All articles by Nyree Stewart – Page 40
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News
Berkshire halves equity assets under new strategy
[17:10 CEST 29-04] UK – The Royal Borough of Windsor and Maidenhead has finalised the remaining manager appointments for its diversified strategy for the Royal Berkshire Pension Fund, which includes more than halving the fund's equity allocation to 32.5%.
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Gov't admits it will not leave RMPP fully funded
[17:25 CEST 29-04] UK – The UK government has confirmed it will take responsibility for around £29.5bn (€33.1bn) in pension liabilities of the Royal Mail Pension Plan (RMPP) and leave the scheme with "sufficient assets" to meet its remaining liabilities, though this will not be on a fully-funded basis.
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Whitbread sets out recovery plan for £388m deficit
[16:20 CEST 28-04] UK – Whitbread, the UK hospitality firm, has confirmed it is giving its pension fund £150m of its property assets as contingent assets after the latest valuation revealed a pension deficit of £388m (€435.2m) on an actuarial basis.
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Etera and Veritas Q1 losses stay below 2%
[16:10 CEST 28-04] FINLAND – Etera Mutual Pension Insurance Company and Veritas have reported their pension funds suffered small losses in the first quarter of 2009 of -1.4% and -1.3% respectively.
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Ukraine's pension deficit could reach €1.2bn
UKRAINE – Victor Yushchenko, president of the Ukraine, has warned of a growing deficit in the state pension system, which could reach UAH13bn (€1.26bn) by the end of this year.
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University of Glasgow awards mandate to PwC
[17:05 CEST 27-04] UK – The University of Glasgow has appointed PricewaterhouseCoopers to conduct its scheme administration and actuarial consultancy services.
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Berkshire completes first set of mandates
[17:00 CEST 27-04] UK – The Royal Borough of Windsor and Maidenhead has confirmed the appointment of three new investment managers for the £1.05bn (€1.17bn) Royal County of Berkshire Pension Fund, as part of a diversification strategy.
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ESB deficit increases €600m in 2008
[17:00 CEST 27-04] IRELAND – The €2.4bn Electricity Supply Board (ESB) pension scheme has a deficit of almost €2bn following the collapse of investment markets in 2008.
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News
Ireland unveils pensions insolvency 'state annuity' scheme
[16:55 CEST 27-04] IRELAND – The Irish government has unveiled a new payment scheme designed to help members of underfunded defined benefit (DB) schemes when an employer becomes insolvent.
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Finnish self-employed are undersaving by a third
[16:30 CEST 24-04] FINLAND – A study suggests Finnish self-employed workers are not paying enough into their pension funds as the levels of self-employed persons pensions insurance (YEL) policies are about a third lower than actual annual income.
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Tesco fund gets £500m property as deficit exceeds £1bn
[16:15 CEST 24-04] UK – Tesco has revealed its pension deficit increased to £1.1bn (€1.2bn) by the end of February 2009, so the firm has pledged £500m of property to the scheme as contingent assets in a bid to improve its financial security.
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Irish gov't urged to extend Pension Board powers
[14:30 CEST 24-04] IRELAND – The Pensions Board should have similar powers to the UK Pensions Regulator allowing it to force solvent companies to address pension deficits before the firm is sold, the Services, Industrial, Professional and Technical Union (SIPTU) has claimed.
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News
Positive Q1 boosts Varma value
[13:30 CESt 24-04] FINLAND – Varma Mutual Pension Insurance company has reported a positive first quarter performance of 0.3%, although its rival Eläke-Fennia produced a slightly poorer result of -0.2%.
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News
MEP reforms approved as EP votes against extra contributions
[16:30 CEST 23-04] EUROPE – Reforms to the voluntary pension fund for members of the European Parliament (MEPs) should allow the scheme to continue to pay benefits "for as long as necessary", and without the need for taxpayers to cover the actuarial deficit of €120m.
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AP1 revises ownership policy over gov't guidelines
[15:45 CEST 23-04] SWEDEN - Första AP-fonden (AP1) is planning to abstain from voting on remuneration issues for senior executives of companies it is invested in, until a decision on a revised ownership policy has been made following new government guidelines.
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News
Ilmarinen sees positive results in Q1
[14:00 CEST 23-04] FINLAND – Ilmarinen Mutual Insurance Company has reported a positive first quarter return of 0.2%, as fixed income investments performed well.
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SHPS extends benefit options as deficit passes £600m
[13:00 CEST 23-04] UK – The Social Housing Pension Scheme (SHPS) is to offer a defined contribution (DC) option to employers for the first time after the latest valuation revealed its deficit had increased to £633m (€715m) at the end of September 2008, from £209m the previous year.
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News
Future provision threatened by early pension access - OECD
[12:00 CEST 23-04] GLOBAL – The OECD has warned future pension provision could be undermined by giving early access to pension funds to aid people in “severe economic difficulties” alongside access to national pension reserves.
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EC to focus on member protection at insolvency
[17:00 CEST 22-04] EUROPE – The European Commission (EC) is seeking a contractor to help it further investigate measures for protecting supplementary pension benefits in the event of employer insolvency.
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News
LAPFF tackles KBC over remuneration
BELGIUM – [16:50 CEST 22-04] UK/BELGIUM – The Local Authority Pension Fund Forum (LAPFF) has called on members to take action at the annual general meeting (AGM) of banking and life insurer KBC over remuneration concerns.
