All IPE articles in September 2005 (Magazine) – Page 3
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Features
Directive to 'impact discount rates'
The implementation of the European directive on occupational pensions could lead to a change in the way discount rates are determined, according to the European actuarial consultative group. “We expect to see significant changes in the way discount rates and other assumptions are determined as EU states begin to implement ...
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Features
Last details to be finalised
The pension reform that was the focus of attention for years is no longer on the pension industry’s agenda, according to Guido Blasco, a consultant at Hewitt in Milan. “The consensus is that the reform works, so the debate is no longer about the reforms themselves but about the proposals ...
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Features
Testing to destruction
The Dutch keep piling the agony on their pension funds. If there are any nuts to be cracked, the regulators and the different commissions come in swinging their sledgehammers. It is almost as if the system has to be tested to destruction before it can be accepted that it works. ...
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Features
A far from easy decision
Undertaking due diligence in the Asia-Pacific region can have the attraction of combining business with great beaches, the lure of the orient and the opportunity to experience the Australian lifestyle. While some investment professionals are honest enough to admit this has influenced their choice of specialism, does it make sense ...
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Features
E.ON to set up external CTA
German energy giant E.ON is to remove up to €5.4bn in pension liabilities from its balance sheet and finance them via an external fund. The construction of the fund, known as a contractural trust arrangement (CTA), is to be completed in 2006. E.ON announced the move with its recent first-half ...
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Features
Consultants welcome wealth indices
The move to fundamental or wealth indices has been welcomed as an important development, as indices provider FTSE announces the launch of a new ‘fundamental index’ series. “This new thinking is very healthy and we support the idea,” said Roger Urwin, global head of investment consulting at international consultancy Watson ...
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Features
In the shadow of constraints
Portugal’s private pension system received a blow at the start of this year when the government removed the tax benefits on employee contributions to third pillar arrangements. Ironically, the step was taken by a centre-right government that ideologically favoured private provision. However, it was forced to adopt stringent fiscal measures ...
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Features
The changing EMD story
Part of the process of investing in emerging markets (EM) used to be that your double digit returns were gained alongside the very strong possibility that at some point, your portfolio would be engulfed in a wave of selling because of an individual country’s crisis. Things are changing: individual countries ...
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Features
Changes herald drift to DC
Norway’s expects that its long-awaited pension reform allowing defined contribution will come into effect at the beginning of next year. Among the main provisions is that all employers have to provide some type of pension plan for employees. This is likely to result in the development of defined contribution much ...
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Features
MAN CEO says investable hedge indices 'wrong'
Investable hedge funds indices were given the thumbs down by a senior industry figure at the recent Funds Forum conference in Monaco. Stanley Fink, chief executive of MAN Group, which has $42bn (€34bn) of hedge fund assets under management, criticised the development of investable hedge funds indices and regarded them ...
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Features
A bruising time for pensions
The Irish pension scene is certainly feeling somewhat bruised if not battered, as many of its proud aspirations are coming apart. Schemes have come under increasing challenges from funding and international accounting standards. “These have been compounded by the increase in liabilities caused not by any change in the numbers ...
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Features
Blue skies with hint of cloud
Skies over the Danish pension landscape have remained remarkably blue during 2005, with equities lifting fund performance. The only clouds on the horizon are interest rates, which remain worryingly low. Leif Hasager, chief investment officer of the BankPension, which covers around 11,000 employees for companies in the Danish financial sector, ...
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Features
Cover ratios bite
The challenges facing some of Switzerland’s largest pension funds on the investment front vary greatly given widely differing coverage ratios. The Civil Service Insurance Fund for the Canton of Zurich (BVK) is at one end of the spectrum with a coverage ratio at end-July of 95%. Though up sharply on ...
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