Funding – Page 119
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NewsDenmark's Industriens reduces expected pensions due to longevity
DENMARK – A major Danish pension fund is reducing expected pension income for members, as it and other funds react to the regulator’s demand for longevity-related adjustments.
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NewsNAPF calls for career average pensions in UK local government schemes
UK – Career-average pensions are the way forward for the public sector, the National Association of Pension Funds (NAPF) has argued in its submission to the Hutton Review.
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NewsOfficial Dutch longevity predictions undercut actuaries
NETHERLANDS – Statistics Netherlands (CBS) has estimated a less drastic increase in longevity for the Dutch population than previously forecast by the Actuarial Society (AG).
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NewsNew PPF formula could double levy for some schemes, warns Barnett Waddingham
UK – More than one in five UK pension funds face a doubling of the levy it pays to the Pension Protection Fund (PPF), Barnett Waddingham has warned.
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NewsAustrian Pensionskassen produce wide-ranging returns at end of Q3
AUSTRIA – Austrian Pensionskassen returned 4.1% on average for the first nine months of the year, with results differing significantly between schemes, the Austrian supervisory body FMA said.
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NewsBT cannot increase prices to solve pension deficit, regulator rules
UK – BT will not be allowed to raise wholesale charges for telecoms services in order to help recoup its pension fund deficit, telecoms regulator Ofcom has ruled.
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Underfunded Ascoop Pensionskasse to be dissolved
SWITZERLAND – The heavily underfunded Ascoop Pensionskasse will be dissolved as of 1 January, it has been announced. The scheme, for employees in the transport industry, currently faces a CHF700m (€544m) shortfall.
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NewsATP draws DKK23bn from reserves to fund longevity
DENMARK – Denmark's ATP is setting aside an additional DKK23bn (€3bn) for future pensions payments after adopting new longevity measures, which takes into account projected future increases in life expectancy.
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NewsUK roundup: NEST, Stewardship Code, Barnett Waddingham, Pension Capital Strategies, Towers Watson
UK – The introduction of the National Employment Savings Trust (NEST) will reduce annual management costs across the industry, pensions minister Steve Webb has said.
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NewsReport claiming £100bn deficit for UK local government schemes 'misleading'
UK – Industry figures have attacked a report claiming that England's 81 local government pension schemes (LGPS) have seen their deficits increase to £100bn (€118bn).
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NewsDutch pension funds now hold more than €675bn in assets
NETHERLANDS – The combined assets of Dutch pension funds have grown from €649bn at year-end 2009 to €675bn during the third quarter, with €300bn allocated to fixed income and €216bn invested in equity, according to financial supervisor De Nederlandsche Bank (DNB).
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NewsSwitch to CPI could save British Airways scheme £900m
UK – British Airways could slice around £900m off the deficit in one of its defined benefit (DB) pension schemes by switching increases to pensions in payment from the retail price index (RPI) to the consumer price index (CPI).
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NewsUK roundup: LGPS, Cass Business School, Westler Foods, Aon Hewitt, BBC
UK – The Local Government Pension Scheme (LGPS) should consider diversifying its investment portfolio to help mitigate the medium to long-term risks on its investments, according to a white paper from Cass Business School.
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NewsDanish administrator PKA vows to maintain yield guarantees
DENMARK – Danish pensions administrator PKA has become the latest firm in the country to state explicitly that it will not renege on yield guarantees made to its members.
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NewsDutch political party reports Smit board for 'defrauding' pension fund
NETHERLANDS – 50PLUS, a new Dutch political party for the elderly, has reported three board members at maritime services company Smit Internationale to the public prosecutor for defrauding its own pension fund.
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Strathclyde to review RBS, Shell stakes due to poor ESG scores
UK – The £10.5bn (€12.1bn) Strathclyde Pension Fund has said it may scale back its investment in Royal Dutch Shell, Bank of America (BoA) and the Royal Bank of Scotland (RBS) due to concerns about their environmental, social and corporate governance (ESG) record.
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NewsDutch metal scheme PMT facing benefits cuts
NETHERLANDS – The €37bn Dutch metal scheme PMT is on course to cut pension benefits during the next round of measures, as its current coverage ratio nears the critical level.
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NewsSwedish roundup: AP7, AP6, KVD Kvarndammen, Peter Norman, Handelsbanken
SWEDEN – Richard Gröttheim is taking over as chief executive at AP7 following the departure of Peter Norman, who joined the government as financial markets minister.
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Portugal Telecom agrees pension transfer to state treasury
PORTUGAL – Portugal Telecom has agreed a deal that will see almost €3bn in pension assets transferred to the country’s treasury.
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NewsPension schemes for Hero complete Netherlands' first buy-in deal
NETHERLANDS – The pension schemes for food manufacturer Hero have completed the Netherlands' first pension buy-in, leading to calls that the method could be used as a stepping stone to completing a buy-out and liquidating pension schemes.
