Investor Strategy – Page 143
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News
EC admits 'pensions are not immune to crisis'
[16:25 CET 09-03] EUROPE – European pension funds have not suffered during the ongoing economic crisis in the same way as other financial institutions, according to the European Commission, but defined benefit schemes in particular are likely to see “challenges” as they struggle to pull back their funding balances.
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Local authorities hold over €1bn in Icelandic banks
[17:05 CET 06-03] UK – Local authorities in England have reported investments totalling £923.2m (€1.03bn) in Icelandic banks at the end of 2008, some of which may have been held on behalf of pension funds.
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2012 contributions may be less than expected
[16:55 CET 06-03] UK – Watson Wyatt has warned workers auto-enrolled into occupational schemes after 2012 could have an “exaggerated impression” of the size of their pension as typical minimum contribution rates into qualifying pension schemes will never be more than 6.8% of gross earnings.
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NewsGerman pension vehicles to diversify - Mercer
[16:45 CET 06-03] GERMANY – Retirement providers in Germany are likely to maintain one of the lowest equity exposures in Europe as a result of recent market turbulence but will continue to diversify into other strategies, consultancy Mercer has told IPE.
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Committee to screen schemes’ investment policy - Donner
[16:00 CET 06-03] NETHERLANDS - Social affairs minister Piet Hein Donner will establish an independent committee to find out whether the investment policy of pension funds has landed them in their precarious financial position following the credit crisis.
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News
Etera drops €1bn in 2008
[14:00 CET 06-03] FINLAND – Etera Mutual Pension Insurance Company saw its market share fall to 5.6% in 2008 and has reported an overall loss of €1.03bn following a negative investment performance.
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NewsUnion anger over Finnish retirement increase
[17:10 CET 05-03] FINLAND – The three trade union confederations in Finland are organising a national meeting of trustees, or shop stewards, next week against the government's plans to increase the retirement age without consultation.
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ITV considers DB changes as deficit hits £178m
[17:15 CET 04-03] UK – ITV, the commercial broadcast company, has reported a “lower than speculated” £178m (€200m) deficit in its defined benefit (DB) pension scheme but confirmed it is to begin a consultation on possible changes to the plan.
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News
Gov't shareholders are 'the new normal' - Pimco
[16:40 CET 04-03] GLOBAL – Asset management house Pimco is advising investors will have to rethink what makes a good investment in the coming years as governments are changing the investment game by acting as shareholders.
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News
North Yorks to drop Hermes European focus
[17:05 CET 03-03] UK –North Yorkshire County Council has decided to divest its £878.8m (€979.4m) pension fund from a holding in the Hermes Focus Asset Management’s European Focus Fund, following a combination of poor performance and staff departures.
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News
VER drops €1.93bn as equity losses exceed 42%
[16:55 CET 03-03] FINLAND - Valtion Eläkerahasto (VER), the State Pension Fund, has reported an overall investment return of -15.8% in 2008, driven primarily by the results from its equity portfolio which lost 42.7% over the year.
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PME mulls pensions cut in 2010
[16:00 CET 03-03] NETHERLANDS - PME, the €18.7bn industry-wide pension fund for the metal engineering industry, could be forced to reduce pension benefits next year if the extended five-year recovery period is not given further flexibility.
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News
Global equity declines hit AP7 hard
[17:00 CET 02-03] SWEDEN – Sjunde AP-fonden (AP7) has reported a fall of -42.8% in its Premium Choice Fund, while the Premium Savings Fund, the default for savers in the Swedish pension system (PPM) dropped 36.2%.
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News
Merseyside opposed management at 15% of UK AGMs
[16:55 CET 02-03] UK – The £3.7bn (€4.1bn) Merseyside Pension Scheme has revealed it voted against company management in 15% of UK company meetings last year, as corporate behaviour was "judged to be below best practice guidelines".
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News
DNB to review contracting-out risks
[16:45 CET 02-03] NETHERLANDS - Pensions regulator De Nederlandsche Bank will focus its supervision this year on the way pension funds’ boards handle the responsibility of risk management when it comes to dealing with contracted-out tasks.
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News
Gwynedd tenders active bonds portfolio
[16:15 CET 02-03] UK – Gwynedd Council is seeking an active bond manager for a £100m (€113m) active bond mandate for its local authority pension fund following a recent review of its investment structure.
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Pensionskassen important for recovery, claims Böhm
[16:10 CET 02-03] AUSTRIA/GLOBAL - The head of Austrian Pensionskasse APK has hit back at recent criticism of pensions investors and claimed pension funds will be important investors once markets normalise again.
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News
Finnish retirement age slipped in 2008
[15:45 CET 03-02] FINLAND – The average effective retirement age for Finnish workers decreased slightly to 59.4 years in 2008 as the first baby boomer age group reached the lower-age limit for the old age pension last year, according to Eläketurvakeskus, the Finnish Centre for Pensions.
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News
Philips hits a flat note on pensions
[15:00 CET 02-03] NETHERLANDS - The €13bn pension fund of electronics giant saw its investments yielding nothing in 2008 while other schemes struggled with losses of at least a fifth, but it did so largely thanks to a 17% return on fixed income holdings.
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APG set to unveil its corporate strategy
[17:15 CET 27-02] NETHERLANDS – APG Group, the wholly-owned subsidiary of the Dutch pension fund for healthcare workers ABP, is now developing the next stage of its international expansion plans following its recent merger with rival firm Cordares.
