Returns – Page 146
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NewsDutch scheme slashes unconditional indexation by 20%
NETHERLANDS – The €1.8bn occupational pension plan for physiotherapists, Stichting Pensioenfonds voor Fysiotherapeuten (SPF), has slashed its unconditional indexation by 20% to raise its coverage ratio.
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NewsIreland's €24.1bn NPRF revamps asset allocation
IRELAND – The €24.1bn National Pensions Reserve Fund (NPRF) has revised its long-term investment strategy, as circumstances have "changed materially" since the previous target asset allocation was set years ago.
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NewsDutch pension fund ABP returns 4.6%, sees coverage fall to 95%
NETHERLANDS – The €218bn civil service scheme ABP returned 4.6% on investments during the first six months of 2010, but saw its coverage ratio drop to 95% in the same period.
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NewsNestlé PK chief criticises German stress tests, plans EM diversification
GERMANY – Short-term regulatory demands are leading pension funds into damaging cyclical behaviour, according to Peter Hadasch, head of the €780.6m corporate Pensionskasse for Nestlé Germany.
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NewsFunding deficit for UK DB schemes jumps to £21.8bn
UK – Funding for final salary pension schemes took a turn for the worse last month, according to the Pension Protection Fund (PPF).
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NewsDutch pension fund PMT postpones 'risky' investments
NETHERLANDS – PMT, the pension fund for metalworkers and mechanical engineers, has postponed new investment in relatively risky and less liquid asset classes such as private equity, international property and infrastructure.
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NewsDutch pension fund SBZ transfers administration to Syntrus Achmea
NETHERLANDS – SBZ has begun the two-year process of transferring its in-house administration and board support to pension provider Syntrus Achmea.
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NewsCredit Suisse Swiss Pension Fund index falls sharply
SWITZERLAND – The Credit Suisse Swiss Pension Fund index fell by 2.4% in the second quarter, bringing its overall performance for the first half of the year to -0.06%.
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NewsIcelandic pension funds recover from financial crisis, says OECD
GLOBAL – Pension funds reported strong returns last year, with Icelandic funds recovering all losses made during 2008, according to a report by the Organisation for Economic Co-operation and Development (OECD).
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NewsDAX30 companies amass €2bn pension reserves for former directors
GERMANY – Former directors cost DAX30 companies an average of €7m in pension reserve payments annually, figures from the Hans-Böckler-Stiftung have shown.
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NewsNedlloyd pension fund blames alternatives misery on Madoff scandal
NETHERLANDS – The €1.2bn pension fund of Dutch shipping company Nedlloyd has attributed the 15% underperformance of its alternatives investments to fraudster Bernard Madoff.
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NewsSwitching UK pension indexation to CPI may add complexity, experts warn
UK – Government plans to change the indexation of private sector defined benefit (DB) occupational pensions from Retail Price Inflation (RPI) to Consumer Price Inflation (CPI) in line with changes to public sector pensions could cause even more complexity to pensions.
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NewsCommittee recommends USS move to career average for new members
UK – The Joint Negotiating Committee (JNC) of the £28bn (€33bn) Universities Superannuation Scheme (USS) has agreed a package of reforms to be recommended to trustees after the chairman had to make a casting vote in favour of a move to a career average scheme.
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NewsSmiths Group sets up escrow account for pension deficit
UK – Smiths Group, the global technology company, has reached an agreement with the trustees of its two UK pension schemes to recover the combined deficit of £655m (€788m) over the next decade.
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NewsUK public sector pensions akin to 'unstable Ponzi' scheme
UK – The existing approach to UK public sector pensions has been compared to an "unstable Ponzi scheme" in an independent report from the Public Sector Pensions Commission.
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Romanian pension funds return nearly 10% in H1
ROMANIA – Mandatory second-pillar funds in Romania returned 9.9% over the first half of 2010, and plans to cut contributions are now off the table, according to the Romanian pension fund association APAPR.
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NewsMerchant navy scheme to take stake in MN Services
NETHERLANDS – The €3bn pension fund for the Dutch merchant navy has said it will take a stake in pensions provider MN Services.
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NewsIrish managed funds decline further in June
IRELAND – Irish managed funds have declined for the second month in a row as the average fund fell by 1.8% in June.
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NewsGerman occupational schemes using consultants for divorcee rights
GERMANY – The majority of occupational pension schemes (bAVs) in Germany employ external consultants to help calculate pension rights for divorcing couples, Towers Watson has reported.
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NewsUK roundup: ONS, BBC, pension de-risking
UK – A third of UK pensioners rely solely on the state pension in retirement, according to figures from the Office of National Statistics, while the BBC has defended proposed changes to its defined benefit (DB) scheme.
