Funding – Page 133
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News
Shell's Dutch pension plan makes spectacular recovery
NETHERLANDS - The Dutch pension fund of energy giant Shell pulled back a major recovery on its investments last year and delivered a 26% return on assets.
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UK DB schemes hit first surplus since 2008
UK – The volatility of pension fund accounting showed itself strongly again last month. But the news is positive for the first time since June 2008 as the aggregated funding level of UK defined benefit funds hit a £300m (€340.4m) surplus in March.
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Alternatives to play a greater role in AP1 strategy
SWEDEN – Swedish pension buffer AP1 is planning to allocate more of its assets to alternatives as part of its long-term reforms, even though this asset class generated a negative return in 2009.
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UK roundup: PPF chair, C&W Worldwide, Paternoster
UK – The Pension Protection Fund (PPF) has appointed a new chairman, while the pension fund of Cable & Wireless Worldwide has awarded Eversheds a legal services contract and Paternoster has reported improved capital reserves.
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Bank of Ireland changes may cut deficit by 50%
IRELAND – The Bank of Ireland has proposed changes to its defined benefit (DB) scheme that it claims could halve the €1.6bn accounting deficit in the scheme.
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Swedish roundup: Kåpan Pensioner, AI Pension, Survey on Swedish pensions interest
SWEDEN – Kapan Pensioner recovered its investments to deliver a double-digit positive return in 2009, having lost over 15% in 2008. Its rival AI Pension followed close behind with an 11% gain. And a Swedish survey has revealed over half of the population care about their pensions.
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UK roundup: BA, Lincolnshire, West Sussex, the AA
UK – British Airways (BA) and Iberia have signed a merger agreement subject to BA and the trustees agreeing a "satisfactory" deficit recovery plan. Meanwhile Lincolnshire County Council has appointed global equity managers and West Sussex has awarded a global custody mandate.
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Latvia admits second pillar contributions too high
LATVIA – Contributions to the Latvian mandatory second pillar will remain at 2% for 2010 and then increase to 4% next year, reaching 6% in 2012.
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Investment returns improve Finnish pension solvency levels
FINLAND - Finnish pension insurance companies improved their solvency levels in 2009 as a result of good investment returns that were boosted by equities.
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Irish managed funds edge towards 6% in Q1
IRELAND - Irish managed pension funds returned an average of 5.8% in March, to produce an overall first quarter return of 5.9% on investments.
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CBI calls for Swedish-style shift on UK public sector pensions
UK - Public sector pensions in the UK have become "unsustainable", with an estimated unfunded liability of £1.01trn (€1.14trn), according to the UK Confederation of British Industry (CBI). But one solution proposed is a move to a Notional Defined Contribution (NDC) system similar to one applied in Sweden.
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Dutch pension assets rose 10% in 2009 - DNB
NETHERLANDS - The combined assets of Dutch pension funds increased by 10% to €743bn in 2009, after a decrease of 17% during the previous year, according to pensions regulator De Nederlandse Bank (DNB).
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German court rules employers must top up outsourced pensions
GERMANY – A regional German court has ruled an employer must compensate retired former employees if the Pensionskasse they are signed up to eventually cuts employees’ benefits.
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Cadbury members offered new pension scheme or pay freeze
UK – Kraft, the new owner of chocolate manufacturer Cadbury, is attempting to woo staff away from the final salary pension fund and into a career average scheme by warning those who do not move could face a three-year pay freeze.
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UK roundup: North Yorkshire, PSTS and employer covenants
UK – North Yorkshire County Council has appointed an investment consultant for its local government pension scheme.
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Pension funds recovering faster than expected - DNB
NETHERLANDS - Dutch pension funds have seen their recovery plans pull back considerably faster than anticipated last year, according to pensions regulator De Nederlandsche Bank.
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NPRF may have to further subsidise AIB
IRELAND – The National Pension Reserve Fund (NPRF) may have to invest further capital into Allied Irish Bank (AIB) in the form of ordinary equity shares, the minister of finance has confirmed.
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Multinationals 'unaware of overseas pension costs' – Allianz
GLOBAL – Multi-national companies are forfeiting up to 15% of the risk premium by not coordinating the various employee benefits plans of their overseas subsidiaries, according to Dirk Hellmuth, head of Allianz International Employee Benefits Network (All Net).
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WM universe sees Dutch pensions generate 14.6%
NETHERLANDS – A study of over 100 Dutch pension funds has found the average pension fund saw a “partial recovery” in 2009 thanks in the main to a rise in the value of assets, led by equities, rather than from a decrease in liabilities.
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NewsIrish roundup: IBOA and Ulster Bank, Garda pension levy
IRELAND – The Irish Bank Officials Association (IBOA) is planning to take its fight against Ulster Bank’s decision to change pension accrual rates to further arbitration, following a breakdown in the mediation process.
