Returns – Page 147
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NewsBA completes £1.3bn buy-in with Rothesay Life
UK – British Airways has completed a £1.3bn (€1.57bn) pension buy-in transaction with Rothesay Life that will cover approximately 20% of the pensioner liabilities of its Airways Pension Scheme (APS).
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NewsABP raises premiums again after cover ratio falls to 96%
NETHERLANDS – The €220bn civil service scheme ABP has again decided to raise its contributions temporarily by 1% to compensate for the drop of its cover ratio to 96%.
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NewsTNO scraps 'disappointing' tactical asset allocation
NETHERLANDS – The €2bn pension fund of TNO, the Dutch Institute for Applied Science, has axed its 2.7% global tactical asset allocation (GTAA) within a year due to "disappointing" performance.
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NewsDiageo pension scheme to plug £860m deficit with whisky
UK/IRELAND – Drinks giant Diageo has announced its UK pension fund will tackle a £862m (€929m) deficit by investing in maturing whisky.
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German pension liabilities set to surge as BilMoG takes effect
GERMANY - German pension liabilities are set to increase by up to 30% by the end of the year as new accounting regulations take effect.
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BBC to close scheme to new members as deficit hits £2bn
UK – The BBC has initiated a three month consultation on changes to its £8.23bn (€10.16bn) defined benefit (DB) pension scheme following a deficit increase to around £2bn in 2009 from £470m in 2008.
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BT Pension scheme cut deficit by £1.4bn last year
UK - The underfunded BT Pension Scheme (BTPS) has managed to reduce its deficit by 16% following strong returns in 2009.
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Dutch recovery plans need higher pension ages and contributions: OECD
NETHERLANDS – Increasing life expectancy and the recent financial crisis are threatening the solvency of the second-pillar pension system in the Netherlands, leading to a need for changes to the style of recovery plans, the OECD has warned.
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NAPF 'foundation' pension could limit means-testing, but at a cost
UK – Introducing a 'foundation' pension combining the current Basic State Pension (BSP) and the State Second Pension (S2P) could reduce the number of people on means-tested pension benefits to 25% by 2050, according to research by the Pensions Policy Institute (PPI).
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Icelandic pension assets near €12bn
ICELAND – Net pension fund assets at the end of April increased by ISK16bn (€102m) over the month, following increases in both equity and fixed income investments.
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OECD report warns of income 'lottery' for future retirees
EUROPE – Future retirees can expect dramatic fluctuations in defined contribution (DC) scheme payouts unless they adopt investment strategies that lessen the impact of market shocks, according to the Organisation for Economic Co-operation and Development (OECD).
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First-quarter results mixed for Italian private pension funds
ITALY – The Italian private pension fund sector showed mixed signs in terms of growth of members and assets in the wake of recent volatility in the financial markets.
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Early access to pension assets a mistake, warns Mercer
UK – Giving savers access to their pension fund before retirement would be a mistake, according to Mercer.
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Dutch postal pension fund to hedge interest risk through swaptions
NETHERLANDS – The Dutch postal pension fund TNT will limit its risk by gradually increasing its 75% interest hedge on its liabilities to full cover.
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Hewitt: Most Dutch pension funds failing to meet minimum cover ratios
NETHERLANDS – The cover ratio of most Dutch pension funds has fallen to less than the 105% minimum required by the government, according to Hewitt Associates.
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Trustees need to prepare covenant arrangements, says UK Pensions Regulator
UK – Trustees should prepare plans to access employer support to the scheme, such as contingent assets, ahead of time, instead of waiting to ask for extra security when it would weaken the sponsoring employer, The Pensions Regulator (TPR) has said.
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UK funding roundup: DB deficit reaches £41.5bn in May
UK – The funding position of UK defined benefit schemes deteriorated in May, with the aggregate deficit increasing to £41.5bn (€50.1bn) at the end of the month, according to figures from the Pension Protection Fund (PPF).
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UK roundup: West Sussex, Coca-Cola, Ernst & Young, Tax relief
UK – West Sussex County Council is seeking a transition manager for its local government pension scheme, while trade unions are threatening Coca-Cola with strike action over changes to the final salary pension scheme.
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KPN scheme lowers fixed income risk profile
NETHERLANDS – The pension fund of telecoms firm KPN reduced its exposure to government bonds of eurozone and emerging economies last year in a bid to reduce its risk profile.
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Irish managed funds' strong performance slips in May
IRELAND – Global market volatility caused Irish managed pension funds to produce an average return of -2.8% in May.
