Protection Fund (PPF) is seeking liability-driven investment managers for its portfolio, while North Yorkshire County Council and Strathclyde pension fund have both appointed investment advisers.
