All articles by Nyree Stewart – Page 3
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Avon tenders £136m global equity portfolio
UK – Bath and North East Somerset Council are seeking a global equity manager to run a specialist portfolio for its £2.5bn (€3bn) Avon Pension Fund.
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BP oil spill triggers call for tighter UK ESG pension rules
UK – The government is being urged to tighten regulations requiring pension schemes to disclose what environmental, social and governance (ESG) issues are taken into account in their investment policy following the impact of the Gulf of Mexico oil spill on the BP share price and its consequences for pension ...
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EU Council calls for better co-ordination on pensions
EUROPE – The European Council has stressed the need for urgent action to enhance the long-term sustainability of pensions across Europe, following the publication of an interim joint report on pensions.
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UK RDR changes may deter pension saving
UK – Changes to UK regulation forcing employees to pay for advice and management costs upfront rather than by commission could lead them to opt-out of pension saving once auto-enrolment is introduced, Creative Benefit Solutions has warned.
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Cuts to UK pension tax relief may cost industry £2.5bn, says Standard Life
UK – Proposals to phase out the higher rate of pensions tax relief could cost employers, pension schemes and providers £1.05bn (€1.27bn), while the cost to employees could be a further £1.38bn, Standard Life has claimed.
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AP funds and APG call for Freeport environment expert
EUROPE – The four Swedish AP pension buffer funds and Dutch asset manager APG have filed a joint resolution calling for an independent environment expert to join the board of mining company Freeport McMoran.
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Trustees need to prepare covenant arrangements, says UK Pensions Regulator
UK – Trustees should prepare plans to access employer support to the scheme, such as contingent assets, ahead of time, instead of waiting to ask for extra security when it would weaken the sponsoring employer, The Pensions Regulator (TPR) has said.
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UK mandate roundup: Heinz, Magnolia Group Pension Scheme
UK – Food manufacturer Heinz has consolidated the administration of its five UK pension schemes, while the Magnolia Group Pension Plan has appointed a scheme actuary.
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Pension schemes target more illiquid strategies
GLOBAL – Property, private equity and infrastructure are the target areas for pension funds in the short to medium term as schemes look to move towards less liquid strategies, research from bfinance has revealed.
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UK funding roundup: DB deficit reaches £41.5bn in May
UK – The funding position of UK defined benefit schemes deteriorated in May, with the aggregate deficit increasing to £41.5bn (€50.1bn) at the end of the month, according to figures from the Pension Protection Fund (PPF).
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UK roundup: West Sussex, Coca-Cola, Ernst & Young, Tax relief
UK – West Sussex County Council is seeking a transition manager for its local government pension scheme, while trade unions are threatening Coca-Cola with strike action over changes to the final salary pension scheme.
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Recession delays retirement for one in four Irish workers
IRELAND – A quarter of Irish workers admit the current economic climate means they will have to retire later than planned, particularly as more than a fifth of those aged 55 and over have not made retirement preparations, a study from Mercer has revealed.
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UK roundup: investment strategies, BG pension scheme, Pitmans Trustees
UK – Most final salary corporate pension schemes have continued to move away from equities and into bonds, although many still see opportunities in stock market volatility, according to Aon Consulting.
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EC warns Italy over pension age discrimination
ITALY – The European Commission has warned Italy it needs to comply with a European Court of Justice (ECJ) ruling to equalise pension ages for civil servants or it may face another court hearing.
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Credit rating agencies face centralised EU supervision
EUROPE – The incoming European Securities and Markets Authority (ESMA) will take control of the registration and supervision of credit rating agencies, the European Commission has confirmed.
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Irish managed funds' strong performance slips in May
IRELAND – Global market volatility caused Irish managed pension funds to produce an average return of -2.8% in May.
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UK regulator sets 2012 deadline for record-keeping improvements
UK – The Pensions Regulator (TPR) has set out specific targets for the standard of data and record keeping expected of pension schemes, along with a deadline for funds to have made the necessary improvements and a warning of possible enforcement action for breaches of the regulation.
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EC issues green paper on corporate governance
EUROPE – The European Commission plans to require institutional investors to publish their voting and engagement policies and records, and "adhere to stewardship codes", a green paper on corporate governance has revealed.
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Icelandic pension funds aid liquidity through bond purchase
ICELAND – Twenty-six Icelandic pension funds have agreed to purchase Housing Finance Fund (HFF) bonds owned by the Treasury in an attempt to help boost liquidity in the economy.
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BP debacle highlights need for responsible ownership
UK – The Gulf of Mexico oil leak has raised awareness of the need for pension funds to measure environmental, social and governance (ESG) risks and assess their impact on investments.
