Funding – Page 147
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News
Belgian pensions make Q2 comeback
BELGIUM – Belgian pension funds have pulled back some of the losses seen in the financial turbulence of last year, as a strong performance in all sectors lifted funds within the second quarter, suggests data from Mercer.
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NewsBPK recovery goes back to drawing board
[16:30 CEST 04-08] SWITZERLAND – The canton of Bern has rejected proposals for an increase in contributions to the Bernische pensionskasse (BPK).
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News
ITV consults on DB changes as deficit predicted to worsen
[16:00 CEST 04-08] UK – ITV has initiated a consultation with staff members over proposals to cap pensionable salary increases at 1% from January 2010, and is also offering pensioners the option of giving up pension increases on part of their pension in return for a "one-off uplift".
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NewsPension fund recoveries could hurt Dutch GDP - DNB
[15:45 CEST 04-08] NETHERLANDS - Pensions regulator De Nederlandsche Bank has claimed the mandatory recovery arrangements of Dutch pension funds may reduce GDP by 0.15% a year or 0.75% by 2013.
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NewsSwiss funds see first gain since 2007 - State Street
[16:15 CEST 03-08] SWITZERLAND – Swiss pensionskassen generated a 5.61% gain during the second quarter of this year, suggests data produced by State Street - the first positive return to be seen for two years.
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NewsPPF valuation changes may reduce costs by up to 10%
[15:45 CEST 03-08] UK – Planned changes by the Pension Protection Fund (PPF) to the assumptions used in section 143 and 179 valuations could reduce these liabilities by around 8% for pensioners and 10% for deferred pensioners.
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NewsPPF to set up steering group for revising levy plans
[16:35 CEST 31-07] UK – The Pension Protection Fund (PPF) is to establish a steering group to aid in the "refinement" of proposals for the development of the risk-based levy, following concerns over key areas such as long-term insolvency probabilities and the treatment of sophisticated investment strategies.
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News
Third pillar growth unbroken by crisis
[16:15 CEST 31-07] GERMANY/AUSTRIA – Interest in third pillar savings funds has remained high even through the financial crisis, according to both the German investment association BVI and the Austrian regulator FMA.
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NewsKeva to set up transition manager panel
[16:50 CEST 30-07] FINLAND - Kuntien eläkevakuutus (Keva), the Finnish Local Government Pensions Institution, is looking to establish a transition manager panel for its €20bn scheme.
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News
NDA awards Deloitte actuarial contract
[16:50 CEST 30-07] UK – The Nuclear Decommissioning Authority has appointed Deloitte Total Rewards and Benefits to provide actuarial advice on the pension arrangements that fall within the organisation’s remit.
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NewsBT and BAE hit by wider pension deficits
[16:15 CEST 30-07] UK – The BT Pension Scheme is still the UK’s largest pension scheme but financial figures published today show its deficit widened to a massive £8bn (€9.38bn) gross in the first quarter of its telecoms sponsor’s financial year, while BAE’s UK pensions deficits is now at over ...
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NewsTrinity deficit rises €80m as bond yields hit home
[16:30 CEST 30-07] UK – Falling corporate bond rates and rising inflation caused the pension deficit of Trinity Mirror's 10 defined benefit (DB) pension schemes to increase by £68.3m (€80m) in the first half of this year.
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NewsAkzoNobel pension deficits hit €1.5bn
[17:05 CEST 29-07] UK/NETHERLANDS – Quarterly figures from Dutch paint and coatings firm AkzoNobel has revealed almost £20m (€23.3m) extra had to be pumped into the ICI UK defined benefit (DB) pension fund in the second quarter following its latest funding valuation.
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NewsPensions deficit adds to BAA loss
[16:15 CEST 29-07] UK – BAA, the UK airports operator, suffered a £575m loss in the first half of this year, and almost half of this was generated by its defined benefit pension fund.
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News
Surplus assets reduce on BP pension
[17:00 CEST 28-07] UK – BP, the petroleum company, today revealed its post-retirement and defined benefit plan liabilities rose in value a fraction between December 2008 and June 2009, from £10.43bn (€12.09bn) to £10.52bn, yet the scheme remains in surplus as the fund’s assets under management were £11.555bn at the end of last year.
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News
Hedge limits Dutch retail funds loss
[17:10 CEST 27-07] NETHERLANDS - The €6.9bn pension fund for the retail sector (BD) says it limited its loss to -1.1% in 2008, thanks to an interest rate hedge on two-thirds of its liabilities.
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News
Westminster deficit hits £331m as fund drops 24%
[15:00 CEST 27-07] UK – Westminster City Council has revealed the deficit in its pension fund had more than doubled to £331.9m by the end of March 2009.
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News
SR Technics to be excluded from pensions lifeboat
[14:00 CEST 27-07] IRELAND – Trustees of the SR Technics pension fund have been told the scheme is not eligible for help from the new rescue fund for pensions known as the Pensions Insolvency Payment Scheme (PIPS) as the government cannot extend the categories of insolvency to still solvent employers.
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News
Cornwall drops £215m in 2008/09
[17:05 CEST 24-07] UK – Cornwall Council's local government pension fund lost £215m in the year to 31 March 2009, figures have revealed.
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News
Shell scheme saw assets dive by 43%
[14:00 CEST 24-07] NETHERLANDS - The Dutch pension fund of energy giant Shell saw its assets drop by over 43% to €10.6bn last year, and its cover ratio plummeted from 180% to 80%.
