All articles by Barbara Ottawa – Page 122
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Sweden mulls new pension admin body
SWEDEN – The Swedish government is to be presented with a proposal to set up a new authority to handle the administration of both the Premium Pension Authority (PPM) and the pay-as-you-go income related state pension.
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Austrian court rules on pension bond holdings
AUSTRIA – The Austrian constitutional court has ruled that companies no longer have to buy bonds to cover pension liabilities for second-pillar corporate pension arrangements.
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AP1 revises policy on board pay
SWEDEN – Swedish buffer fund Första AP-Fonden, AP1, is calling for company board members to be paid fixed fees rather than incentive schemes.
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Nestlé pension management firm names CEO
UK – Peter Tait, formerly investment manager of Nestlé UK Pension Trust, has been named as the head of the confectionery company’s new pension asset management company.
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Northern Trust wins €254m Oslo custody mandate
NORWAY – The NOK34bn (€4.1bn) Oslo Pensjonsforsikring (OPF) has awarded a custody mandate for its NOK2.1bn global fixed income portfolio.
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Compendeon launches fiduciary service
NETHERLANDS – Dutch pension schemes can now join the cooperative “Pension Cooperation” launched by investment manager Compendeon to ease the individual scheme’s administrative and management burden.
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United Nations fund axes LODH over performance
GLOBAL – The $35bn (€27bn) United Nations Joint Staff Pension Fund has axed Lombard Odier Darier Hentsch & Cie from a European small-cap mandate due to “persistent underperformance” over the last five years.
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AP7 hopes to find “pure alpha” by January
SWEDEN – The SEK80bn (€8.8bn) Swedish buffer fund AP7, Sjunde AP-fonden, is closing in on its “pure alpha” plans, according executive vice president Richard Grottheim.
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BA in €1.4bn pension deficit bailout
UK – British Airways has agreed to pay up to £950m (€1.4bn) to tackle the £2.1bn deficit in its New Airways Pension Scheme in a 10-year funding deal with trustees.
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Firms back auto-enrolment, UK government says
UK – The government says companies support auto-enrolment into personal pension accounts with auto enrolment.
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NAPF, Turner renew NPSS debate
UK – Lord Turner, the former chairman of the UK’s Pensions Commission, sought to defend his personal accounts idea against renewed criticism from the National Association of Pension Funds at a conference today.
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New LPFA investment head leaves after five weeks
UK – Suzanne Ross left her role as investment director at the £3.4bn (€5bn) London Pensions Fund Authority “for personal reasons” – just five weeks after joining.
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Enfield tenders £15m infrastructure mandate
UK – The London Borough of Enfield is tendering a £15m (€22m) infrastructure mandate for its £500m pension fund.
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BT defends longevity assumptions
UK – British Telecom has defended the assumptions it is making about the impact of longevity on the £35.9bn (€53.3bn) BT Pension Scheme.
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Voluntary pensions have to fill gap, OECD says
TURKEY – As benefits in pension systems have been cut substantially since the 1990s, voluntary pension savings will have to fill the gap, says the Organisation for Economic Cooperation and Development.
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Liechtenstein on track to implement EU directive
LIECHTENSTEIN – The law to bring Liechtenstein’s second-pillar pension funds in line with the European occupational pension funds directive goes into its second and third reading in the next weeks.
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Saxony-Anhalt passes pension fund law
GERMANY – The German province of Saxony-Anhalt has passed a law on the creation of a pension fund for civil servants. In neighbouring Lower Saxony the same idea brought forward by the Social Democrats found support among the unions.
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UK tenders judges’ pension services
UK – The Department for Constitutional Affairs (DCA) has tendered salary and pensions payroll services for the judiciary, members of the European Parliament and senior political and public office holders.
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Swiss schemes increase foreign equity exposure
SWITZERLAND – The minimum holding for foreign equities among Swiss pension funds was raised from 1.61% to 5.10% over the last quarter, according to Credit Suisse.
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ABN Amro AM names new equities CIO
UK – Barings’ David Kiddie has been named new chief investment officer equities at ABN Amro Asset Management from early 2007.
