Funding – Page 121
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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.
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NewsDanish pension funds to 'withdraw yield guarantees' in Solvency II run-up
DENMARK – The controversial decision by a major Danish labour market pension fund to shed yield guarantees for members is bound to be followed by others in the run-up to the Solvency II compliance deadline, the managing director of leading commercial provider Skandia predicts.
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NewsDutch metal scheme PME to avoid early benefits cut
NETHERLANDS – The €23.7bn Dutch metal scheme PME has said it will not apply early benefits cuts on 1 January 2011.
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NewsSwedish roundup: AP3, BlackRock, JP Morgan, AXA, M&G, Folksam
SWEDEN – AP3, Sweden's SEK209bn (€22bn) national buffer fund, has appointed 14 new regional corporate bond managers.
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NewsUK NEST rules out infrastructure, hedge funds for immediate future
UK – The UK National Employment Savings Trust (NEST) has ruled out any direct investments in infrastructure, commodities and high yield in its first few years of existence.
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NewsDutch pension funds should cut benefits by 8% on average, says OECD
NETHERLANDS – Restoring the financial health of Dutch pension funds will require an average benefits cut of 8% and a two-year increase of the retirement age to 67, Aart-Jan de Geus has argued.
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NewsGerman provinces consider suspending pension fund contributions
GERMANY – The German province of Bavaria and its northern neighbour Thuringia want to halt contributions to their civil servants pension funds to save money.
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NewsPensionDanmark posts 13.8% profit for year to date
DENMARK – PensionDanmark posted a 12.6% pre-tax investment profit for the first nine months of the year and said the result has grown further since the end of the reporting period to 13.8%.
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NewsUK schemes prefer overseas to domestic equity, PPF data shows
UK – UK pension funds are continuing to shift their equity investments away from domestic holdings to international shares, the latest Purple Book published by the Pension Protection Fund (PPF) has revealed.
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Turkish pension system grows apace, on track to reach €25bn by 2020
TURKEY – The Turkish private pensions system will hold more than TRY50bn (€25.65bn) in assets by 2020 and even has the potential to grow to twice that size, according to Meral Eredenk, chairwoman of the country’s Pension Monitoring Centre (EGM).
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NewsPhilips pension scheme returns 6% in Q3
NETHERLANDS – The €14.3bn pension fund for Dutch electronics giant Philips has managed to keep its coverage ratio at 111% during the third quarter, returning 6% on investments over the period.
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NewsPNO Media aims for profit by slashing interest hedge
NETHERLANDS – The €3.3bn Dutch pension fund PNO Media has decreased the interest hedge on its liabilities by one-third to profit from expected interest rate increases.
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NewsDutch pension schemes to cut pension benefits by 6%
NETHERLANDS – The pension fund for the Dutch paint and printing ink industry and the scheme of building company Ballast Nedam are set to apply early benefits cuts for all of their participants at the beginning of next year.
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NewsDutch pension scheme for dentists to cut benefits by 9%
NETHERLANDS – The €1.4bn occupational pension fund for dentists (SPT) has announced a benefits cut of at least 9% to recover from a funding shortfall.
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NewsSwedish roundup: EC on pension fund tax rules, SEB Trygg Liv Gamla, PP Pension, AP7, Al Gore
SWEDEN – The European Commission has urged Sweden to change its tax rules governing pension funds, which it says are discriminatory because they favour domestic funds over foreign ones.
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NewsSmit Internationale pension scheme facing more benefits cuts
NETHERLANDS – The €200m pension fund of Dutch maritime service provider Smit Internationale is facing another benefits cut – in addition to the 13.2% discount it already must apply at the end of this year.
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NewsSwiss roundup: SAP fund, funding levels, PKZH
SWITZERLAND – The Swiss subsidiary of SAP Group is reducing the buffers in its Pensionskasse and will allow its members participate directly in capital markets.
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NewsBT Pension Scheme sees deficit more than halved by CPI switch
UK – The BT Pension Scheme (BTPS) has announced a 55% reduction in its deficit as a result of the switch to the consumer price index (CPI).
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NewsIrish roundup: Lipper's Ireland Fund Encyclopaedia, Rubicon Investment Consulting
IRELAND – The Irish fund services industry has grown by a "healthy" 7% over the last 12 months, according to Lipper's latest Ireland Fund Encyclopaedia.
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NewsRabobank scheme touts risk management at Dutch funding hearing
NETHERLANDS – Pension funds must pay maximum attention to risk management – and to extreme risks in particular – if they are to be fully prepared for potential shocks, according to Bernard Walschots, chief financial officer at Rabobank's €12bn pension fund.
