All articles by Nyree Stewart – Page 34
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News
MPs' pensions deficit is result of lower contributions
[14:30 CEST 26-06] UK – The Parliamentary Contributory Pension Fund (PCPF) for members of parliament (MPs) would have been £5m in surplus instead of £50m (€58.6m) in deficit at the last valuation if the government had made the correct contributions, the chairman of the scheme has claimed.
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Babcock confirms longevity deal with Credit Suisse
[14:00 CEST 26-06] UK – Babcock International has confirmed trustees of its Davenport Royal Dockyard defined benefit (DB) scheme have signed a longevity swap agreement with Credit Suisse to cap £300m (€328m) of its pensioner-in-payment liabilities.
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News
IORPs should not 'over-react' to crisis
[13:00 CEST 26-06] EUROPE – The impact of the current economic crisis has resulted in closer scrutiny by many European supervisors of occupational pensions and the shared message appears to be pension funds should not over-react, the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) has said.
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Pension funds pick Thames River for multi-manager
[16:45 CEST 25-06] UK – Thames River Capital has been awarded three institutional mandates, including two UK-based pension funds, for its multi-manager services.
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LAPFF M&S resolution garners more support
[16:40 CEST 25-06] UK – The Local Authority Pension Fund Forum (LAPFF) has received backing from proxy voting advisory services for its shareholder resolution to appoint an independent chair to the board of retailer Marks & Spencer by July next year.
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News
Islington awards UK bonds mandate
[16:50 CEST 24-06] UK – Islington Council has appointed Standard Life Investments to run a UK active bond mandate worth up to £150m (€175m) to its local government pension fund.
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Clwyd tenders hedge fund portfolio
[16:45 CEST 24-06] UK – Flintshire County Council is seeking an investment manager to run a specialist £40m (€47m) hedge fund portfolio for the Clwyd Pension Fund.
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Budget cuts blamed for fall in pensions motivation
[16:40 CEST 24-06] UK – Over three-quarters of UK companies believe the plan to reduce higher rate tax relief on pensions has reduced motivation to provide both defined benefit (DB) and defined contribution (DC) schemes, research by PricewaterhouseCooper (PwC) has revealed.
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News
Lords warn tax relief cut risks pension damage
[17:20 CEST 23-06] UK – A parliamentary committee has warned that changes to the UK pension tax relief system for higher earners undermine existing rules which were overhauled in 2006 and risk sapping confidence by removing the "simplicity, consistency and certainty" around the tax system.
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News
ONS says 2012 reforms may double DC membership
[17:20 CEST 23-06] UK – The UK's 2012 pension reforms could double the membership of defined contribution (DC) schemes, although questions remain over whether they will be capable of providing sufficient retirement income in the future, the Office of National Statistics (ONS) has claimed.
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News
PPF levy remains stable, for now
[17:10 CEST 23-06] UK – The Pension Protection Fund (PPF) has honoured previous commitments by confirming the levy for 2010/11 will be £700m (€817.2m), indexed to wages, although it warned schemes the levy may rise in the future to allow the PPF to meet its commitments.
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News
TPR warns of need for 'prudence' in funding
[17:10 CEST 23-06] UK – The Pensions Regulator (TPR) has stressed the importance of "prudent" funding levels for pension schemes, and warned that while flexibility is available in recovery plans the pension scheme and members "should not be disadvantaged".
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News
Third of Irish DB failed funding test in 2008
[17:00 CEST 22-06] IRELAND – More than three out of 10 defined benefit (DB) pension schemes submitting actuarial funding certificates (AFC) in 2008 failed to meet the required funding standard, the Pensions Board has warned.
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News
TPR seeks analytical services to boost offering
[16:55 CEST 22-06] UK – The Pensions Regulator (TPR) is seeking participants for a framework agreement providing analytical services to supplement its in-house resources.
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News
Eq Life ex-gratia office appoints actuary
[16:50 CEST 22-06] UK – Towers Perrin has been appointed as actuarial advisers to the office of Sir John Chadwick, which was established as an independent government adviser on the development of an ex-gratia payment scheme for Equitable Life policyholders.
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News
DWP rejects calls for further FAS funding
[16:40 CEST 22-06] UK – The government has rejected suggestions that it should increase funding to the Financial Assistance Scheme (FAS) and allow it to cover all lost benefits when a scheme has wound up, by arguing that the FAS was never intended to replicate each pension fund's structure of ...
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NewsMEP pension decision will apply to all members
[17:10 CEST 19-06] EUROPE – The European Parliament has agreed to apply a judgment to all members of the MEPs' pension fund if it loses a legal action over changes to the ABSL voluntary pension scheme, and not just to participants who pursue the case.
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NewsLeicestershire awards target return mandate
[17:00 CEST 19-06] UK – Leicestershire County Council has appointed two managers to run a target return portfolio, estimated at around £300m for its £1.5bn (€1.75bn) pension fund.
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News
Goodwin pension cut avoids legal uncertainty
[17:00 CEST 19-06] UK – Legal protections prohibiting employers from retrieving pension benefits remain in tact after Royal Bank of Scotland (RBS) after Sir Fred Goodwin, the former chief executive, agreed to voluntarily reduce his annual pension to £342,500 (€404,046).
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News
Dairy Crest mulls pension future after buy-in
[17:00 CEST 19-06] UK – Dairy Crest has revealed it is in consultation with staff regarding the future of its defined benefit (DB) scheme, after completing a second buy-in of pensioner liabilities.
