Pension System – Page 290
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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
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Features
Back to 4%?
Mariska van der Westen outlines the Netherlands’ proposed ‘ultimate forward rate’ within the new framework for pension funds, which aims to marry real and nominal objectives
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Features
Against the grain
Mike Weston of Daily Mail & General Trust Pension Scheme tells Nina Röhrbein about his fund’s forward-looking approach to investment decision making
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Features
Defined ambition and supervision
The Dutch pension sector is working on new pension contracts, with softer benefits as the expected outcome. Meanwhile, the European Commission has planned to revise the IORP Directive and European supervision of pension funds. Dick Boeijen, Niels Kortleve and Jan-Willem Wijckmans ask if these processes are compatible
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