All IPE articles in September 2008 (Online) – Page 9
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News
Norwegian MPs face pensions investigation
[16:10 CEST 03-09] NORWAY – Norway's Parliament, the Stortingets, is setting up an independent committee to review the parliamentary pension system, after the office of the Auditor General (Riksrevisjonen) discovered at least six cases of "improper" pension payments.
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Wednesday people roundup
[16:00 CEST 03-09] GLOBAL – People roundup: IBM, Nordea, Henderson Global Investors, Mercer, Watson Wyatt, UBS Global Asset Management, Insight Investment, Unigestion, Barings, Teslin Capital Management, Sophis, CFA Institute.
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Cable & Wireless agrees first £1bn 'buy-in'
[14:00 CEST 03-09] UK – The first £1bn (€1.2bn) bulk annuity deal has been completed as the trustees of the Cable & Wireless Superannuation Fund have agreed to "buy-in" an insurance policy for its current pensioner liabilities with Prudential.
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Blue Sky Group seeks CIO (amended)
[11:45 CEST 03-09] NETHERLANDS – Fons Lute, chief investment officer of Blue Sky Group, the manager of KLM’s Dutch pension assets, has left to join PGGM.
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PIC agrees buyout of scheme in PPF assessment
[16:10 CEST 02-09] UK – The UK Can Pension Plan has agreed a buyout deal with Pension Insurance Corporation (PIC) valued at £42m (€52m), following completion of the Pension Protection Fund's (PPF) viability assessment.
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Dividends generate €4.9bn for Dutch schemes - DNB
[17:00 CEST 02-09] NETHERLANDS - Dutch pension funds received €4.9bn in dividends on their listed equity investments between April 2007 and March 2008, De Nederlandsche Bank has reported.
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Aegon’s cross-border arm to cooperate with €2.4bn APK
[17:00 CEST 02-09] NETHERLANDS/AUSTRIA – The €2.5bn Austrian pension fund APK-Pensionskasse and Dutch insurer Aegon have signed a letter of intent that will allow both organisations to further expand internationally.
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Belgian returns slump to -7.8% in first half
[16:55 CEST 02-09] BELGIUM – Belgian pension funds booked an average negative return of -7.8% in the first six months of the year, down from 4% in the same period last year, figures from the Belgian Association of Pension Funds (BVPI) has revealed.
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Irish funds post positive return in August
[16:50 CEST 02-09] IRELAND – Irish managed pension funds recorded a positive return of 2.4% in August, the first positive return since May, Hewitt Associates has revealed.
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Poland to bridge early retirement gap
POLAND - The ministry of labour and social policy has presented a draft law on the delivery of ‘bridging pensions’, a new element of the Polish pension system intended to eliminate the early retirement benefits that are still available to a large number of people.
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AGI to become Germany's largest manager
[16:40 CEST 02-09] GERMANY – Allianz today said the integration of Commerzbank’s €57bn asset management arm Cominvest will make its asset management offering, Allianz Global Investors (AGI), the largest asset manager in Germany.
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Inflation hedge pumps up Hoogovens pension
[16:25 CEST 02-09] NETHERLANDS - The €5.1bn pension fund of steelworks Hoogovens/Corus has managed to keep its funding ratio almost unchanged despite the market turmoil during the first six months, thanks mainly to the positive effects of its inflation hedge.
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News
PensionDanmark returns -6.1% in H1
[16:55 CEST 01-09] DENMARK – PensionDanmark reported a first half investment return of -6.1%, following volatility on investment markets, while the DKK21.9bn (€2.9bn) FSP pension fund reported a loss of DKK873m in the first half of 2008.
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All-German deal to shrivel Dresdner Kleinwort
[16:50 CEST 01-09] GERMANY – German Commerzbank’s acquisition of Dresdner Bank will see the newly-combined group’s investment banking activities reduced, but introduce a refocus on German companies.
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Employers to cut contributions as deficit hits £25bn
[16:45 CEST 01-09] UK – Almost 70% of UK companies intend to reduce contributions to scheme deficits within the next year, Aon Consulting has suggested,even though the aggregate deficit of the 200-largest UK defined benefit (DB) schemes increased to £25bn (€31bn) at the end of August.
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Iceland pension amendments delayed
[16:40 CEST 01-09] ICELAND – Proposed legislation from the Icelandic Ministry of Finance has been delayed which should have introduced amendments to the Pensions Act, including the transfer of benefits to spouses and ex-partners.
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APG and Cordares: the marriage is 'formal'
[16:15 CEST 01-09] NETHERLANDS – APG Investments - the wholly-owned asset management company of the giant Dutch pension fund ABP - and Cordares Holding have today formally merged.
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News
Lancashire seeks equity manager to replace Schroders
[16:10 CEST 01-09] UK – Lancashire County Council Pension Fund is seeking a UK and global equities enhanced index-tracking manager to run around £350m assets previously managed by Schroder Investment Management.
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Greek dividends and investments face 10% tax
[16:00 CEST 01-09] CEST GREECE – The Greek government has announced plans to impose a 10% tax on dividends and a similar capital gains tax (CGT) from the start of 2009, but it’s a move which will also catch both local and foreign domiciled pension funds.
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Dutch encouraged to postpone state pension with higher payout
[15:45 CEST 01-09] NETHERLANDS - Dutch citizens are being offered the opportunity to postpone their state pension AOW by a maximum of five years in return for a higher benefit payout.
