All IPE articles in September 2008 (Online) – Page 3
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NewsTPR scraps mortality assumption trigger (updated)
[17:05 CEST 23-09] UK – The Pensions Regulator has scrapped earlier proposals to introduce a funding trigger effectively based on long-cohort mortality assumptions.
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NewsECJ tackles age discrimination in pensions
[16:50 CEST 23-09] EUROPE – The European Court of Justice has unveiled two key judgment developments today which suggest pensioners cannot argue they have a right to work beyond the state retirement age if the employer does not allow it while companies can also refuse to pay benefits on the ...
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NewsHermes 'not interested' in joint venture
[16:15 CEST 23-09] UK – Fund firm Hermes has stated it is not interested in teaming up with other organisations, after it was revealed joint venture talks with Governance for Owners (GO) have fallen through.
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Ethos funds demand say on UBS pay
[16:10 CEST 23-09] SWITZERLAND – The Swiss pension fund-owned asset manager Ethos has filed a shareholder resolution, together with eight Swiss pension funds, to demand a “say on pay” within UBS and four other major Swiss corporates.
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NewsÖPAG loses head
[16:00 CEST 23-09] AUSTRIA – Johannes Ziegelbecker, who has run the Austrian multi-employer Pensionskasse ÖPAG since its launch in 1990, has resigned from his position as CEO.
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NewsSlovakia continues 2nd pillar erosion
SLOVAKIA – The Slovakian government is making a fresh claim on private pension provision and has introduced a second deadline allowing Slovakians to leave the second pillar pension system in favour of the state-run pension scheme.
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NewsPensions drive corporate culture change
[15:30 CEST 23-09] EUROPE - The impact of regulatory and funding pressures on employers is forcing a major cultural shift within companies and is changing the make-up of people involved in pensions decisions.
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NewsGwynedd drop UBS in search for active equity
[14:45 CEST 23-09] UK – The pension fund of Welsh local authority Gwynedd Council is searching for a global equity manager to look after approximately 20% of its assets, following an overhaul of its strategy which led to reduced roles for UBS and Capital International.
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NewsKellermann hits back on fair value claim
[17:05 CEST 22-09] NETHERLANDS – Joanne Kellermann, executive director at the Dutch central bank DNB, has brushed off criticism of the fair value accounting of pension liabilities, at the same time as the regulator becomes the latest to ban naked short-selling.
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NewsWest Midlands allocates 25% to alternatives
[17:00 CEST 22-09] UK – The £8bn (€10bn) West Midlands Pension Fund has confirmed it is investing appxoximately a quarter of its portfolio in alternative assets.
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News'Meltdown' surpluses show accounting volatility
[16:55 CEST 22-09] UK – Surpluses of the UK’s 100-largest companies had improved again to around £33bn by the end of last week’s roller coaster market developments, according to consulting firm Watson Wyatt, reflecting the volatility of pension numbers in companies’ accounts.
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NewsMinimum return rate to be slashed
[16:45 CEST 22-09] SWITZERLAND – Next year’s minimum return rate required from Pensionskassen might be up to 1 percentage point lower than the current rate, at the same time as Switzerland is widening the use of the "prudent person principle".
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NewsL&G consults on DB contributions change
[16:40 CEST 22-09] UK – UK insurance group Legal & General is consulting members of its £1.1bn (€1.37bn) defined benefit scheme and bidding to reduce contributions in the hope this will also lower its liabilities.
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NewsLehman's UK pension seeks PPF rescue
[16:00 CEST 22-09] UK – Trustees of the Lehman Brothers Pension Scheme have taken the first steps to find out whether the UK defined benefit pension fund should fall under the management of the UK’s pensions lifeboat fund.
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NewsTI Group agrees second buy-in (Update)
[13:15 CEST 22-09] UK – The £1.3bn (€1.7bn) TI Group Pension Scheme (TIGPS), one of the schemes belonging to the engineering firm Smiths Group, has agreed a second £250m (€312m) partial buy-in deal, this time with Paternoster.
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NewsPension funds review status of Lehman class action
[12:00 CEST 22-09] UK – Lawyers acting for two UK pension funds are now reviewing the terms of the current securities class action against Lehman Brothers and its directors following last week’s collapse of the company, to work out whether the new action will effectively have to be taken against ...
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NewsBT fund stopped short-selling ahead of crackdown
[17:10 CEST 19-09] UK – The BT pension scheme had already acted to stop the securities lending of certain financial stocks earlier this week, before the UK and US regulators stepped in to halt such activity.
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NewsPutnam’s money market fund falls victim
[16:45 CEST 19-09] GLOBAL – Putnam Investments has been forced to close its prime money market institutional fund and return the assets to investors, just as consultants warn money market fund liquidity could be the unintended victims of this week’s market turbulence.
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NewsEC threatens Poland with court action over pensions
POLAND – The European Commission given Poland two month to ease investment restrictions for its open pension funds (OPFs) before it file proceedings against the state at the European Court of Justice.
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NewsDutch insurers take regulator to court
[16:15 CEST 19-09] NETHERLANDS - The Dutch Association of Insurers (VvV) has the pensions regulator De Nederlandsche Bank with a court summons, for its part in what could allow the large pension funds ABP and PFZW to gain a foothold the insurance market.
