Pension System – Page 272
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Country Report
UK: Focus on investment returns
Stuart Thomson argues that UK pension funds are likely to increase active LDI and alpha strategies as a result of TPR’s new objective to promote sustainable growth
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Features
A future for swaps?
Pension funds facing new derivative-market regulation are increasingly willing to consider alternatives to traditional swaps, according to Cécile Sourbes. But the jury is still out on interest rate swap futures
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Country Report
The Netherlands: Get ready for inflation
With liquidity sloshing around the financial system, inflation may not be a matter of ‘if’, but ‘when’. Miranda Schoutsen asks whether real assets will help protect fragile nominal pensions from the relentless erosion of value
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Country Report
UK: Growing pains
Gill Wadsworth surveys the UK’s growing DC pension market, whose assets look set to exceed those of DB funds by 2018
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Features
UK joins the race
A new tax-transparent fund, launched this summer, puts the UK on the map for pension pooling. Gail Moss explains
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Country Report
UK: A marriage yet to be made
Infrastructure is seen as an asset class that offers a good match for pension fund liabilities. Pádraig Floyd outlines the progress to date of the UK Pension Infrastructure Platform
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News
UBS 'freezes' defined benefit pension fund in UK [updated]
EUROPE – Closure appears to be linked with drive to comply with Basel III capital requirements.
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Features
German investors defy tough year
Frank Schnattinger outlines the findings of IPE’s seventh annual survey of German institutional investors
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Country Report
Italy: Mangusta Risk advocates pension funds spend more time on passive portfolios
Any adviser, large or small, would have seen an opportunity when the Italian pension market opened up less than 20 years ago, with the establishment of many new medium and large-sized pension schemes.
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Country Report
Italy: ENPAM gets back into gear
Embroiled in a scandal in 2011, has ENPAM now turned the corner? Carlo Svaluto Moreolo reports The ENPAM pension fund for medical professionals published its balance sheet in May, reassuring members that the dark days of the past are finally over. In 2012 the fund recorded a €1.3bn budget surplus ...
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Country Report
Italy: Economic reality bites hard
Job losses and a tough economic environment are forcing pension funds Fonchim and Cometa to review and restructure their investment objectives, writes Carlo Svaluto Moreolo In testing times for the Italian job market, two of the country’s largest pension schemes, Fonchim and Cometa, are gradually adjusting their investment strategies to ...
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Features
Defining the trustee chair
The rise of LDI, market turbulence and regulatory challenges have all helped to change the role of the trustee chair, according to Gail Moss
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Country Report
Italy: The recovery starts at home for Cometa as it seeks to stabilise its membership
At Cometa, the €7.3bn scheme for workers employed by the metal and mechanical engineering industries, the membership issue is more urgent. The scheme has about 427,000 members, less than half the one million potential members in the sector. The figure is unlikely to rise significantly in 2013 because of the condition of the sector, where factories are closing or laying off workers. So the scheme is focusing on keeping its current members.
