Funding – Page 129
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Marine pilots ruling clarifies funding for multi-employer schemes
UK – A legal ruling clarifying the powers of trustees to recover deficits in a multi-employer pension scheme confirms that trustees can require employers to make greater contributions. It also outlines when an employer triggers a section 75 debt on leaving the scheme.
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BT Pension scheme cut deficit by £1.4bn last year
UK - The underfunded BT Pension Scheme (BTPS) has managed to reduce its deficit by 16% following strong returns in 2009.
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Dutch recovery plans need higher pension ages and contributions: OECD
NETHERLANDS – Increasing life expectancy and the recent financial crisis are threatening the solvency of the second-pillar pension system in the Netherlands, leading to a need for changes to the style of recovery plans, the OECD has warned.
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NAPF 'foundation' pension could limit means-testing, but at a cost
UK – Introducing a 'foundation' pension combining the current Basic State Pension (BSP) and the State Second Pension (S2P) could reduce the number of people on means-tested pension benefits to 25% by 2050, according to research by the Pensions Policy Institute (PPI).
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UK Pension Regulator consults on web-based employer covenant guidance
UK – New guidance for trustees on monitoring employer support for the pension scheme has been devised as a web-based product and replaces the separate contingent assets guidance from the Pension Regulator (TPR).
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Government should focus on current pension costs, says Towers Watson
UK – The government should be focusing on how much pension promises being made today are worth rather than the increasing cost of past pension promises, Towers Watson has warned.
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Icelandic pension assets near €12bn
ICELAND – Net pension fund assets at the end of April increased by ISK16bn (€102m) over the month, following increases in both equity and fixed income investments.
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Early access to pension assets a mistake, warns Mercer
UK – Giving savers access to their pension fund before retirement would be a mistake, according to Mercer.
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Dutch postal pension fund to hedge interest risk through swaptions
NETHERLANDS – The Dutch postal pension fund TNT will limit its risk by gradually increasing its 75% interest hedge on its liabilities to full cover.
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Hewitt: Most Dutch pension funds failing to meet minimum cover ratios
NETHERLANDS – The cover ratio of most Dutch pension funds has fallen to less than the 105% minimum required by the government, according to Hewitt Associates.
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Trustees need to prepare covenant arrangements, says UK Pensions Regulator
UK – Trustees should prepare plans to access employer support to the scheme, such as contingent assets, ahead of time, instead of waiting to ask for extra security when it would weaken the sponsoring employer, The Pensions Regulator (TPR) has said.
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UK funding roundup: DB deficit reaches £41.5bn in May
UK – The funding position of UK defined benefit schemes deteriorated in May, with the aggregate deficit increasing to £41.5bn (€50.1bn) at the end of the month, according to figures from the Pension Protection Fund (PPF).
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UK roundup: West Sussex, Coca-Cola, Ernst & Young, Tax relief
UK – West Sussex County Council is seeking a transition manager for its local government pension scheme, while trade unions are threatening Coca-Cola with strike action over changes to the final salary pension scheme.
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KPN scheme lowers fixed income risk profile
NETHERLANDS – The pension fund of telecoms firm KPN reduced its exposure to government bonds of eurozone and emerging economies last year in a bid to reduce its risk profile.
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Irish managed funds' strong performance slips in May
IRELAND – Global market volatility caused Irish managed pension funds to produce an average return of -2.8% in May.
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AHV recovers surplus ahead of its planned separation
SWITZERLAND – The Swiss first pillar fund AHV recovered from a financial deficit in 2008 to a surplus in 2009, posting a return of 11.5% ahead of its planned separation into three discrete entities.
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UK roundup: PIRC, Hammersmith, BAE, Tate & Lyle
UK – Revisions to the UK Corporate Governance Code requiring the annual re-election of directors of FTSE 350 companies has been welcomed by an independent corporate governance adviser, despite concerns from pension funds.
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Swedish government criticises long-term returns of AP funds
SWEDEN - In its annual evaluation of the AP funds the Swedish government has expressed dissatisfaction with their long-term performance, despite 2009 providing the best returns since inception 2001.
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Swiss guarantee fund reports lowest payout in decades
SWITZERLAND – The CHF859.6m (€602.3m) Swiss “Sicherheitsfonds”, the fund for insolvency protection of Pensionskassen, reported the lowest pay-out for 15 years in 2009 as it adjusted its asset allocation.
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Defined ambition should replace defined benefit – PGGM
NETHERLANDS – A new ‘defined ambition’ concept should replace defined benefit (DB) arrangements, according to a leading Dutch pensions actuary.
