Funding – Page 155
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News
FRR suffers further 6.5% loss
[16:55 CEST 07-05] FRANCE – FRR, the French national pension fund, saw its value fall by another 6.5% in the first three months of this year, leaving the body with the legacy of a negative return against the five-year period it has been operating.
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Interest rate decline hits SPP’s Q1 return
[16:10 CEST 07-05] SWEDEN - SPP Livförsäkring AB, the Swedish pensions provider owned by Storebrand, saw its sales increase by 33% during the first quarter of this year but the firm still generated a negative return of SEK647m (€61.7m), according to its latest results.
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VER loses 2.4% in Q1
[17:25 CEST 06-05] FINLAND – Valtion Eläkerahasto, the State Pension Fund, generated a return of -2.4% in the first quarter of this year, reducing the value of its investments to €10.16bn.
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DAX pensions lose €13bn in 2008
[17:10 CEST 06-05] GERMANY – The pension schemes of companies listed on the German stock exchange index Dax remain well-funded over the long-term despite suffering a combined loss of €13bn last year, consulting firm Mercer has found.
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Danica Pension posts Q1 profit
[16:50 CEST 05-05] DENMARK - Danica Pension, the pensions arm of Danske Bank Group, managed to generate net income of DKK91m (€12.2m) in the first quarter of 2009, despite seeing a decline in total premiums paid.
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News
Basle City to plug pension hole
[16:45 CEST 05-05] SWITZERLAND – The CHF8.2bn (€5.4bn) pensionskasse for the Swiss canton of Basle City is to receive CHF1.38bn to ensure the pension scheme is fully-funded again.
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News
Irish managed funds find positive ground
[16:30 CEST 05-05] IRELAND – Irish managed funds posted a second consecutive month of positive returns with an average yield in April of 8.7%, according to Hewitt Associates.
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News
DSM scheme returned –18.8%
[15:00 CEST 05-05] NETHERLANDS - PDN, the €4.1bn pension fund of chemicals giant DSM, lost 18.8% on its investments last year, and fell short of its benchmark by 3%.
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News
Aon extends funding index to avoid FRS17 'distortion'
[15:00 CEST 01-05] UK – Financial reporting standards are "distorting" the level of pension scheme losses suffered in the financial crisis, effectively hiding around £120bn (€135bn) of losses Aon Consulting has warned.
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NewsBermuda insurer targets buy-ins with 'bridge' model
[13:30 CEST 01-05] UK/EUROPE – Bridge Pointe, a Bermuda-based insurance company, has confirmed its intention to enter the European buyout market and the UK in particular, where officials claim they could expand the market by up to £1bn (€1.12bn) in the next 18 months.
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NewsATP loses DKK2.4bn after negative SP result
[12:30 CEST 01-05] DENMARK – ATP Group has reported an overall loss of DKK2.4bn (€322m) in the first quarter, driven primarily by a 4.3% loss in the Special Pension Savings Scheme (SP).
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News
Solidarity fund loses 4.39% under PensPlan
[17:15 CEST 30-04] ITALY – The €258m solidarity fund, managed by PensPlan for the semi-autonomous Trentino Alto Adige region in northern Italy, returned -4.39% for 2008.
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NewsHewitt awarded PPF longevity risk role
[17:05 CEST 30-04] UK – The Pension Protection Fund (PPF) has appointed Hewitt to provide advice on the scheme's exposure to longevity risk.
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News
Hanafin criticised for 'rushing' DB changes
[17:20 CEST 29-04] IRELAND – Last-minute amendments to the Social Welfare Bill introducing measures to support members of defined benefit (DB) schemes, including a state annuity scheme, have been criticised by opposition political parties for being “rushed through” the Oireachtas.
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News
Gov't admits it will not leave RMPP fully funded
[17:25 CEST 29-04] UK – The UK government has confirmed it will take responsibility for around £29.5bn (€33.1bn) in pension liabilities of the Royal Mail Pension Plan (RMPP) and leave the scheme with "sufficient assets" to meet its remaining liabilities, though this will not be on a fully-funded basis.
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News
Whitbread sets out recovery plan for £388m deficit
[16:20 CEST 28-04] UK – Whitbread, the UK hospitality firm, has confirmed it is giving its pension fund £150m of its property assets as contingent assets after the latest valuation revealed a pension deficit of £388m (€435.2m) on an actuarial basis.
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News
Etera and Veritas Q1 losses stay below 2%
[16:10 CEST 28-04] FINLAND – Etera Mutual Pension Insurance Company and Veritas have reported their pension funds suffered small losses in the first quarter of 2009 of -1.4% and -1.3% respectively.
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News
Ukraine's pension deficit could reach €1.2bn
UKRAINE – Victor Yushchenko, president of the Ukraine, has warned of a growing deficit in the state pension system, which could reach UAH13bn (€1.26bn) by the end of this year.
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News
ESB deficit increases €600m in 2008
[17:00 CEST 27-04] IRELAND – The €2.4bn Electricity Supply Board (ESB) pension scheme has a deficit of almost €2bn following the collapse of investment markets in 2008.
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News
KLM adopts new landing position (amended)
[16:15 CEST 27-04] NETHERLANDS - The €3.9bn pension fund for KLM’s ground staff is acting like many other Dutch pension funds and anticipates it will only need to raise contributions to recover from its shortfall.
