All IPE articles in October 2008 (Online) – Page 3
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News'Who owns Optas assets' will go to court
[16:05 CEST 24-10] NETHERLANDS – The harbour workers and their employers have announced they will go to court to solve the row with Stichting Optas and Aegon about the workers’ pension, as earlier mediation has failed.
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NewsVarma loses €1.7bn in Q3
[16:05 CEST 24-10] FINLAND – The €26.9bn Varma Mutual Insurance Company has reported a loss of around €1.7bn in the third quarter of 2008, following continued poor investment returns.
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NewsPADA halfway through first £3.3m capital
[17:00 CEST 24-10] UK – The Personal Accounts Delivery Authority (PADA) has already spent more than half of the first capital injection of £3.3m (€4.07m) provided to the body by the government on staff costs and administration.
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NewsNorway to extend emerging markets benchmark
[16:50 CEST 24-10] NORWAY – The NOK1.99trn (€222bn) Norwegian Government Pension Fund – Global has confirmed it is considering further investments in India as part of its strategy to invest in emerging markets.
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NewsAverage UK employee is working longer
[16:45 CEST 24-10] UK – The average age that employees over the age of 50 withdraw from the workforce and retire has increased to 64.6 years for men and 61.9 years for women, latest figures from the Office of National Statistics (ONS) has revealed.
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NewsNorfolk and Staffs start manager search
[16:30 CEST 24-10] UK – Staffordshire and Norfolk County Councils have initiated searches for equity and bond managers for their local government pension schemes (LGPS).
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NewsPGB cover ratio drops 25%
[16:25 CEST 24-10] NETHERLANDS – The €8.8bn pension fund for the printing and publishing industry Pensioenfonds Grafische Bedrijven (PGB) has seen its cover ratio drop 25% since the beginning of this year.
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NewsTPR predicts market impact on recovery plans
[16:05 CESt 24-10] UK – The Pensions Regulator (TPR) has confirmed the current economic difficulties could result in schemes submitting recovery plans for 2009 that include larger deficits, weaker employer covenants and longer recovery periods.
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NewsRoyal Mail pension deficit hits £4bn
[16:55 CEST 23-10] UK – Royal Mail has confirmed its pension deficit in accounting terms has increased by more than £1bn (€1.26bn) between March and September 2008, to reach £4.04bn.
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NewsCzech Republic adds personal pensions into fray
CZECH REPUBLIC – The Czech government is planning to restructure its pension fund system by introducing third pillar personal pension arrangements which are described as being more transparent vehicles but which do not carry a full guarantee.
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NewsExpress scheme to close to future accrual
[16:40 CEST 23-10] UK – The National Union of Journalists (NUJ) has raised concerns about proposals to close Express Newspapers' defined benefit (DB) scheme to future accruals.
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NewsABP begins long-term recovery plan
[16:30 CEST 23-10] NETHERLANDS – ABP, the Netherlands’ largest pension fund, will have to submit a proposal to the pensions regulator explaining how it will improve its solvency ratio as latest figures from the €195bn pension fund shows its cover ratio has dropped below 125%.
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NewsAEIP warns EC on tax incentives stance
[16:00 CEST 23-10] EUROPE – Jacques-André Schneider, a prominent member of the European Association of Paritarian Institutions of Social Protection (AEIP) Scientific Advisory Board, has cautioned the European Commission (EC) on its remarks concerning tax incentives for privately-managed pension provision in Europe.
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NewsPensionDanmark solvency four times the limit
[15:50 CEST 23-10] DENMARK – PensionDanmark has revealed its solvency position is more than four times higher than its statutory solvency requirements, despite admitting it will probably end 2008 with a negative investment result.
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NewsVB says full indexation unlikely
[15:45 CEST 23-10] NETHERLANDS - Dutch workers and pensioners must prepare themselves for the prospect of receiving only part indexation on their pensions in 2009 or none at all to compensate for inflation, the representative body for the industry-wide pension funds VB has warned.
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NewsIlmarinen falls 9.4% as Finland acts on pensions solvency
[15:15 CEST 23-10] FINLAND – The €23.4bn Ilmarinen Mutual Insurance Pension Company has reported a negative return of -9.4% for the first nine months of 2008 and a loss of €2.3bn in the third quarter, but its solvency ratio could improve under Finnish government proposals to relax regulations.
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NewsPME dips into funding shortfall
[14:45 CEST 23-10] NETHERLANDS - The combination of falling equity markets, decreasing commodity prices and a fall in long-term interest rates pushed the returns of the €20.5bn metal scheme PME below the critical funding limit of 105% during the first half of October.
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NewsCover ratio holds as assets fall at PFZW
[13:01 CEST 23-10] NETHERLANDS – PFZW, the industry-wide pension fund for Dutch healthcare workers, has seen its assets fall over 8% since the beginning of this year to just under €82bn but its nominal cover ratio is still above the reporting level required by the regulator to meet pension liabilities.
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NewsSeptember fall hits Irish medium-term figures
[16:30 CEST 22-10] IRELAND – A 25% drop in the value of Irish managed pension funds over the 12 months to the end of September 2008 has had "a significant impact" on medium-term results, Attain Consulting has claimed.
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NewsLehman Brothers scheme enters PPF assessment
[16:20 CEST 22-10] UK – The Pension Protection Fund (PPF) has confirmed a section of the Lehman Brothers Pension Fund has entered the organisation's assessment period.
