All articles by Nyree Stewart – Page 42
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News
Russia moves on reforms as Ukraine seals IMF loan
UKRAINE – Dmitry Medvedev, president of Russia, has confirmed draft laws to change the country's pension system onto an insurance basis are being finalised, while Ukraine has implemented anti-crisis measures, including balancing of the state pension fund, to secure continued IMF funding.
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Hewitt to work with W.Yorks pension fund
[17:15 CEST 14-04] UK – Bradford City Council has appointed Hewitt Associates as the new actuarial services provider to the West Yorkshire Pension Fund.
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DB deficit hits £242bn despite changes to data
[17:15 CEST 14-04] UK – Updated scheme valuations have improved the estimated funding position of defined benefit (DB) schemes in the Pension Protection Fund's (PPF) 'eligible universe' by around £15bn (€16.9bn), though the reality is deficits have widened further.
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Over two-fifths UK workers not 'adequately' saving
[17:00 CEST 14-04] UK – Over 40% of the total UK workforce is failing to make "adequate" provision for retirement, yet almost a fifth claim nothing could persuade them to either start or increase their pension saving, the Association of British Insurers (ABI) has warned.
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NewsAviva ends non-contributory part of DC scheme
[17:05 CEST 09-04] UK – Aviva has confirmed members of its UK defined contribution (DC) scheme will have to start paying a minimum of 1% from July, rising to 2% in April 2010.
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Quantitative easing has 'distorted' pension liabilities
[17:00 CEST 09-04] UK – The Bank of England’s policy of quantitative easing has indirectly increased the pension scheme deficits of FTSE 100 companies as the price of gilts “soared to their highest level in 20 years”, Deloitte has claimed.
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NewsNPRF falls to €15.5bn as Q1 returns -6.7%
[17:00 CEST 09-04] IRELAND – The National Pension Reserve Fund (NPRF) has posted a return of -6.7% for the first quarter of 2009, and figures show almost a quarter of the fund's assets are now invested under the direction of the Minister of Finance as part of the bank recapitalisation ...
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News
Maltese reforms cut 2006 liabilities by €1.6bn
MALTA – Pension reforms introduced in 2006 to raise the state pension age from 61 to 65 between 2014 and 2023 have reduced pension liabilities by €1.6bn, according to figures from the National Statistics Office (NSO).
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News
Pearl seeks move away from 'debt-funded' model
[16:55 CEST 09-04] UK – Pearl Group has confirmed it is in advanced discussions with investors and lenders to raise £500m (€554m) in new equity and to restructure its existing capital to allow it take advantage of future acquisition opportunities.
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NewsIreland takes uni pensions to boost treasury coffers
[17:00 CEST 08-04] IRELAND – The government has confirmed the assets and liabilities of certain university pension funds and non-commercial state agencies will be transferred to the Exchequer to improve the General Government Balance (GGB) of Ireland.
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TPR seeks consultancy for DC review
[16:55 CESt 08-04] UK – The Pensions Regulator (TPR) is seeking a consultant to review the risks surrounding defined contribution (DC) schemes and to propose a new regulatory framework.
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NewsAon UK cuts contributions in favour of matching
[16:50 CEST 08-04] UK – Aon UK has confirmed it is reducing the standard rate of employer contributions to its money purchase pension scheme, but will match additional employee contributions up to set levels.
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NewsUnions to sue gov't over Waterford pension collapse
[14:00 CEST 08-04] IRELAND – Trade unions are preparing to take legal action against the Irish government for failing to protect the pension benefits of employees in insolvent companies, as the Waterford Crystal pension schemes are now being wound-up with a deficit of €110m.
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NewsUnfair dismissal of DB members could cost more
[17:00 CEST 07-04] UK – Lawyers have warned employers they could face significant compensation costs if an employee found to have been unfairly dismissed is a member of a defined benefit (DB) pension scheme rather than defined contribution (DC).
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News
Ukraine wants to abolish senior state pensions
UKRAINE – Special pensions for judges and top-level officials should be abolished and replaced with a single pension based on salary and length of service, according to Ukraine’s president, Victor Yushchenko.
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News
Employers warned over cost of deferred DC
[17:20 CEST 07-04] UK – Employers need to address the extra costs associated with administering defined contribution (DC) schemes for deferred members, as large firms could be spending more than £500,000 on ex-employees, Towers Perrin has warned.
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NewsAIB faces further talks over €1bn deficit
[17:15 CEST 06-04] IRELAND – Negotiations between AIB and the Irish Bank Officials Association (IBOA) may be referred to the Labour Relations Commission (LRC), as AIB has proposed changes to its defined benefit (DB) scheme saw to help tackle a pension deficit exceeding €1bn.
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NewsAP7 voting constraints 'should be lifted'
[17:10 CEST 06-04] SWEDEN – A Swedish government committee has recommended restrictions prohibiting the Seventh AP Fund (AP7) from voting in relation to its Swedish holdings should be removed while other constraints preventing AP funds from being an active owner should be reviewed.
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NewsLAPFF targets T.Rowe Price over execs pay
[17:05 CEST 06-04] UK – The Local Authority Pension Fund Forum (LAPFF) is urging its members to take action against T.Rowe Price as it is concerned that remuneration packages for executives are "not serving shareholders' interests".
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News
Norway-Global rules out high-yield bonds
[17:00 CEST 06-04] NORWAY – The Government Pension Fund – Global has ruled out extending into high-yield and emerging market bonds, and has also warned it is unlikely to reach its 5% allocation to real estate for "several years".
