Funding – Page 141
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News
Dutch pension giants report strong recovery
[16:00 CEST 22-10] NETHERLANDS - Recovering equity markets and well-performing investments in listed property and high-yield bonds were the main contributors to a strong 8% recovery during the third quarter for pension funds PfZW, PMT and PME.
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Swiss pensions return to full funding
[15:45 CEST 22-10] SWITZERLAND – Swiss pensionskassen delivered an investment return of 9% for the first nine months of this year and recovering markets have helped bring funding levels of private funds back up to 100%, according to Swiss consultancy Lusenti.
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Irish public sector pensions face Budget cuts
[17:00 CEST 21-10] IRELAND – Brian Cowen, Ireland's premier, has warned public sector pay and pensions could see fresh cuts in the December Budget, in the government's bid to stabilise the country's deficit and make €4bn of savings.
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Ilmarinen and Tapiola recoup losses
[16:45 CEST 20-10] FINLAND – Ilmarinen pension insurance company has reported a 13.4% return between January and the end of September, driven primarily by equity returns of 22.9%.
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LPFA calls for reforms after 19% loss for LGPS
[16:20 CEST 20-10] UK – The London Pensions Fund Authority (LPFA) has warned an increased retirement age and a move to career average earnings must seriously be considered as a way of making public sector pensions more sustainable.
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Austrian study blames pension funds for the financial crisis
[16:15 CEST 20-10] AUSTRIA/GLOBAL – The growth of funded pension systems over the last decades has helped destabilise the equity markets, a new study commissioned by the Viennese Labour Chamber (AK Wien) concludes.
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Energy regulator to encourage longer UK pension funding periods
[16:45 CEST 19-10] UK – Ofgem, the regulator of UK electricity and gas companies, has presented fresh proposals which could see energy firms incentivised for lowering pension costs rather than place the charge on consumers’ bills.
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News
DNB rejects ANWB scheme’s recovery plan
[16:15 CEST 19-10] NETHERLANDS - Pensions regulator De Nederlandsche Bank has rejected a fourth recovery plan from the €640m pension fund of motorists’ lobbying organisation ANWB.
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News
Crisis forces Basel-Land to consider DC switch
[15:45 CEST 19-10] SWITZERLAND – The canton of the region of Basel is investigating whether to switch from a defined benefit scheme to a defined contribution plan for its CHF4.5bn (€3bn) public pension fund BLPK, in the wake of the recent crisis.
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News
Varma posts 10.8% return year-to-date
[15:30 CEST 19-10] FINLAND – Varma Mutual Pension Insurance Company has posted a 10.8% return for the first nine months of 2009 and its investment portfolio reached €28.3bn by the end of September.
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USS attacks PPF levy focus on investment strategy
[14:30 CEST 19-10] UK – The chief executive of the Universities Superannuation Scheme (USS) has labelled the Pension Protection Fund’s (PPF) proposal to consider the investment strategy of schemes when calculating the levy as “inappropriate”.
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News
Ageing population costs to 'dwarf' recent crisis - EC
[16:55 CEST 15-10] EUROPE – European Commission officials have produced a report which claims the ability to meet public pensions liabilities is a higher long-term risk for governments than ever before and in most cases reform of member states’ pensions systems is desperately needed.
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News
Romanian pension returns climb as reform continues
ROMANIA – The average Romanian pension fund has generated a return of 13% in the first nine months and maintained a 17.4% return since the end of last year, when the economic crisis really hit most pension funds, according to figures from the Romanian Pension Funds Association (APAPR).
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News
Switzerland leaves minimum pension rate at 2%
[15:20 CEST 14-10] SWITZERLAND – The Swiss government set the minimum rate for second pillar pension funds at 2% for 2010.
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News
Dutch Co-op cover ratio rises by a third
[11:00 CEST 14-10] NETHERLANDS – The €141m Dutch Co-op Pension Scheme has seen its solvency ratio rise to 146% - an increase of 33% from its nadir at the end of February this year at 113%.
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News
ITV plans to use subsidiary as contingent asset
[16:45 CEST 13-10] UK – ITV, the UK commercial television station, has revealed it is in discussions with the trustees of its £2.15bn (€2.29bn) defined benefit (DB) scheme to use the assets of its wholly owned subsidiary SDN Limited to help plug the growing pension deficit.
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UK DB funding roundup: deficits reduced in September
[16:15 CEST 13-10] UK – Increases in asset values and higher gilt yields improved the aggregate funding position of UK defined benefit (DB) schemes by almost £25bn (€26.7bn) to leave deficits at £148.9bn at the end of September, according to the Pension Protection Fund (PPF).
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News
Aer Lingus eyes DC scheme to avoid major balance sheet damage
[16:55 CEST 10-12] IRELAND – Aer Lingus is proposing to introduce a new defined contribution scheme for all staff in an attempt to avoid having to change its accounting practices to defined benefit (DB) rules that would add "significant" liabilities to its balance sheet.
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News
Tax changes to Icelandic pensions could be 'hazardous'
[17:05 CEST 09-10] ICELAND – Proposals by the opposition political party, the Independence Party, to alter the taxation of pension fund savings has been described as "hazardous" by both the Icelandic Pension Funds Association (IPFA) and the Confederation of Icelandic Employers (SA).
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News
Romania aims for pension reforms by December
ROMANIA – Draft pension reform laws, including increases in retirement age and elimination of 'special' pensions of certain public sector workers, has been published by the Romanian government with the aim of implementing it by the end of December to comply with agreements with the International Monetary Fund (IMF).
