All articles by Nyree Stewart

  • PwC sells UK trustee and actuary service to Xafinity
    News

    PwC sells UK trustee and actuary service to Xafinity

    2010-07-09T15:23:00Z

    UK – Xafinity Consulting has agreed a deal to acquire the UK trustee and scheme administration business of PricewaterhouseCoopers (PwC) for an undisclosed sum.

  • Switching UK pension indexation to CPI may add complexity, experts warn
    News

    Switching UK pension indexation to CPI may add complexity, experts warn

    2010-07-09T13:56:00Z

    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.

  • Norwegian municipalities tender for pension provision
    News

    Norwegian municipalities tender for pension provision

    2010-07-09T12:52:00Z

    NORWAY – Three Norwegian municipalities have re-tendered the provision of the local authority pension schemes.

  • UK roundup: PPF, NILGOSC, Tesco, Finance Bill 2010
    News

    UK roundup: PPF, NILGOSC, Tesco, Finance Bill 2010

    2010-07-08T14:05:00Z

    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.

  • News

    UK Pensions Regulator issues FSD against Nortel for £2.1bn deficit

    2010-07-08T13:58:00Z

    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.

  • European Parliament backs EIOPA and pension stability fund
    News

    European Parliament backs EIOPA and pension stability fund

    2010-07-08T13:46:00Z

    EUROPE – Members of the European Parliament (MEPs) have backed plans to establish three new European Supervisory Authorities for financial services.

  • Committee recommends USS move to career average for new members
    News

    Committee recommends USS move to career average for new members

    2010-07-08T12:22:00Z

    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.

  • Smiths Group sets up escrow account for pension deficit
    News

    Smiths Group sets up escrow account for pension deficit

    2010-07-07T14:44:00Z

    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.

  • UK public sector pensions akin to 'unstable Ponzi' scheme
    News

    UK public sector pensions akin to 'unstable Ponzi' scheme

    2010-07-07T14:37:00Z

    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.

  • News

    Port of Copenhagen pension fund appoints manager

    2010-07-07T14:22:00Z

    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.

  • EC sanctions state aid for UK's NEST
    News

    EC sanctions state aid for UK's NEST

    2010-07-07T14:19:00Z

    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".

  • News

    Lothian moves more equities in-house to make efficiency savings

    2010-07-06T14:53:00Z

    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.

  • Different ring-fencing rules could hinder cross-border pensions
    News

    Different ring-fencing rules could hinder cross-border pensions

    2010-07-06T12:10:00Z

    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.

  • News

    Finland's Varma to take on healthcare pension

    2010-07-05T15:18:00Z

    FINLAND – PlusTerveys, a private healthcare provider, is the latest company to transfer its pension provision to Varma Mutual Pension Insurance Company.

  • Irish managed funds decline further in June
    News

    Irish managed funds decline further in June

    2010-07-05T13:12:00Z

    IRELAND – Irish managed funds have declined for the second month in a row as the average fund fell by 1.8% in June.

  • AP1 seeks hedge fund managers for diversification
    News

    AP1 seeks hedge fund managers for diversification

    2010-07-05T13:00:00Z

    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).

  • UK roundup: ONS, BBC, pension de-risking
    News

    UK roundup: ONS, BBC, pension de-risking

    2010-07-05T12:17:00Z

    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.

  • BA completes £1.3bn buy-in with Rothesay Life
    News

    BA completes £1.3bn buy-in with Rothesay Life

    2010-07-02T14:15:00Z

    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).

  • UK roundup: TPR, PADA-NEST
    News

    UK roundup: TPR, PADA-NEST

    2010-07-02T13:51:00Z

    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.

  • News

    UK roundup: PPF, North Yorkshire, Strathclyde, ONS

    2010-07-01T11:10:00Z

    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.