Funding – Page 120
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News
Pension deficits for FTSE Global 100 companies jump to €160bn
GLOBAL – Companies in the FTSE Global 100 have seen their pension deficits rise to €160bn, an increase of 7%, according to a survey by LCP.
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AnalysisNews analysis: Dutch pension system stands at crossroads
NETHERLANDS – What nobody had thought possible for the much-praised Dutch pension system, until recently, has become reality. With several pension funds announcing benefits cuts, the sector – dominated by its capital-funded mandatory pension schemes – has just entered a new phase.
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NewsUK roundup: Northumbrian Water, Thames Water, Capita Hartshead, Morris Review
UK – Northumbrian Water has announced a £36m (€41m) reduction in its pension deficit after applying the consumer price index (CPI) as a measure in its latest half-yearly results.
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NewsBlackRock could lose assets, as NPRF expected to re-assess strategy
IRELAND – BlackRock and State Street Global Advisors could lose significantly, with the National Pension Reserve Fund (NPRF) expected to re-assess its investment strategy after the announcement it would support Ireland's bailout with a €10bn payment.
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NewsDutch roundup: SPOA, SNPF, PFZW
NETHERLANDS – The pension funds for Dutch public pharmacists (SPOA) and notaries (SNPF) have announced early benefits cuts of 5% and 2%, respectively, that will occur on 1 January 2011.
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NewsDutch government contributed to schemes' poor health – pension experts
NETHERLANDS – Dutch government policy has contributed to the poor financial position of most pension funds, pension experts have claimed.
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NewsDutch watchdog AFM says structural decrease of pension benefits 'inevitable'
NETHERLANDS – The lack of funding and recovery potential at many pension funds is so great that many schemes will be unable to avoid a structural decrease of existing pension benefits, according to Hans Hoogervorst, chairman at communication watchdog AFM.
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NewsUK roundup: Sackers, TPR, Lehman Brothers, Nortel, Towers Watson, NAPF, Stewardship Code
UK – Pension law firm Sackers has criticised the stance taken by the UK Pensions Regulator (TPR), as well as Lehman Brothers and Nortel Networks UK (NNUK), during a recent court case over the regulator's Financial Support Directive (FSD).
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NewsPension schemes at Nutreco, Nedmag avoid early benefits cuts
NETHERLANDS – The €272m pension fund of animal food producer Nutreco said it has avoided early benefits cuts, but added that it could not rule out a discount in 2012.
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NewsUK roundup: Towers Watson, NEST, Balfour Beatty, Daily Mail and General Trust
UK – Towers Watson has warned that large UK companies are likely to shun the National Employment Savings Trust (NEST) in favour of their own pension funds, as they will offer better value over the new defined contribution scheme.
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NewsParticipants in Smit pension scheme drop legal action
NETHERLANDS – The €200m pension fund of maritime service provider Smit Internationale will no longer need to cut benefits by more than 13% after its participants accepted a €30m additional contribution offered by Boskalis, the company's new owner.
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NewsLongevity uncertainty may force Dutch giant ABP to increase contributions
NETHERLANDS – The €231bn Dutch civil service scheme ABP may need to raise its contributions to more than 21.4% next year following new longevity predictions.
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NewsSwiss city to plug pension hole by New Year
SWITZERLAND – The regional government of the Swiss city of Basel has committed to plugging the hole in its pension scheme by the end of this year.
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NewsUK mortality revision to increase liabilities by £5bn, warns Aon Hewitt
UK – Revised mortality tables will see pension fund liabilities rise by £5bn across the industry, Aon Hewitt has warned.
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NewsContributions to German Pensionsfonds rebound, treble in 2009 - Towers Watson
GERMANY – After a major drop in contributions to Pensionsfonds in 2008, Germany's newest occupational retirement scheme is back in favour with companies –with Towers Watson predicting growth to continue.
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NewsSwedish roundup: Folksam, Svenska Lärarfonder, Skandia, Finansinspektionen, KP Pension, Handelsbanke
SWEDEN – Pension and insurance provider Folksam is to buy the insurance portfolio of Svenska Lärarfonder, the Swedish teachers’ fund manager, from rival pension and insurance company Skandia.
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NewsBoskalis offers Smit pension scheme additional €30m
NETHERLANDS – Dredging company Boskalis, the new owner of Dutch maritime service provider Smit Internationale, has offered the ailing Smit pension scheme €30m to stave off a 13.2% benefits cut.
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NewsPFA becomes largest pension provider in Denmark as contributions rise to 23%
DENMARK – PFA Pension has overtaken Danica Pension to become Denmark's biggest pension provider, third quarter results have revealed.
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NewsDAX pension returns eclipsed by steeper liability increase, says Towers Watson
GERMANY – German companies in the DAX stock exchange index reported an average 2.6% return on their pension plans for the third quarter 2010 but this was offset by a 4.4% rise in liabilities, according to consultancy Towers Watson.
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NewsKamp resists call to change Dutch pension funds' discount rate
NETHERLANDS – Dutch social affairs minister Henk Kamp has insisted the discount rate for pension funds' liabilities should remain unchanged until there is clarity on the new pension contracts early next year.
