All articles by Nyree Stewart – Page 20
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NewsUK telecoms firms could be forced to plug BT pension
[14:00 CET 13-11] UK – UK-based telecoms companies could in future be required to indirectly contribute to the BT Group's defined benefit pension fund, as Ofcom, the communications regulator, is reviewing the pricing level of charges for BT's wholesale services to other communication companies.
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TPR sharpens education focus ahead of 2012
[13:30 CET 13-11] UK – Educating and enabling employers to comply with new duties will be the key focus for The Pensions Regulator (TPR) over the next two years, ahead of the introduction of auto-enrolment in 2012.
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NewsAPG calls on EC to temporarily withdraw AIFM
[16:00 CET 12-11] EUROPE – APG has called on the European Commission to temporarily withdraw its proposals on the draft directive on Alternative Investment Fund Managers (AIFM) in light of the large number of expected amendments and to produce a "more balanced proposal by the summer".
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UK DB funding roundup: Inflation worries hit deficits
[15:00 CET 12-11] UK – The aggregate funding position of almost 7,400 defined benefit (DB) pension schemes improved by more than £50bn to a deficit of £97.6bn (€108.1bn) after updated valuation assumptions reduced liabilities by 7%, the Pension Protection Fund (PPF) has revealed.
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UK high court blocks attempt to undermine pensions lifeboat
[13:30 CET 12-11] UK – The UK high court has attacked a proposal by trustees of an underfunded scheme to buy out certain member benefits in full, ahead of entering the assessment period of the Pension Protection Fund (PPF), as a "blatant attempt" to undermine PPF legislation.
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UK regulator warns of recovery plan reliance on markets
[16:30 CET 11-11] UK – Despite the recent economic conditions, 40% of defined benefit (DB) and hybrid recovery plans with a scheme valuation date between September 2007 and 2008 managed to avoid the Pensions Regulator's (TPR) funding triggers.
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PPF to revise UK insolvency risk assessment
[16:40 CET 10-11] UK – The Pension Protection Fund (PPF) has proposed changes to the assessment of insolvency risk for the 2011/2012 levy, including the exclusion of registered charges caused by contingent assets when calculating failure scores.
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Irish rules on DB benefit cuts set 'too high'
[16:30 CET 10-11] IRELAND – The Pensions Board has been accused by the Irish Business and Employers Confederation (IBEC) of setting the bar “too high” for trustees and employers who are seeking to reduce accrued defined benefit (DB) entitlements to help stabilise scheme funding.
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Norway Global sees record return despite external losses
[16:15 CET 10-11] NORWAY – The Norwegian Government Pension Fund – Global posted its "best ever" quarterly return of 13.5% between June and September, even though externally-managed assets lost ground, and raised the value of the fund to NOK2.55trn (€304bn).
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IBM trustees seek legal clarity on UK DB closure
[16:00 CET 10-11] UK – Trustees of IBM's £4.36bn (€4.87bn) UK defined benefit (DB) pension schemes have told members they plan to seek legal approval for the proposed changes to the schemes before they amend the trust deed and rules.
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NAPF calls for working group to assist DWP regs
[17:00 CET 09-11] UK – The National Association of Pension Funds (NAPF) has initiated calls for a new joint working group, to consider the implementation issues around the second batch of regulations relating to the UK's 2012 pension reforms.
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UK roundup: mandates and scheme closures
[15:00 CET 09-11] UK – Several UK pension funds are searching for managers to handle asset allocation mandates or have made appointments, while two defined benefit funds have announced they intend to close schemes to future accrual.
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PIMCO put on watch as PPF's LDI strategy drives return
[17:05 CET 06-11] UK – The UK Pension Protection Fund (PPF) reported a return of 13.4% in the year to March 2009, although this was primarily driven by the success of its swap portfolio overlay.
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Lambeth tenders bulk of pension in strategy overhaul
[16:45 CET 06-11] UK – The London Borough of Lambeth is tendering seven investment mandates for its £700m (€781m) pension fund as it has overhauled its strategy to include new investment classes such as fund of hedge funds and active currency.
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IMF urges Ukraine to backtrack on pensions policy
UKRAINE – The International Monetary Fund has urged Ukraine to return to earlier commitments for wage and pension increases, as it argued the new social standards law passed by the parliament last month could cost up to 7% of GDP in 2010.
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AMF Pension reports 10.9% return
[16:45 CET 05-11] SWEDEN – AMF Pension has reported a nine-month return of 10.9%, allowing it to increase the bonus rate for its defined contribution traditional insurance plan to 8%.
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Irish managed funds drop 2.5%
[16:35 CET 05-11] IRELAND – Irish managed funds produced their first negative performance for eight months and an average return of -2.5% in October, according to figures from Rubicon Investment Consulting.
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Trustees urged to improve DC education
[16:00 CET 05-11] IRELAND - Irish pension fund trustees have been warned they must treat member education as an important issue, if they are to mitigate the "time bomb" of defined contribution (DC) members retiring on less than they expected.
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OECD calls on Ireland to shift public sector pensions to DC
[15:30 CET 05-11] IRELAND – Ireland could reduce its budget deficit by introducing a combination of “major reforms” to public sector pensions, according to the OECD. These could include moving new entrants to a defined contribution (DC) scheme rather than adding them to existing defined benefit plans.
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Danica's traditional scheme returns 5.8%
17:15 CET 04-11] DENMARK – Danica Pension has reported a "satisfactory" return of 5.8% on its traditional pension plan in the first three quarters of the year.
