All articles by Barbara Ottawa – Page 62
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News
Zurich prosecutor confirms investigation into UBS
SWITZERLAND – The department for financial crime of the Zurich public prosecution office has started preliminary research into the Swiss bank UBS, a spokesman for the prosecutor confirmed to IPE.
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Serbian second pillar pensions on hold indefinitely
SERBIA – Neither the IMF nor local market players now expect to see a Serbian funded second pillar happening under the current government, despite the earlier prospect of reform.
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Swiss funds returned over 2.3% in Q1
SWITZERLAND – Preliminary calculations by Credit Suisse suggest Swiss pension funds delivered a 2.32% return in the first quarter and surprising asset allocation revelations while Swisscanto's research could show there has been a significant funding level increase.
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Alvoso wins latest Ascoop leaver
SWITZERLAND – The exodus from the heavily underfunded Ascoop transport pension fund is continuing with the Auto AG Schwyz joining the small collective fund Alvoso.
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Ethos demands legal action over former UBS board
SWITZERLAND – Shareholders of UBS have declined to discharge the Swiss bank’s former board members in a close vote, so Ethos has renewed calls for legal action.
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Austrian funds return 3% in Q1
AUSTRIA – Austrian Pensionskassen could be heading for a good annual result, the pension fund association FVPK has suggested, as the funds returned an average 3% on investments in the first quarter of this year.
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Swiss left-wing raises pension issues on referendum tailwind
SWITZERLAND – The Swiss Social Democrats (SP) want to separate pension money from other assets within insurance companies while another left-wing politician wants pension funds to be supervised by the financial supervisory authority “Finma” in future.
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News
Calls for Slovak pension reform grow louder
SLOVAKIA – The Slovak Academy of Sciences has been joined in its calls for pension reform in Slovakia by the ministry of social affairs, a government adviser and a representative of the trade unions, during an AEIP conference in Bratislava.
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Latvia admits second pillar contributions too high
LATVIA – Contributions to the Latvian mandatory second pillar will remain at 2% for 2010 and then increase to 4% next year, reaching 6% in 2012.
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Funded first pillar raises CEE mobility questions
EUROPE – Non-accumulated pension assets from various first pillar pension systems might lead to problems for people wanting to buy an annuity, a representative of the Slovak ministry for social affairs has warned at a conference in Vienna.
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German court rules employers must top up outsourced pensions
GERMANY – A regional German court has ruled an employer must compensate retired former employees if the Pensionskasse they are signed up to eventually cuts employees’ benefits.
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Debate on Polish second pillar transfers fails to resolve row
POLAND – The Polish social ministry believes the current second pillar pensions regime is still too expensive, but officials are still struggling to reach a consensus on how to cut these costs.
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Country Report
Germany: A pan-German conundrum
Greater subsidiarity for the 16 German provinces could lead to a multitude of pensionprovision regulations for civil servants and significant mobility problems, finds Barbara Ottawa
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Country Report
Austria: Domestic headwinds buffet Pensionskassen
Second pillar pension losses during the financial crisis have strengthened the arguments of critics of Austria’s funded pension system. Barbara Ottawa reports
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Country Report
Austria’s equity puzzle
Barbara Ottawa finds Austrian pension funds focused on the here-and-now, especially when it comes to risk management. The equity returns of 2009 are no future panacea
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News
Multinationals 'unaware of overseas pension costs' – Allianz
GLOBAL – Multi-national companies are forfeiting up to 15% of the risk premium by not coordinating the various employee benefits plans of their overseas subsidiaries, according to Dirk Hellmuth, head of Allianz International Employee Benefits Network (All Net).
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News
Swiss Migros sticks to DB but changes pension parameters
SWITZERLAND – The Swiss retailer Migros has decided to maintain a defined benefit scheme in its Pensionskasse but increase the retirement age.
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News
ECJ-triggered Riester changes passed
GERMANY – The German parliament has passed a government bill which will ensure that discrimination against migrant workers receiving Riester subsidies is eliminated and that employee share-ownership becomes more attractive.
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News
German SMEs see declining pension interest
GERMANY – Only half of German employees show some or considerable interest in occupational pensions, a Standard Life survey of 270 companies has found. The number is down from 64% last year.
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News
Swiss fund BLPK returns 9.5%
SWITZERLAND – Despite a 9.5% return for 2009 the Pensionskasse for the canton surrounding the city of Basel, BLPK, is still far from its 2007 near full funding level.