Funding – Page 166
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NewsHalf of Swiss schemes underfunded
[16:00 CET 09-01] SWITZERLAND – The Swiss Federal Social Insurance Office has estimated that currently around half of all Swiss pension funds are underfunded.
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NewsIberia says no to BA pension fund top-up
[15:00 CET 09-01] SPAIN – Spanish carrier Iberia will not make any injection into the ailing British Airways (BA) pension fund if the companies' planned merger goes ahead, IPE has learnt.
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NewsM&S says trustees back pension curbs
[16:30 CET 07-01] UK – The trustees of the Marks & Spencer Final Salary Pension Scheme are “very supportive” of the decision announced today to curb benefits for the fund’s 21,000 members, company management says.
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KLM schemes split on indexation
[16:00 CET 07-01] NETHERLANDS – Two of the three pension funds of Dutch airline KLM will grant their participants a full indexation for 2009.
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Equity-biased UK authorities lose out – WM
UK - State Street’s WM pension fund estimates for 2008 have shown that schemes with a bias towards equities such as local authorities will be more affected by the market turmoil than their more bond-heavy corporate cousins.
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NewsUSS expects 15-year recovery from crisis
[16:23 CET 06-01] UK – The £26bn (€29.6bn) Universities Superannuation Scheme reckons it could it take up to 15 years to recover from the current financial crisis – and that there’s a “golden opportunity” to restructure its portfolio.
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NewsIrish pensions drop €27bn in 2008
IRELAND – Irish pension funds lost €27bn in 2008, following a final fall of 3.1% in December, Rubicon Investment Consulting has revealed.
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Philips pension fund sues Hewitt
UK – The trustees of the £2bn (€2.15bn) Philips Electronics UK pension fund have filed a lawsuit against consulting firm Hewitt Associates and one of its former top executives.
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Fifth of small schemes to cut UK equities in 2009
UK – More than 20% of the smallest firms offering defined benefit (DB) schemes plan to decrease their allocation to UK equities over the next year, research from the Association of Consulting Actuaries (ACA) has revealed.
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Ireland’s NPRF reviews strategy amid bank bailout
IRELAND – The National Pension Reserve Fund has acknowledged it will have to review its investment strategy in the light of a government bailout of the Irish banking sector.
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Dutch midwives get 2% indexation
[16:00 CET 05-01] NETHERLANDS - The €142m pension fund for midwives has granted its participants an indexation of 2% for 2009 despite a cover ratio of 101%
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9% of DB schemes avoided risk levy
[16:00 CET 23-12] UK – One in 11 of the schemes eligible for entry into the Pension Protection Fund (PPF) paid no risk-based levy in the 2007/08 year, according to figures from the third version of the Pensions Universe Risk Profile (PURPLE) Book.
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Delta Lloyd scheme grants full indexation
[15:30 CET 23-12] NETHERLANDS - The €1.4bn pension fund of insurer Delta Lloyd Group has granted its participants full indexation for 2009.
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VB to look into its members’ costs
[15:15 CET 23-12] NETHERLANDS - The Dutch association of industry-wide pension funds (VB) has commissioned a study into the costs of its 82 members in a bid help affiliated schemes compare the charges they incur.
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NPRF to pay for €5.5bn bank bailout
[16:40 CET 22-12] IRELAND – The Irish government has confirmed it is to invest an initial €5.5bn into three banks, though the National Pension reserve Fund (NPRF) could earn up to €500m a year from the deal as it is expected to be the "main source of funding" for the ...
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ABP and PFZW skip indexation
[16:35 CET 22-12] NETHERLANDS - Neither the large civil service pension fund ABP nor healthcare scheme PFZW will grant their participants an indexation payment for 2009.
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Danish pensions cut interest rates to 2.5%
[16:50 CET 19-12] DENMARK – Two Danish pension funds have confirmed the interest rates on customers' pension accounts will be cut to 2.5% in 2009.
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Only workers to receive BPF Bouw indexation
[16:15 CET 19-12] NETHERLANDS – Officials at BPF Bouw, the €23bn pension fund for the building industry, have announced pensioners will not receive indexation on their retirement plans and only working members will be allocated a partial indexation payment this year because the fund is below its required cover ratio.
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Varma sells telecoms stake to Finnish gov't
[15:20 CET 19-12] FINLAND – Varma Mutual Insurance Pension Company has sold almost 10% of its shares in telecoms company Elisa Oyj to the Finnish government, in the completion of an earlier agreement.
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Ireland eases DB funding over market worries
[15:00 CET 19-12] IRELAND – The Irish government has announced a series of measures designed to ease funding pressures on defined benefit (DB) schemes following the recent market volatility.
