All articles by Nyree Stewart – Page 43
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Nottingham reports 95% voting record
[16:55 CEST 06-04] UK – Nottingham County Council has revealed it voted at 95% of the meetings held by companies it invested in in 2008, and in 79% of these it either opposed or abstained from a resolution.
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Berkshire funding level drops to 72%
[16:55 CEST 03-04] UK – The Royal County of Berkshire Pension Fund has told members there is no "serious financial shortfall" in the pension fund, despite admitting its funding level has fallen from 99.9% in March 2007 to 72% in November 2008.
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Westminster mulls frameworks amid manager concerns
[16:50 CEST 03-04] UK – Westminster City Council is considering the development of framework agreements to allow mandate changes to be speeded up, following concerns over manager performance.
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Norway global to exclude tobacco and target environment
[16:45 CEST 03-04] NORWAY – The exclusion of tobacco-producing companies from the Government Pension Fund – Global and a NOK20bn (€2.26bn) environmental investment programme are just two of the measures announced by the Ministry of Finance following a review of ethical guidelines.
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Lawyers highlight obstacles to Irish DB cost cutting
[16:35 CEST 03-04] IRELAND – Law firm A&L Goodbody has warned pension schemes which are considering capping benefits or even the "unthinkable" of altering accrued pension need to be aware of the legal issues involved.
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Bexley appoints Hewitt for investment
[16:30 CEST 03-04] UK – The London Borough of Bexley has appointed Hewitt Associates as the investment adviser to its £390m (€427m) local government pension fund.
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Irish managed funds finally see positive return
[16:55 CEST 02-04] IRELAND – Irish group managed pension funds delivered the first positive return in seven months and produced a yield of 2.4% in March, Rubicon Investment Consulting has revealed.
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AP Ethical Council targets 13 investments
[16:45 CEST 02-04] SWEDEN – The Ethical Council of the Swedish AP Buffer pension funds claimed three successes in 2008 in its dialogue approach to remedying breaches of ethical guidelines, although 13 companies are still on the Council's 'focus list'.
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Finland reviews pensions at state firms
[16:35 CEST 02-04] FINLAND – The Finnish government has set up a working group to evaluate the remuneration guidelines of state-owned companies, including pension arrangements, and to propose reforms of the system.
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Rhondda and Somerset start manager searches
[16:25 CEST 02-04] UK – Rhondda Cynon Taf County Borough Council has initiated a search for at least two investment managers, while Somerset Council is seeking an active Japanese equity manager.
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Longevity drives up MP pension costs
[16:15 CEST 02-04] UK – Members of Parliament (MPs) have been told their contributions to the £367.2m Parliamentary Contributory Pension Fund (PCPF) will rise after the latest actuarial report revealed the pension deficit had increased to £50.9m as a consequence of improved longevity.
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Labour Court tells SR Technics to fund deficit
[17:05 CEST 01-04] IRELAND – The Labour Court has recommended the Irish arm of SR Technics should "fully fund" the pension deficit in both the SR Technics scheme and the firm's share of the Irish Airlines' Superannuation Scheme.
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PKA reports 6.3% loss
[16:55 CEST 01-04] DENMARK – PKA generated an overall return of -6.3% for its eight pension funds in 2008 as equity results offset positive fixed income performance.
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LAPFF adds pressure for independent M&S chair
[17:05 CEST 31-03] UK – The Local Authority Pension Fund Forum (LAPFF) has tabled a shareholder resolution calling for Marks & Spencer to appoint an independent chairman by July 2010, following the company's failure to split the roles of chairman and chief executive.
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Trustees advised to consider short-term activity
[17:05 CEST 31-03] IRELAND – The Pensions Board has argued trustees need to think more about sustainability and the impact of short-term events on long-term promises if defined benefit (DB) schemes are to be a “viable alternative” to defined contribution (DC) funds.
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Bank of England scheme pre-empted crisis
[17:00 CEST 31-03] UK – The Bank of England Pension Scheme appeared to almost pre-empt the financial crisis of last year as it returned 12% in the year to February 2008 and reduced equity holdings so it could invest in index-linked gilts.
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National funding rules deter multinational derisking
[16:50 CEST 31-03] GLOBAL – AEGON Global Pensions has warned local regulations on pension fund governance have added an extra layer of complexity for multinational companies who want to derisk pension schemes.
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Irish funds drop 23% 'but could have been worse' - IAPF
[16:30 CEST 31-03] IRELAND – Irish pension schemes lost almost €20bn in 2008, but this is “less than might have been expected” following reductions in equity allocations to domestic stocks, The Irish Association of Pension Funds (IAPF) has revealed.
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Strathclyde's pension deficit keeps growing
[17:00 CEST 30-03] UK – Strathclyde pension fund has revealed its pension deficit more than doubled to £486m (€523m) at its last actuarial valuation, although a recent snapshot of the scheme’s position showed there has been a further fall in its funding position.
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Former Compendeon CEO targets emerging markets
[16:55 CEST 30-03] NETHERLANDS – Erik van Dijk, former chief executive and chief investment officer at Compendeon, has set up a new implemented consulting business with a strong focus on emerging markets.
