All Country Reports – Page 62
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Country Report
De-risking redefined
The new importance of bond yields for UK schemes’ solvency underlines the re-thinking of liability-driven investing, bond mandates and the need for tactical decision making, finds Martin Steward
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A DC smörgåsbord
Simon Pearse recommends that UK pension trustees should use the Personal Accounts model as a benchmark for their own DC schemes
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PADA’s 2012 challenge
Nyree Stewart investigates how the Personal Accounts Delivery Authority is faring in its task of delivering a national low cost DC scheme within three years
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Basic principles
Richard Lowe assesses the UK’s Investment Governance Group and its ongoing work
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Still a realistic option
Charlie Finch and Ken Hardman consider the future direction of the pension buyout market in the UK
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Buyouts take a backseat
Buy-in deals are taking over from buyouts as the current economic climate stifles access to sufficient capital, finds Gill Wadsworth
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Arrivederci to the era of La Dolce Pensione
Italy can no longer afford a generous state pension, that left little room for private provision. But there is little appetite for a new approach following the financial and economic crises, finds George Coats
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Divided views on raising the retirement age
Politicians, trade unions and employers have different opinions on the desirability of further reforms, finds Maria Teresa Cometto
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Less is more
The new head of the Covip supervisor has taken office with a lively agenda. Maria Teresa Cometto examines his new proposals
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Three into one doesn’t always go
Everyone agrees that pension fund mergers are a good idea. But doing something about it is another matter, finds Carlo Svaluto Moreolo
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Common factors despite diversity
Cyprus, Malta, Greece and Turkey have many factors in common. Not least is a need for pension reform, finds George Coats
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Economic crisis slows private sector
The impact of the global slowdown and growing unemployment have had the effect of limiting private pensions to the third pillar and delayed discussion of creating a second pillar, says Reeta Paakkinen
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A cautiously traditional approach
Popular sentiment as well as well as restrictive regulation limits the asset allocation of Turkish pension funds to all but the most basic assets, notes Reeta Paakkinen
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A way forward to the past
As the Maltese government stalls on a commitment to introduce second and third pillars, George Coats points out that the island nation had an occupational system some years ago
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Patching up a monolith
Patching up a monolith Pension reform in Greece has been a work in progress for the past 75 years and there is still a long way to go, finds George Coats
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Different views of sustainablilty
The government is claiming that recent changes increasing contributions to the state pension system are a major reform. But George Coats finds there are those calling for a more fundamental overhaul
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Location, location…
The Competence Centre for Pension Research of Tilburg University and the Dutch Circle for Pension Specialists organised a debate to determine the best location for pan-European pension funds. Peter Schonewille reports
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Sharp shift in focus
Italian asset managers are use to dealing with conservative, short-term investors. But the main impact of the financial crisis has been a switch of asset classes, finds Nina Röhrbein
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Cross-border developments
The EU Commission has published the findings of a consultancy process on pension solvency it launched last year. Cornelia Schmid assesses the process and outlines the view of the German corporate pension fund association (aba)
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Country Report
Who’s afraid of BilMoG?
As the domestic accounting reform BilMoG passes into legislation, Alfred Gohdes and Nigel Cresswell assess the implications for German corporates