Funding – Page 152
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News'Prudent' pension accounting adds £40bn
[17:10 CEST 15-06] UK – The voluntary adoption of prudent accounting assumptions when calculating pension liabilities has already added an additional £40bn (€47bn) onto UK company balance sheets, and future changes to accounting rules could impact companies by a further £70bn, KPMG has warned.
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NewsIreland unveils uni pension transfer details
[17:05 CEST 15-06] IRELAND – A government Bill outlining provisions for the transfer of assets from 14 university and state body pension schemes to the National Pension Reserve Fund (NPRF) has confirmed the value of the assets will offset government contributions to the fund.
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NewsScots gov't to pay for backdated police pensions
[17:15 CEST 12-06] UK – The Scottish government has confirmed it will pay an additional £20m (€23.4m) to fund the cost of backdating police pension commutation arrangements to 1 December 2006 following the results of a judicial review.
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NewsStrathclyde deficit hits £2.6bn
[17:15 CEST 12-06] UK – Strathclyde Pension Fund is moving forward with changes to its investment strategy, with the appointment of two absolute return bond managers and a tender search for a transition manager, as its deficit hits £2.6bn (€3.04bn).
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NewsGermany's PSV levy could quadruple
[17:05 CEST 12-06] GERMANY – German employers with book reserve pension schemes could face a fourfold increase in the levy they pay into the pension protection association (PSV) next year, IPE has learnt.
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Merseyside drops 17.7% in 2008-09
[16:55 CEST 12-06] UK – The Merseyside Pension Fund posted an annual return of -17.7% for the year ending March 2009, equivalent to a decline of £800m (€938m).
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Public sector liabilities hit £1.1trn
[17:20 CEST 11-06] UK – Unfunded public sector pension liabilities have reached £1.1trn (€1.29trn), according to research by the Policy Exchange, leading to calls for the arrangements to be switched to a funded basis through the creation of a new public sector pension body.
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Romanian second pillar back on schedule
ROMANIA – The IMF has agreed a financial aid package with Romania which will ensure, that the country can return to its original schedule for changes to second pillar contributions and in turn will put in place reforms.
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Northern Rock deficit revised to £60m
[17:05 CEST 11-06] UK – Trustees of the Northern Rock Pension Scheme have revised the estimated deficit in the plan down from £100m to £60m (€71m) following a provisional funding agreement with the government, subject to review later in the year.
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SSRB consults on future of MP pensions
[16:10 CEST 10-06] UK – The Senior Salaries Review Board (SSRB) has issued a consultation to gather feedback on the future of the Parliamentary Contributory Pension Fund (PCPF), which includes proposals for reducing costs and the possibility of switching to a different pension arrangement.
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BIS rejects 'Royal Mail sale is dead' claim
[17:10 CEST 09-06] UK – The Department for Business, Innovation and Skills (BIS) has rejected reports suggesting the part-privatisation section of the Postal Services Bill has been scrapped, claiming all three parts of the Bill will go ahead as a "package", albeit with a potential delay.
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DB deficit sees £9bn improvement in May
[17:10 CEST 09-06] UK – The aggregate funding position of around 7,400 defined benefit (DB) schemes has improved by just over £9bn to a deficit of £179.3bn, according to the Pension Protection Fund (PPF).
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Royal Mail may shut scheme if gov't Bill fails
[17:20 CEST 08-06] UK – Royal Mail has warned it may be forced to close its £20bn (€22.98bn) defined benefit (DB) scheme if the government's plans for a part-privatisation of the company fail.
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DC pension contributions need to rise - Capita
[16:00 CEST 08-06] UK – The average contribution to company defined contribution schemes comfortably exceeds the minimum proposed for personal accounts due in 2012 yet bigger contributions are further needed, according to Capita Hartshead's 16th annual pensions administration survey.
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Irish funds recover some of 2008 losses
[16:10 CEST 04-06] IRELAND – Irish managed pension funds saw positive returns for the third month in a row to the end of May, and have now made gains since the beginning of the year, according to data from Rubicon Consulting.
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Swiss companies to feel pensions pressure – Credit Suisse
[16:20 CEST 03-06] SWITZERLAND – Credit Suisse has warned Swiss companies could suffer weakening of their credit ratings on bond holdings over the coming months as they may be required to tackle weighing pensions funding shortfalls.
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Irish deficits fall a third in two months
[16:10 CEST 03-06] IRELAND – Irish pension fund deficits are likely to have reduced by approximately one-third since March thanks to improved market conditions, but trustees are still being advised by Mercer to focus more on strategic than on operational issues.
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Philips scheme sees limited cover fall
[16:40 CEST 02-06] NETHERLANDS - The €12.5bn pension fund of electronics giant Philips saw only a limited decrease to its cover ratio during the first quarter of this year, compared with other pension schemes, as a relatively large part of its assets were invested in fixed income.
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Pensions to be 'unaffected' by GM Europe takeover
[16:00 CEST 02-06] EUROPE – Officials at GM Europe say their European pension schemes should be unaffected by the proposed takeover by a Canadian firm, although public figures are not available to deduce the extent of the car manufacturer’s European pensions liabilities.
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Mistake could cut teachers' pensions by £100pm (amended)
[16:55 CEST 01-06] UK - Letters have been sent to 11,700 retired UK teachers warning that their pensions will be reduced to correct a previous overpayment by the scheme.
