All articles by Nyree Stewart – Page 41
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OECD flags need for better pensions governance
[16:35 CEST 22-04] GLOBAL – Pension fund governance and risk management needs to be improved to avoid exposure to risky assets and investments that are not fully understood, the Organisation for Economic Co-operation and Development (OECD) has warned.
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UK Budget cuts higher rate tax relief (updated)
[14:25 CEST 22-04] UK – Alistair Darling, chancellor of the Exchequer, has confirmed tax relief on pension contributions for high earners will be reduced from 40% to 20% from April 2011.
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Ski and Meland appoint pension providers
[16:45 CEST 21-04] NORWAY – Ski and Meland kommunes have appointed pension providers for their local authority pension funds following a re-tendering exercise.
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SHPS to review benefits in light of valuation
[16:20 CEST 21-04] UK – The Social Housing Pension Scheme (SHPS) is to consult with members about possible new benefit options and contribution rates later this year as it expects the actuarial valuation will reveal increased costs.
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IBOA members reject AIB pension plans
[16:15 CEST 21-04] IRELAND – Negotiations between AIB Group and the Irish Banking Officials Association (IBOA) are being referred to the Labour Relations Commission (LRC) after members voted to reject the bank's proposals on pay and pensions.
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Norway Global sees value increase in March
[17:15 CEST 20-04] NORWAY – The Norwegian Government Pension Fund – Global increased in value to NOK 2.08trn (€236.4bn) in March, following two consecutive months of decline.
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TPR urges vigilance on fraud and 'unacceptable behaviour'
[17:15 CEST 20-04] UK – The Pensions Regulator (TPR) has highlighted the importance of good governance in the economic downturn as schemes may be more vulnerable to "certain actions which give us cause for concern" such as fraud and inappropriate transfers.
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UK gov't warned against cutting pension tax relief
[17:10 CEST 20-04] UK – Pensions industry experts have the UK government not to abolish higher rate tax relief on pension contributions as such a move would not be straightforward to introduce and could undermine confidence in pensions, leading to a general levelling-down of provision.
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SIPTU threatens strikes in call for new pension system
[16:50 CEST 20-04] IRELAND – SIPTU, the Services, Industrial, Professional and Technical Union, has warned discussions with the government on a national recovery plan will need to address the issue of workers in occupational schemes losing their pension through company insolvency, or any lack of agreement could lead to fresh ...
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Ukraine to receive second IMF instalment after reforms
UKRAINE – A mission from the International Monetary Fund (IMF) confirmed it has recommended the second tranche of a loan should be paid to Ukraine following the implementation of budget reforms which include the balancing of the state pension fund.
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MEP's pension faces reforms to cut deficit
[17:15 CEST 17-04] EUROPE – Members of the ABSL voluntary pension fund for Members of the European Parliament (MEPs) have been told they will have to retire later, as part of a number of reforms aimed at reducing the growing pension deficit.
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Swedish pension firms underestimate life expectancy
[16:50 CEST 17-04] SWEDEN – An annual review of the technical provisions of 17 pension and life insurers by pensions regulator Finansinspektionen (FI) has revealed they suffered a deficit of more than SEK 17bn (€1.55bn) at their peak, although SEK15bn of this had been recouped by the end of 2008.
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IASS has €628m deficit - SIPTU
[16:25 CEST 17-04] IRELAND – An estimated 40% fall in the value of its top equity holdings has caused the funding level of the Irish Airlines (General Employees) Superannuation Scheme (IASS) to move from a €79m surplus to a €628m deficit, a trade union has claimed.
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TPR hints at flexibility in corporate planning
[16:35 CEST 17-04] UK – The Pensions Regulator (TPR) has acknowledged the extra pressure trustees and employers are facing in the current economic conditions and agreed the importance of its regulation remaining "proportionate and targeted".
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Finnish pensions had 'worst year' in 2008
[16:55 CEST 16-04] FINLAND – Suomen Pankki, the Bank of Finland, has revealed 2008 was the "worst year in the history of employee pension schemes", following the slump in equity prices.
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ERAFP award global equity and eurobond mandates
[16:50 CEST 16-04] FRANCE – ERAFP, the French civil service supplementary pension scheme, has awarded five new asset management mandates as part of a €2.4bn diversification strategy.
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Alderney pensions deficit doubles
[16:15 CEST 16-04] UK – The States of Alderney, part of the British Channel Islands, has reported the deficit in its staff pension scheme had doubled by the end of 2008 as a result of the economic downturn.
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AP3 completes venture into public real estate
[16:15 CEST 16-04] SWEDEN – Tredje AP-fonden (AP3), the Third Swedish National Pension Fund, has completed the purchase of a 50% stake in Hemsö, a subsidiary of the real estate firm Kungsleden AB.
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Vodafone class action reopened on appeal (updated)
[17:20 CEST 15-04] UK/USA – An appeal by plaintiffs in a class action against Vodafone, including Lothian Pension Fund, has resulted in the case being reopened after it was originally dismissed over jurisdiction issues.
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Gov't faces Eq Life legal challenge for compensation
[17:15 CEST 15-04] UK – The UK government is facing a high court challenge from Equitable Life policyholders over its failure to fully implement the compensation recommendation of the Parliamentary Ombudsman.
