All articles by Nyree Stewart – Page 31
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News
Norway global fund appoints UK ethical research firm
[16:55 CEST 20-07] NORWAY – The Ministry of Finance has announced that UK firm Livingstone & Company will provide research on companies included in the investment portfolio of the NOK 2.38trn (€264.2bn) Government Pension Fund – Global that may be in conflict with its ethical guidelines.
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UK DC plan assets hit by falling markets
[16:45 CEST 20-07] UK – Falling global equity markets have caused the total assets in UK defined contribution (DC) plans to drop 2.3% to £420bn (€488bn), Aon Consulting has revealed.
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Lack of advisers''toolkit' knowledge raises TPR concerns
[16:30 CEST 20-07] UK – The Pensions Regulator (TPR) has admitted to concerns that certain parts of the pension industry, particularly advisers, are "not as familiar" with its 'toolkit' on trustee knowledge and understanding (TKU) requirements as they claim to be.
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OECD says DC needs 'careful' regulation after losses
[16:15 CEST 20-07] GLOBAL – The regulation of investment choices and default options in defined contribution (DC) pension schemes need to be more carefully implemented than has been done in the past, the Organisation for Economic Co-operation and Development (OECD) has warned.
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BA trustees give up guarantee to avoid insolvency
[17:00 CEST 17-07] UK – Trustees of the British Airways pension schemes have handed £330m (€382m) of contingent assets back to the airline as part of an effort to try and help improve the firm's liquidity and avoid insolvency.
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Barclays faces strike threat over DB closure
[16:15 CEST 17-07] UK – Barclays workers are to be balloted by Unite the Union for potential strike action over the closure of the final salary pension scheme.
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West Yorks tenders for custodian as NDA appoints lawyers
[16:00 CEST 17-07] UK – The West Yorkshire Pension Fund (WYPF) has released further details of its search for a banking and custodian services provider.
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Gov't recommended to halt NPRF premiums
[15:45 CEST 17-07] IRELAND – The continual payment of 1% of GDP into the National Pension Reserve Fund (NPRF) is "difficult to justify" and should be suspended in an effort to control public spending and borrowing, a group known as An Bord Snip Nua has told the government.
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FTSE 100 cash pension deficit passes £300bn
[15:30 CEST 17-07] UK – The total cash amount needed to meet the deficits in FTSE 100 defined benefit (DB) schemes now exceeds £300bn (€349bn), according to global accounting and consultancy firm Deloitte.
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TPR warns of tougher stance under new ECR
[16:25 CEST 16-09] UK – The Pensions Regulator (TPR) has warned the pension industry it will "see a very different regulator" once it implements the Employer Compliance Regime (ECR) for the 2012 pension reforms.
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News
Irish pension complaints rise 56% in 2009
[16:20 CEST 16-07] IRELAND – The number of complaints received by the Pensions Ombudsman increased 56% in the first half of 2009, driven by the increased vigilance of pensions members.
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News
Amex suspends UK pension contributions
[16:15 CEST 16-07] UK – American Express has confirmed it is suspending contributions into both its defined benefit (DB) and defined contribution (DC) schemes in the UK for 18 months.
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News
Norway Global gains lead to record assets
[16:40 CEST 15-07] NORWAY – The Government Pension Fund – Global has reported a continued increase in its fund value with a further NOK75bn increase in June to reach NOK2.383trn €262.9bn).
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News
Islington tenders UK and global property
[16:30 CEST 15-07] UK – Islington Council is seeking one or more managers to run new active UK and global property mandates with a combined value of £100m (€117m).
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Legal issues prevent early UK pensions auto-enrolment
[14:30 CEST 15-09] UK – The UK government has claimed auto-enrolment cannot be brought forward before 2012 as the obstacles related to legal and European issues are "insurmountable".
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UK DB deficit grows £20bn in June
[17:00 CEST 14-09] UK – The funding position of defined benefit (DB) schemes deteriorated in June for the first time since March, as the aggregate deficit of around 7,400 schemes increased by more than £20bn to £200.1bn (€233.3bn).
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Irish pensions paybill to hit €2bn in 2009
[16:55 CEST 14-09] IRELAND – The net cost of pensions to the Irish Exchequer increased by 56.5% between 2004 and 2009 to reach almost €2bn, figures from the department of finance have revealed.
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News
Retirement age review may cause DB admin headache
[16:50 CEST 14-09] UK – The potential removal or increase of the default retirement age (DRA) of 65 could cause "administrative wrinkles" for defined benefit (DB) schemes with different normal retirement ages.
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News
Pension deficits may cause more dividend cuts
[17:35 CEST 13-07] UK – More companies could start cutting dividend payouts in an attempt to help fund pension deficits, although Towers Perrin has warned this would only be part of the solution.
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News
UK gov't defends limited tax relief concession
[17:30 CEST 13-07] UK – The government has defended its decision to raise the ‘special allowance’ for receiving higher rate tax relief on pension contributions by just £10,000 on the basis it would only cost an additional £70m (€81m).
