Funding – Page 123
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![Borough of Lambeth terminates contracts with managers [amended]](https://d3ese01zxankcs.cloudfront.net/Pictures/100x67/4/6/8/39468_London+map.jpg)
NewsBorough of Lambeth terminates contracts with managers [amended]
UK – The £720m (€820.5m) London Borough of Lambeth pension scheme is understood to be ending contracts with UBS Global Asset Management, AllianceBernstein and Aberdeen Asset Managers.
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NewsIrish roundup: DB deadline, C&C Group
IRELAND – Defined benefit (DB) schemes submitting a funding proposal to the Pensions Board have been granted an extension beyond the original May deadline, the organisation said.
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NewsUK roundup: pension tax relief, Bexley, BlackRock, Accounting Standards Board
UK – The government has revealed details of the reform to pension tax relief, lowering the threshold to £50,000 – a drop of more than £200,000 – by April 2011.
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NewsReturn for Swiss pension fund index fails to meet required minimum
SWITZERLAND – The Credit Suisse Pensionskassenindex increased by nearly 2.5 points, or just over 2%, in the third quarter, yet the return failed to meet the legally required minimum rate, according to Credit Suisse.
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NewsRoyal Mail pension scheme to shrink to one-tenth of size under government proposals
UK – The UK government has confirmed it would split the Royal Mail Pension Plan (RMPP), reducing it to around one-tenth of its current size, in an effort to tackle the scheme's £8.4bn deficit.
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Mercer warns of funding issues at German blue-chip pension schemes
GERMANY – Underfunding in German blue-chip companies’ pension plans is set to widen by €40bn due to the effects of low interest rates, Mercer has found.
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NewsUK roundup: Camden, CB Richard Ellis, Partners Group, Towers Watson, PPF
UK – The London Borough of Camden's pension fund has appointed two real estate managers for a mandate worth as much as £70m.
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NewsUK roundup: Towers Watson on Hutton, Asda closes scheme
UK – Towers Watson has estimated a £80bn (€91bn) drop in public pension liabilities if suggestions made by Lord Hutton are implemented.
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NewsGerman institutions swapping bonds for real estate
GERMANY – German institutional investors, in their search for stable returns without increasing risk, are turning away from European fixed income to real estate, while faith in external managers and consultants remains low, according to a survey by Greenwich Associates.
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NewsGerman province to top up public fund with €114m
GERMANY – The German province of Northrhine-Westphalia (NRW) is seeking parliamentary support for an additional €114m one-off payment into the pension fund for civil servants.
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NewsIrish roundup: Irish Airlines Superannuation Scheme, Rubicon Investment Consulting
IRELAND – The Irish Airlines (General Employees) Superannuation Scheme – the joint pension scheme for workers at Aer Lingus, Dublin Airport Authority and former employees of SR Technics – may have to be split as part of arrangements to plug the €500m deficit in the scheme.
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NewsGerman roundup: Gothaer, Standard Life, Union
GERMANY – Only 38% of Germans are using second-pillar pension schemes, life insurance company Gothaer has found.
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NewsIreland's NPRF denies cut in pension contributions
IRELAND – The Republic of Ireland's National Pensions Reserve Board has denied government contributions to the fund will fall to less than 1% of GNP.
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NewsAdjustment of existing Dutch pension contracts 'inevitable', experts say
NETHERLANDS – Dutch pension funds' existing pension contracts will have to be adjusted to have enough impact on the financial position of funds with shortfalls, risk management experts have claimed.
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NewsSwiss roundup: Complementa, Swisscanto, second-pillar reform
SWITZERLAND – The true amount of asset management fees paid by Swiss Pensionskassen is unclear and difficult to compare, according to consultancy Complementa.
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NewsSwisscanto justifies pension funding statistics
SWITZERLAND – Swisscanto has defended its figures on funding levels of Swiss Pensionskassen, saying divergences with official stats can be explained by differing samples and methods.
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NewsSwedish roundup: Alecta, Swedish Church Pension Fund
SWEDEN – According to a survey by Alecta, the pension and insurance provider, more than half of Sweden's entire working population (61%) would consider declining a salary increase in favour of higher occupational pensions.
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NewsHewitt: Ireland has highest reserve rates in Europe
IRELAND – Irish defined benefit (DB) schemes require the largest reserves out of 10 European countries, data from Hewitt has revealed.
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NewsInterest hedge sweeps Dutch cleaners pension scheme
NETHERLANDS – The €1.8bn pension fund for cleaners and window cleaners saw its 14% return on investments fall by 7.7 percentage points, largely due to its 75% hedge of the interest risk on its liabilities.
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NewsDenmark's Sampension returns 14% in first half
DENMARK – Major Danish pension fund Sampension reported a 14% pre-tax profit on investment for its with-profits scheme for the first half, bouncing back from a 3% loss in the same period last year due largely to bonds and Danish equities.
