Advisers – Page 127
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UK expected to change retirement age to 70 or never
UK – Compulsory retirement in the UK is expected to be shaken up with the age at which people retire inevitably increasing past 65, according to the government’s chief independent advisory body on pensions and Mercer Human Resources Consulting.
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'Excessively generous' pensions stalls Dutch PVK/DNB merger
NETHERLANDS – Parliament has delayed the proposed merger of Dutch central bank (DNB) and the pensions supervisory board (PVK) pension funds after its scrutiny uncovered “excessively generous” deals for the boards’ members as the regulator was cracking down on other funds’ costs.
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Italy's Previndai fund to restructure and offer mandates
ITALY- The €2bn pension fund of industrial managers, Fondo Pensione Previndai, is to create two portfolios run by five external equity and bond fund managers as an alternative to its insurance contracts.
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Priamo fund to grant three mandates
ITALY - The Italian pension fund for public transport workers, Fondo Pensione Priamo, has put out its first request for tender of three managers to run its entire portfolio.
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German premiums to rise in '05
GERMANY- The German Insurance Association confirmed said contribution rates for individual pension plans were likely to rise next year due to longer life expectancy and this could hit the number of savers.
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Dutch pensions supervisor suffers court defeat
NETHERLANDS – The Dutch Pension and Insurance Chamber (PVK) has been found jointly liable for damages likely to be more than €80m over the collapse of life assurer Vie d’Or in the mid-1990s.
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State Street buys out Mediolanum from their JV
ITALY- State Street Global Advisors has bought out Italian insurer Mediolanum SpA’s 50% stake in their fund management joint venture after a difference in strategies.
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BA funds to mull opening to external funds
UK - The £9bn (€13.6bn) internally-managed British Airways pension schemes are considering whether to open to third parties, and Hermes Pensions Management has said it would look at investing in them if this happened.
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UK to remove indexation of DC annuities
UK – Pension fund consultants have broadly welcomed the UK government’s plan to remove inflation indexation from defined contribution schemes and said new US providers could enter the annuity market.
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Schootse turns its back on new external business
NETHERLANDS – Schootse Poort, the manager of Koninklijke Philips Electronics’ 12.5 billion euros in pension assets, has said it will not acquire more third-party clients following a strategic review.
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UK: Aon names development, commercial heads
UK - Aon Consulting has named Martin Good and Paul Crocker as business development and commercial directors.
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Aon says UK must raise pension age to 70
UK - Aon Consulting says the UK government will need to raise the state pension age to 70 to maintain state benefits.
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Jobs go as HP outsources Dutch scheme to Hewitt
NETHERLANDS - Hewitt Associates’ Dutch arm is to administer the 450 million-euro Hewlett-Packard Netherlands pension fund, the fund’s administrator said.
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Danish second-pillar taps investment funds
DENMARK – FEFSI says Danish second-pillar pension assets held in investment funds have almost doubled in the first quarter due to the conversion of the Special Savings Pension Scheme.
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Dutch MPs question PVK-DNB merger
NETHERLANDS - Questions have been asked in the Dutch parliament about the merger between the PVK pension regulator and the central bank - though officials say the merger will go ahead.
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Nestlé pension fund’s Gillbanks joins Saudi bank
SWITZERLAND – John Gillbanks, fund manager at the 6.2 billion Swiss franc (3.8 billion-euro) Nestlé Fonds de Pension, has left to join a Saudi Arabian bank.
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Clearstream investment fund launch put back
EUROPE – Deutsche Börse’s Clearstream custody and settlement arm has put back the launch of its enhanced Vestima service for investment funds.
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Cerulli says asset managers hiring again
GLOBAL – Cerulli Associates says asset managers are starting to recruit again – though they are being “more strategic” in their choice of staff.
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AP3 names European mid- and small-cap managers
SWEDEN – The 140 billion-crown (15 billion-euro) Tredje AP-fonden Swedish buffer fund has appointed five managers to run mid- and small-cap European equities.
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PGGM awards E1bn tactical brief to Goldman Sachs
NETHERLANDS - Goldman Sachs Asset Management has been awarded a global tactical asset allocation mandate from PGGM worth a notional one billion euros.
