Funding – Page 151
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News
Crisis set Dutch schemes back by €94bn - DNB
[14:00 CEST 25-06] NETHERLANDS - Dutch pension funds have lost a total of €94bn since their combined assets peaked at the end of the first quarter of 2008 at €763bn, the pensions regulator De Nederlandsche Bank has revealed.
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News
Swiss pensionskasse born out of buffer concerns
[16:30 CEST 24-06] SWITZERLAND – The local railway operators for the Matterhorn Gotthard Bahn and the Gornergrat Bahn have decided to leave the Ascoop fund to create their own pensionskasse.
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News
ONS says 2012 reforms may double DC membership
[17:20 CEST 23-06] UK – The UK's 2012 pension reforms could double the membership of defined contribution (DC) schemes, although questions remain over whether they will be capable of providing sufficient retirement income in the future, the Office of National Statistics (ONS) has claimed.
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News
PPF levy remains stable, for now
[17:10 CEST 23-06] UK – The Pension Protection Fund (PPF) has honoured previous commitments by confirming the levy for 2010/11 will be £700m (€817.2m), indexed to wages, although it warned schemes the levy may rise in the future to allow the PPF to meet its commitments.
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News
TPR warns of need for 'prudence' in funding
[17:10 CEST 23-06] UK – The Pensions Regulator (TPR) has stressed the importance of "prudent" funding levels for pension schemes, and warned that while flexibility is available in recovery plans the pension scheme and members "should not be disadvantaged".
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News
Third of Irish DB failed funding test in 2008
[17:00 CEST 22-06] IRELAND – More than three out of 10 defined benefit (DB) pension schemes submitting actuarial funding certificates (AFC) in 2008 failed to meet the required funding standard, the Pensions Board has warned.
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News
SPW fell 4.3% in first quarter
[16:30 CEST 22-06] NETHERLANDS - SPW, the €4.1bn pension fund for housing corporations, returned –3.9% in investments during the first quarter – just 0.5% short of its benchmark.
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NewsLeicestershire awards target return mandate
[17:00 CEST 19-06] UK – Leicestershire County Council has appointed two managers to run a target return portfolio, estimated at around £300m for its £1.5bn (€1.75bn) pension fund.
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News
Goodwin pension cut avoids legal uncertainty
[17:00 CEST 19-06] UK – Legal protections prohibiting employers from retrieving pension benefits remain in tact after Royal Bank of Scotland (RBS) after Sir Fred Goodwin, the former chief executive, agreed to voluntarily reduce his annual pension to £342,500 (€404,046).
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News
Dairy Crest mulls pension future after buy-in
[17:00 CEST 19-06] UK – Dairy Crest has revealed it is in consultation with staff regarding the future of its defined benefit (DB) scheme, after completing a second buy-in of pensioner liabilities.
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News
Swiss pension level breaches constitution - union
[16:30 CEST 18-06] SWITZERLAND – Pension benefits provided by the first and second pillars no longer provide enough for a decent retirement and should therefore be seen as in breach of the Swiss constitution, the Swiss union Unia has claimed.
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NewsPfZW recovers to 100%
[16:15 CEST 18-06] NETHERLANDS – Pensioenfonds Zorg en Welzijn, the industry-wide pension fund for the healthcare industry, saw its cover ratio rise back up to 100% by the end of May and its assets climb to €74.4bn.
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NewsMembers at 20 schemes could face benefit cuts - DNB
[15:00 CEST 18-06] NETHERLANDS - Approximately 20 pension funds will have to cut their benefits unless their proposed recovery measures generate sufficient improvement to their financial positions next year, the pensions regulator De Nederlandsche Bank has warned
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NewsIreland cuts former ministers' pensions by 25%
[17:20 CEST 17-06] IRELAND – The government has confirmed former ministers still serving as members of parliament (TDs) and currently in receipt of a ministerial pension will see their benefits cut by 25%.
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News
Consultancy fears pension 'catastrophe'
[17:20 CEST 16-06] GERMANY – Underestimating the long-term effects of the recent financial crisis on pension schemes and measures to counteract it could lead to a “catastrophe” in the second pillar, German consultancy Longial has suggested.
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News
Norway-Global passes NOK2.3trn in May
[17:20 CEST 17-06] NORWAY – The value of the Norwegian Government Pension Fund – Global has increased for the third consecutive month to reach NOK 2.308trn (€258.9bn).
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NewsMEPs launch legal challenge over reforms
[17:10 CEST 16-06] EUROPE – Members of the ABSL voluntary pension fund for Members of the European Parliament (MEPs) have launched a legal action against the European Parliament over changes to the pension scheme.
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News
Pension costs deter private sector bids
[17:05 CEST 16-06] UK – The government needs to “level the playing field” and stop private sector companies having to pay up to three times as much in pension costs than the public sector following staff transfers, the Confederation of British Industry (CBI) has warned.
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News
Management at state firms 'should switch to DC' - Finnish report
[17:00 CEST 16-06] FINLAND – An independent working group established to review remuneration and pensions at Finnish state-owned companies has recommended that all existing schemes should be replaced with defined contribution (DC) pensions.
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News
Latvia to tackle budget deficit with pension cuts
LATVIA – The Latvian government is planning to reduce its budget deficit for 2009 by LVL500m (€714.3m) but intends to do so, among other routes, through a major cut in pension payouts.
