Funding – Page 159
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News
PFA buys Nordic AM following positive gains
[16:15 CEST 01-04] DENMARK – PFA Pension, the Danish life and pensions provider, managed to generate a return on investments of DKK3.5bn (€460m) in 2008 thanks to a major shift towards fixed income holdings, and is now using some of its assets to buy Nordic Asset Management.
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Fewer Danish health workers are retiring early
[17:05 CET 27-02] DENMARK – The proportion of health workers retiring at the age of 60 fell to just 13.2% in 2008 according to research by PKA.
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Eircom DB scheme reports €433m deficit
[16:50 CET 27-02] IRELAND – Eircom, Ireland's largest telecoms provider has revealed a €433m deficit in its defined benefit (DB) pension scheme.
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Royal Mail pension may become new public scheme
[16:45 CET 27-02] UK – The Postal Services Bill published this week by the UK government includes provisions for the secretary of state for business and enterprise (BERR) to establish a "new public scheme" into which members of the Royal Mail Pension Plan (RMPP) could be transferred into.
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Dutch investments lost 5% in Q4
[16:30 CET 27-02] NETHERLANDS - Dutch investment funds lost over 5% of their assets during the fourth quarter of last year, leaving their combined assets at €172bn, according to De Nederlandsche Bank.
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Dáil passed pension levy ahead of first strike
[16:40 CET 26-02] IRELAND – Legislation allowing the introduction of a pension levy on public sector workers has been approved by Dáil Éireann, the house of representatives in the Irish Parliament, the night before the first trade union strike over the issue.
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Wealthy Danes save 18 times more - ATP
[16:30 CET 26-02] DENMARK – A small group of high-earning Danish workers had pension savings worth 18 times more than the average pension saver in 2006, according to research by pensions giant ATP.
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Smaller funds advised to claim tax refund
[16:20 CET 26-02] NETHERLANDS – Dutch pension funds are being advised to safeguard their rights to the refund of dividend withholding tax in European countries, as recent cases in both the Netherlands and France suggest taxes claimed in contravention of EU rules may also have been taken by governments elsewhere.
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Investments may need clearance under 'vague' TPR code
[15:15 CET 26-02] UK – The Pension Regulator's (TPR) draft code of practice on the 'material detriment' test is "too vague" and could lead to pension schemes requiring clearance on normal business activity such as changes in investment strategy, consulting firm Mercer has warned.
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News
Real estate helps limit Ilmarinen losses
[16:55 CET 25-02] FINLAND – Real estate investments helped limit losses by the Finnish pension fund Ilmarinen as it reported an overall loss of €4.34bn in 2008.
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Irish pension levy reaches final stage
[16:45 CET 25-02] IRELAND – The final stages of legislation allowing a pension levy on public sector workers to be introduced next month is expected to be completed in the Dáil tonight, as trade unions prepare to ballot members over industrial action.
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News
Pension contributions slowed in 2007 - ONS
[16:35 CET 25-02] UK – Total contributions to private pension schemes, including funded and unfunded occupational schemes, increased by 2% in 2007 to reach £85.2bn (€95.3bn) the Office for National Statistics (ONS) has revealed.
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News
AP6 falls in value by a sixth
[16:40 CET 24-02] SWEDEN - Sjätte AP-fonden (AP6), the Sixth Swedish National Pension Fund, generated a negative return of 16.6% in 2008 and the value of its fund dropped by SEK 3.25bn (€284.8m) over the year.
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News
Schemes granted five years recovery – but is it enough?
[16:35 CET 24-02] NETHERLANDS - Dutch minister of social affairs and labour Piet Hein Donner has confirmed he will allow pension funds with a funding shortfall – now approximately half of all Dutch funds – to have up to five years to bring their solvency ratios up to 105%, rather than the three years the Dutch Pension Ac currently prescribes.
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News
Royal Mail trustees back Hooper measures
[15:40 CET 24-02] UK – Trustees of the Royal Mail Pension Scheme have voiced their support for the pension recommendations outlined in the Hooper Report, warning if they are not implemented the scheme deficit could be "significantly higher" than the current estimate of £5.9bn (€6.7bn).
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Rail union threatens strike over pension changes
[13:15 CET 24-02] UK – Around 7,000 UK railway workers are being encouraged to vote in favour of industrial action as unions claim Network Rail is planning to introduce a “two-tier” pension scheme for workers.
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News
Bankpension to hedge guaranteed profile
[16:40 CET 23-02] DENMARK – Bankpension, the Danish pension fund for employees in the financial sector, has confirmed it intends to change the asset distribution in its unconditional guarantee 'investment profile' in response to the market turmoil.
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News
Pensions win extra employer payments
[16:30 CET 23-02] GERMANY – Latest statistics compiled by the investment association BVI suggest additional payments made by German employers and designated for investment are more frequently being used for pensions provision.
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News
Belgian funds lost 25% in 2008 – Mercer
BELGIUM – Belgian pension funds delivered median returns of minus 25,2% over the year 2008, according to pension consultant Mercer’s Brussels office
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News
Länsförsäkringar Liv skims a negative return
[16:50 CET 19-02] SWEDEN - Länsförsäkringar Liv, the fourth largest life-assurance company in Sweden, reported a total traditional management return of -0.6% in 2008.
