Returns – Page 147
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NewsAon warns on overfunding as UK DB schemes cut deficit by 25%
UK – The 200 largest defined benefit (DB) schemes cut their funding shortfall by £26bn between June and July, according to figures released by Aon Consulting.
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DC schemes increase market share to a third of European pension assets
EUROPE – Defined contribution (DC) schemes have witnessed an almost uninterrupted increase in assets over the last five years and now account for almost a third of all European pension assets, according to Cerulli Associates.
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NewsIBM makes €277m contribution to Dutch pension scheme
NETHERLANDS – The €2.9bn Dutch pension fund of IT giant IBM managed to keep its coverage ratio at 123.1% at year-end, mainly due to a €277m additional contribution from its sponsoring company.
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NewsInterest in UK debt rebounds following CPI-link announcement
UK – Interest in index-linked gilts returned this week, after the UK Debt Management Office successfully sold £6bn worth of bonds maturing in 2040.
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NewsUK roundup: default retirement, Local Government Pension Scheme
UK – The government today confirmed its plans to abolish the default retirement age, allowing workers to continue in their position beyond 65.
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NewsInterest rates hit coverage ratios at large Dutch schemes
NETHERLANDS – The €5.3bn pension fund of steelworks Hoogovens, as well as two of KLM's large pension schemes, saw their coverage ratios hit by dropping long-term interest rates in the second quarter.
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NewsRabobank pension scheme loses 3.1% due to coverage ratio hedge
NETHERLANDS – The €11.5bn pension fund of Rabobank returned 10.5% on investments, but ultimately lost 3.1% of its assets due to its extensive strategic hedge to protect its coverage ratio.
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News€3bn Horeca fund to increase interest hedge
NETHERLANDS – The €3bn pension fund for the Dutch hotel and catering industry has decided to strategically target a 75% interest hedge on liabilities.
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NewsSwedish roundup: Swedbank, Handelsbanken, Länsförsäkringar
SWEDEN – Swedbank's income from premiums increased by 37% for the first half, amounting to SEK12.9bn (€1.4bn) compared with SEK9.4bn at the end of 2009.
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NewsSwiss roundup: Social ministry BSV, State Street index
SWITZERLAND – The Swiss social ministry BSV is tendering another survey into second-pillar costs, this time focusing on asset management fees.
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NewsFalling markets, low interest rates hit larger Dutch pension schemes
NETHERLANDS – Three large Dutch pension funds – PFZW, PMT and PME – suffered from falling financial markets combined with very low long-term interest rates, resulting in marginal returns during the second quarter.
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Slovakian pension funds return 0.6% in first half
SLOVAKIA – The International Monetary Fund (IMF) has called on Slovakia to create a more stable environment for second-pillar pensions, as pension funds in the country returned just 0.6% over the first six months.
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NewsHigh interest hedge slows coverage recovery on €1.7bn Delta Lloyd fund
NETHERLANDS – The €1.7bn pension fund of insurer Delta Lloyd attributed its slowly improving coverage ratio to its 90% hedge of the interest risk on its liabilities.
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NewsGerman dentist fund goes into indirect real estate, mulls private equity
GERMANY – The €2.1bn pension fund for the dentists of the west-German region of Westfalen-Lippe is pulling out of direct real estate and looking to diversify its alternative investments.
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NewsNew longevity model could entail 2% provision increase, Hewitt warns
NETHERLANDS – The average Dutch pension fund will have to make an additional 2% financial provision if the Actuarial Society (AG) endorses a new longevity model currently in development, Hewitt Associates has warned.
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NewsSara Lee pension scheme still rebalancing assets
NETHERLANDS – The €1.1bn Dutch pension fund of consumers goods company Sara Lee is still gradually rebalancing its asset allocation, after its 40% strategic return portfolio decreased to 26% at the end of 2008.
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Swedish roundup: SPP, Storebrand, SEB
SWEDEN – Swedish insurer SPP lost SEK206m (€21.7m) in the second quarter, while SPP’s parent, Storebrand, lost NOK39m (€4.8m). Meanwhile, operating profit at SEB Trygg Liv came to SEK349m over the same period.
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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.
