All articles by Nyree Stewart – Page 10
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News
Four in 10 European schemes to consider buyout in next year
EUROPE – More than two-fifths of pension schemes would consider a partial buy-in or full buy-out in the next year if there is the right level of support from the employer and attractive pricing, according to Clear Path Analysis.
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MEPs press on with AIFM despite EU postponement
EUROPE – MEPs on the European Parliament's Economic and Monetary Affairs (ECON) Committee have continued discussions on a set of draft compromise amendments to the AIFM Directive despite the issue being postponed by the Spanish Presidency of the European Union earlier in the week.
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DC plans should review fiduciary responsibilities - State Street
GLOBAL – Fiduciary roles in defined contribution (DC) schemes need to be "viewed in a new light" with a possible move from an advisory approach to adopting comprehensive best practices, according to findings from State Street's latest Vision report on pensions.
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UK roundup: RBS, Deloitte, Royal London
UK – Royal Bank of Scotland has revealed it has an overall pension deficit on its schemes of £2.91bn (€3.25bn). Meanwhile, Deloitte's pension deficit has more than trebled to £234m and Royal London has appointed an investment adviser for its £1.7bn scheme.
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'Fairer levy' possible through bottom-up risk, say PPF advisers
UK – An advisory body to the Pension Protection Fund (PPF) has claimed the PPF levy would "feel fairer" to the pensions community if it targeted a bottom-up approach to risk calculations, so that risk reduction by a scheme is reflected in a lower levy.
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IMF calls on Latvia and San Marino to do more on pensions
LATVIA SAN MARINO – The International Monetary Fund (IMF) has urged both Latvia and San Marino to make further pension reforms to help tackle fiscal deficits, particularly as Latvia's attempt to reduce pensions last year was overruled in the constitutional court.
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USS to push for Dutch takeover changes in light of Océ concerns
UK/NETHERLANDS - Hermes Focus Asset Management and the £28bn (€31.3bn) Universities Superannuation Scheme (USS) have agreed to tender their shares in Océ as part of a takeover bid of the company by rival printing firm Canon.
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PMI and Standard Life team up on DC pensions research
UK – The Pensions Management Institute (PMI) is joining forces with Standard Life to research alternative methods of providing adequate ways to save for retirement, starting with analysis of existing defined contribution (DC) provision.
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BA proposes benefit changes to aid recovery plan
UK – The £3.7bn (€4.1bn) deficit in British Airways' two defined benefit (DB) schemes is not going to "vanish overnight", say pensions experts, despite an agreement with trade unions on a new benefit structure for the pension funds.
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UK roundup: Buckinghamshire, Barnet, ECHR
UK – Buckinghamshire County Council has issued a formal tender for an investment consultant for its pension fund, the London Borough of Barnet has agreed a new investment strategy and UK pensioners living in certain countries have lost a battle to have their state pension up-rated.
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Men more likely to increase NEST contributions
UK – Women are less likely to contribute more than the minimum of 4% of qualifying earnings to a UK pension once auto-enrolment is introduced in 2012, consultancy Hymans Robertson has revealed.
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NEST combination charge includes 2% for set-up
UK – The expected charging structure for the National Employment Savings Trust (NEST) will be a combined charge of a 0.3% annual management charge (AMC) and an admin contribution charge of 2% that may fall away once the set-up costs of the scheme have been recovered.
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NewsUK gov't studies DC charging levels
UK – Trust-based UK defined contribution (DC) schemes operate on an overall average cost of just over 2% based on contributions, or 1.23% if the charge is based on the size of the fund, according to a government report.
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NewsPersistence more important than risk in NEST early years
UK – Encouraging people to stay in the new National Employment Savings Trust (NEST) by minimising volatility is more important than taking a lot of risk with investments at the start, according to the Personal Accounts Delivery Authority (PADA).
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UK roundup: Tower Hamlets, Powys, RBKC, Nestlé UK, Leeds University, Quarriers, DWP
UK – The London Borough of Tower Hamlets has dropped Aberdeen Asset Management as a bond manager from its pension scheme, while Powys County Council is increasing its equity allocation and the Royal Borough of Kensington & Chelsea is seeking a global equity manager.
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NewsTPR appeals Nortel ruling over FSD 'misinterpretation'
UK/CANADA – The UK Pensions Regulator (TPR) has appealed rulings by the Canadian courts that declared the Financial Support Direction (FSD) process initiated against Nortel Corporation breaches the legal 'stay' of further financial claims on the company.
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News
IASB 'willing to listen' on pensions accounting (updated)
GLOBAL – The IASB has confirmed it is willing to listen to alternative proposals to using mark-to-market pricing for pensions accounting standards.
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NewsDMO will be 'sensible' over gilt issuance
UK - The UK Debt Management Office (DMO) has acknowledged pension fund demand for more index-linked and long-dated gilts but warned it will continue to issue as many as is sensible and "operationally feasible".
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'Broken' accounting standards need rational thought - Tomlinson
UK - The current system of pension accounting standards is "broken", and standard setters need to remove excesses of volatility as well as exercise some "rational thinking", according to the National Association of Pension Funds.
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PPF to diversify investment strategy from equities to alternatives
UK – The Pension Protection Fund (PPF) is diversifying its investment strategy by halving its equity allocation in favour of a 20% strategic allocation to alternatives, such as private equity and infrastructure.
