All articles by Nyree Stewart – Page 45
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News
Interest rate hedging pays off at Industriens
[16:45 CET 18-03] DENMARK – Industriens Pension generated a positive 4.4% gross return in 2008 by hedging all of its interest rate risk.
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AMF Pension sacks deputy CEO
[16:40 CET 18-03] SWEDEN – AMF Pension has confirmed Ingvar Skeberg, the deputy chief executive, has left the company after it was discovered he transferred his own pension capital ahead of pension dividend cuts announced in February.
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Auto-enrolment 'postponement' will double contributions
[12:30 CET 18-03] UK – Employers have been given some flexibility in the implementation of auto-enrolment in 2012 with the provision of a three-month ‘postponement’ in return for a doubled contribution.
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Finnish local gov't scheme loses €4.3bn
[17:20 CET 17-03] FINLAND – The Local Government Pensions Institution (Keva) reported a negative net investment return of -20.6% in 2008 as the value of its assets fell to €20bn.
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DWP auto-enrolment regs "bureaucratic"
[17:15 CET 17-03] UK – Draft regulations on the practical arrangements for auto-enrolment into pension schemes from 2012 are "overly bureaucratic", according to the pensions industry.
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Islington splits global equity mandate
[17:10 CET 17-03] UK – The London Borough of Islington has split a global equity contract valued at up to £250m (€275m) between two managers.
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Market volatility 'unlikely to drive buyouts'
[17:05 CET 17-03] UK – Market volatility has prompted 44% of trustees to consider transferring pension scheme risk, but consultants have warned timing is “key” so it is unlikely this will transfer into business for the bulk annuity market this year.
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Habitat appoints SEI as fiduciary manager
[16:55 CET 17-03] UK – SEI has been appointed as the fiduciary manager to the £24m (€26m) Habitat UK Pension and Life Assurance Plan.
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Myners wants legal governance duty for managers
[17:20 CET 16-03] UK – Lord Myners has suggested the Institutional Shareholder Committee (ISC), established in response to his review of institutional investment in 2001 "has not really achieved anything".
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Norway places Siemens under 'observation'
[17:15 CET 16-03] NORWAY – The Norwegian Government Pension Fund – Global pension fund has excluded a Chinese company for selling military trucks to Burma and is monitoring Siemens over concerns of "gross corruption".
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Pension funds file class action against RBS
[17:10 CET 16-03] GLOBAL – Two UK local authority pension funds and the Dutch metalworkers fund have filed a motion to become lead plaintiffs in a US class action against Royal Bank of Scotland (RBS).
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PADA mulls target date approach as default
[17:05 CET 16-03] UK – The use of target date funds as the default for the personal accounts system is a “serious proposition” to be put forward in an investment consultation from the Personal Accounts Delivery Authority (PADA) later this year.
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Swedish income pension reports €23.5bn drop
SWEDEN – The Swedish national pension system, or inkomstpension, which uses the AP funds as buffers to cover pension liabilities, reported a fall of SEK 261bn (€23.5bn)in 2008.
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Mark-to-market pricing 'needs addressing'
[16:20 CET 13-03] UK – Mark-to-market accounting is “not helping” pension funds and the issue needs to be addressed, delegates at the National Association of Pension Funds (NAPF) investment conference were told.
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FSA attacks investors for not doing enough
[17:00 CET 12-03] UK - Institutional investors have a "major role" to play in addressing issues arising from the current financial crisis, as they share responsibility for the actions of companies and the resulting consequences, the UK's financial regulator has warned.
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Pension deficits are 'important factor in stock picking'
[15:30 CET 12-03] UK - Executives managing corporate pension schemes have been warned pension scheme deficits are an important factor when considering which companies to invest in, according to Fidelity’s figurehead investment expert Anthony Bolton.
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FI flags potential risk control issues
[15:40 CET 11-03] SWEDEN – Swedish occupational pension funds generally have no large holdings of complex financial instruments, although in a few cases the Finansinspektionen (FI) has highlighted possible deficiencies in related risk control functions.
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Fidelity loses Tyne & Wear's UK mandate
[17:15 CET 10-03] UK – The £3bn (€3.25bn) Tyne & Wear Pension Fund has confirmed it terminated its UK equity mandate with Fidelity at the end of last year.
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MP's call to curb banker's pensions
[17:15 CET 10-03] UK – A Bill designed to limit the pension provision of board members of banks wholly or partly owned by the state is being introduced to Parliament today.
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Nine in 10 UK DB schemes are now in deficit
[17:10 CET 10-03] UK – Over 90% of UK defined benefit (DB) schemes are underfunded as the aggregate funding position of almost 7,800 schemes reported a deficit of £218.7bn (€237.3bn) at the end of February.
