All articles by Nyree Stewart – Page 8
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NewsDC governance needs to develop globally - State Street
GLOBAL – State Street has claimed defined contribution (DC) regulations and fiduciary oversight need to develop in a global rather than national context as the shift from defined benefit (DB) to DC continues.
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NewsSSgA streamlining offloads Swiss bond business
SWITZERLAND – State Street Global Advisors (SSgA) has signed an agreement transferring its Swiss institutional fixed income business to banking group SYZ & Co as part of its review of its European business operations.
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NewsIMF tells Luxembourg it needs to reform pensions
LUXEMBOURG – The International Monetary Fund (IMF) has warned Luxembourg its continued fiscal stability requires substantial reforms of the pension system.
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NewsUK roundup: IMI, Inchcape Motors, Steinway & Sons, Highland, Thames Water, Reader's Digest
UK – Engineering company IMI and automotive firm Inchcape have both appointed investment advisers to their respective pension schemes, while the UK scheme of Steinway & Sons has appointed an independent trustee firm.
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NewsStewardship Code continues to receive mixed views on governance
UK – The Institute of Directors (IoD) believes the proposed Stewardship Code needs to do yet more to encourage institutional investors to engage with companies.
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NewsLPFA says proposed LGPS Commission would not take on investment strategy
UK – Local authorities could retain control over investment policy but would need to adopt standard guidance on valuation assumptions, under proposals for an independent commission for local government pensions put forward by the London Pension Fund Authority (LPFA).
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NewsCBI claims charges will drive savers out of NEST
UK – High initial charges on the proposed National Employment Savings Trust (NEST) could mean savers would be better off in private sector pension funds with annual management charges of up to 0.6% for at least the first six years, according to the Confederation of British Industry (CBI).
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NewsIrish DB trustees handed funding deadline reprieve
IRELAND – Trustees of defined benefit (DB) schemes have been given an extra five months to file funding proposals and applications to reduce benefits to enable them to take into account recent regulatory changes including the ability to raise retirement ages with immediate effect.
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NewsIcelandic schemes to learn from financial crisis
ICELAND – Stricter demands on brokers and asset managers and increased involvement in shareholder meetings are among the recommendations for pension funds put forward by an IPFA committee investigating lessons learned from the financial crash.
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NewsUK roundup: PPF chair, C&W Worldwide, Paternoster
UK – The Pension Protection Fund (PPF) has appointed a new chairman, while the pension fund of Cable & Wireless Worldwide has awarded Eversheds a legal services contract and Paternoster has reported improved capital reserves.
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NewsBank of Ireland changes may cut deficit by 50%
IRELAND – The Bank of Ireland has proposed changes to its defined benefit (DB) scheme that it claims could halve the €1.6bn accounting deficit in the scheme.
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NewsFinland should build up third pillar DC, says OECD
FINLAND – Third pillar defined contribution (DC) pension systems play a minor role in Finland, and the government should consider measures to encourage a more significant DC pillar to improve risk sharing between generations, the OECD has suggested.
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NewsUK roundup: BA, Lincolnshire, West Sussex, the AA
UK – British Airways (BA) and Iberia have signed a merger agreement subject to BA and the trustees agreeing a "satisfactory" deficit recovery plan. Meanwhile Lincolnshire County Council has appointed global equity managers and West Sussex has awarded a global custody mandate.
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NewsUSS assigns managed account ahead of new strategy focus
UK – The £29bn (€32.9bn) Universities Superannuation Scheme (USS) has awarded a hedge fund-related $1bn (€740m) advisory managed account (MAC) mandate to Man Group.
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NewsHermes GPE private equity arm eyes mid-size pensions
UK – Hermes Fund Managers Limited and Gartmore Investment Management Limited have combined their private equity fund of fund businesses into a new company Hermes GPE LLP, which will have strong focus on responsible investing.
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NewsIrish managed funds edge towards 6% in Q1
IRELAND - Irish managed pension funds returned an average of 5.8% in March, to produce an overall first quarter return of 5.9% on investments.
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NewsCBI calls for Swedish-style shift on UK public sector pensions
UK - Public sector pensions in the UK have become "unsustainable", with an estimated unfunded liability of £1.01trn (€1.14trn), according to the UK Confederation of British Industry (CBI). But one solution proposed is a move to a Notional Defined Contribution (NDC) system similar to one applied in Sweden.
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Features
Irish reforms under fire
More than two years after the Irish government first published its green paper on reforms to the pension system, the National Pensions Framework has been unveiled, proposing increases in state retirement age and auto-enrolment into pensions.
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NewsFriends Prov unveils investment platform for DB trustees
UK – Friends Provident, the UK pensions and insurance firm, is targeting trustees of defined benefit (DB) and large contract-based defined contribution (DC) occupational schemes with a new investment administration platform.
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NewsUK roundup: North Yorkshire, PSTS and employer covenants
UK – North Yorkshire County Council has appointed an investment consultant for its local government pension scheme.
