Pension System – Page 280
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Country Report
UK: Flawed model
Iain Morse reviews the market for custody services for UK pension funds
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Country Report
UK: Super trusts – how they work
Gail Moss takes the NAPF’s super trust idea and runs an international comparison
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Country Report
UK: Reassurance needed, not insurance
As longevity improves and fewer people are saving for pensions, Malcolm McLean argues for the industry to rebuild confidence
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Country Report
UK: Trustee power
Matthew Claisse and Lorant Porkolab highlight important new proposals regarding the powers of pension fund trustees in corporate transactions
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Country Report
UK: Questions remain
With auto-enrolment just a few months away, Pádraig Floyd assesses the future shape of DC pensions
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Country Report
UK: The third way
Nearly two decades after Tony Blair espoused a ‘third way’ in UK politics, the current government is in favour of a defined ambition approach in occupational pensions that would combine elements of DB and DC. Jonathan Williams asks whether the industry wants it
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FeaturesCrucial assumptions
Norman Dreger and Andrew Arbour outline why companies with pension obligations in multiple countries should consider carefully which mortality tables to use for accounting valuation
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Interviews
On the Record: Cost concerns
What impact will the EMIR regulation have on your LDI strategy?
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Country Report
UK: No more ‘set and forget’
Gill Wadsworth examines current practice among UK pension funds and their trustees in the management of liability risk
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Features
Steadying the ship
Andrew Waring of the UK Merchant Navy Officers Pension Fund tells Nina Röhrbein how the 2008 financial crisis led to a fiduciary management structure
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NewsDutch asset manager PGGM to lower investment costs for clients
NETHERLANDS – Asset manager for €118bn PFZW to focus on lowering costs for six clients.
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NewsDutch face rights cuts of 8% with current discount rate, says government
NETHERLANDS – Leaked memo estimates 12m at risk of rights cuts if discount rate is maintained.
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NewsABP and PMT reject call to buy bank mortgage portfolios
NETHERLANDS – Employer lobby group agrued loan sale would allow banks to start lending again.
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NewsDutch scheme ABP expects rights cuts of up to 14%
NETHERLANDS – Leaked memo predicts average contribution will need to rise nearly 30%.
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NewsCoverage ratio plummets at pension fund for Dutch hairdressers
NETHERLANDS – Funding drops below 75% after implementation of hedging strategy delayed.
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Country Report
Italy: Adopting diversity for growth
Gail Moss reports on how Compagnia di San Paolo has managed its assets while faced with the risks of low euro-zone growth and a major shareholding in an Italian bank – Intesa San Paolo
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Country Report
Italy: Meeting the governance challenge
Italy’s pension market is experiencing a period of significant change in the wake of government reforms enacted at the end of 2011. Armando Piccinno discusses the ramifications
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Country Report
Italy: A new order
First-pillar reforms and proposals to change investment rules for second-pillar funds represent a step change for Italian companies and pension funds. But they have not been matched by a commitment to support supplementary pensions as a whole, finds Nina Röhrbein
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Country Report
Italy: Missing the point of reform
Maria Teresa Cometto reports on the political criticism of the technocratic-driven pension reforms of December 2011. Attention has focused on the so-called esodati, rather than the calamitous state of the public pension system
