All Country Reports – Page 43
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Country Report
The Netherlands: Get ready for inflation
With liquidity sloshing around the financial system, inflation may not be a matter of ‘if’, but ‘when’. Miranda Schoutsen asks whether real assets will help protect fragile nominal pensions from the relentless erosion of value
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Country ReportThe Netherlands: Little difference between the two
While they may seem to offer better inflation-proof pension benefits, careful analysis shows that real contracts offer little more protection than nominal ones, argue Kees Bouwman, Theo Kocken and Bart Oldenkamp
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The Netherlands: A complex improvement
Pension experts think that the new Dutch pension governance legislation is complicated. But on balance they agree that it will significantly improve the representation of all stakeholders, according to Leen Preesman
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UK: Soft but firm
The UK Pensions Regulator has a new statutory objective and is encouraging funds to adopt an integrated approach to risk. Jonathan Williams outlines the implications
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UK: Spot the difference
Mel Duffield notes a positive reaction to TPR’s 2013 Funding Statement, but argues that it remains to be seen what approach the regulator will adopt in practice
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UK: Focus on investment returns
Stuart Thomson argues that UK pension funds are likely to increase active LDI and alpha strategies as a result of TPR’s new objective to promote sustainable growth
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UK: A marriage yet to be made
Infrastructure is seen as an asset class that offers a good match for pension fund liabilities. Pádraig Floyd outlines the progress to date of the UK Pension Infrastructure Platform
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UK: Divorce can be costly
Ian Fraser finds that Scottish independence would create a host of complications for newly created cross-border pension funds. But neither the London nor Edinburgh governments seem willing to engage with the issues
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UK: Growing pains
Gill Wadsworth surveys the UK’s growing DC pension market, whose assets look set to exceed those of DB funds by 2018
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UK: Filling the contract-based governance vacuum
Phil Duly surveys the issues surrounding DC pension governance
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UK: The DC information gap
The growing significance of defined contribution pensions means trustees should be prepared to serve members with better information on retirement income options, writes Ros Altman
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UK: Buy now – spread the premium
David Barker reviews deferred premium buyouts, a development in the insurance market that allows employers to spread the cost of a buyout
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Italy: Still waiting
Nina Roehrbein notes potential interest in emerging markets and declining exposure to domestic government debt among Italy’s occupational pension funds
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Italy: Economic reality bites hard
Job losses and a tough economic environment are forcing pension funds Fonchim and Cometa to review and restructure their investment objectives, writes Carlo Svaluto Moreolo In testing times for the Italian job market, two of the country’s largest pension schemes, Fonchim and Cometa, are gradually adjusting their investment strategies to ...
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Country Report
Italy: ENPAM gets back into gear
Embroiled in a scandal in 2011, has ENPAM now turned the corner? Carlo Svaluto Moreolo reports The ENPAM pension fund for medical professionals published its balance sheet in May, reassuring members that the dark days of the past are finally over. In 2012 the fund recorded a €1.3bn budget surplus ...
