All articles by Nyree Stewart – Page 47
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UK council pensions cost €5bn in 2007-08
[17:00 CET 02-03] UK – Local authorities in the UK spent a total of £4.5bn (€5bn) in employer contributions to council staff pensions in 2007-08, the TaxPayers’ Alliance (TPA) has claimed.
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Merseyside opposed management at 15% of UK AGMs
[16:55 CET 02-03] UK – The £3.7bn (€4.1bn) Merseyside Pension Scheme has revealed it voted against company management in 15% of UK company meetings last year, as corporate behaviour was "judged to be below best practice guidelines".
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Gwynedd tenders active bonds portfolio
[16:15 CET 02-03] UK – Gwynedd Council is seeking an active bond manager for a £100m (€113m) active bond mandate for its local authority pension fund following a recent review of its investment structure.
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Finnish retirement age slipped in 2008
[15:45 CET 03-02] FINLAND – The average effective retirement age for Finnish workers decreased slightly to 59.4 years in 2008 as the first baby boomer age group reached the lower-age limit for the old age pension last year, according to Eläketurvakeskus, the Finnish Centre for Pensions.
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Fewer Danish health workers are retiring early
[17:05 CET 27-02] DENMARK – The proportion of health workers retiring at the age of 60 fell to just 13.2% in 2008 according to research by PKA.
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Eircom DB scheme reports €433m deficit
[16:50 CET 27-02] IRELAND – Eircom, Ireland's largest telecoms provider has revealed a €433m deficit in its defined benefit (DB) pension scheme.
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Royal Mail pension may become new public scheme
[16:45 CET 27-02] UK – The Postal Services Bill published this week by the UK government includes provisions for the secretary of state for business and enterprise (BERR) to establish a "new public scheme" into which members of the Royal Mail Pension Plan (RMPP) could be transferred into.
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Dáil passed pension levy ahead of first strike
[16:40 CET 26-02] IRELAND – Legislation allowing the introduction of a pension levy on public sector workers has been approved by Dáil Éireann, the house of representatives in the Irish Parliament, the night before the first trade union strike over the issue.
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Wealthy Danes save 18 times more - ATP
[16:30 CET 26-02] DENMARK – A small group of high-earning Danish workers had pension savings worth 18 times more than the average pension saver in 2006, according to research by pensions giant ATP.
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Investments may need clearance under 'vague' TPR code
[15:15 CET 26-02] UK – The Pension Regulator's (TPR) draft code of practice on the 'material detriment' test is "too vague" and could lead to pension schemes requiring clearance on normal business activity such as changes in investment strategy, consulting firm Mercer has warned.
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Real estate helps limit Ilmarinen losses
[16:55 CET 25-02] FINLAND – Real estate investments helped limit losses by the Finnish pension fund Ilmarinen as it reported an overall loss of €4.34bn in 2008.
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Irish pension levy reaches final stage
[16:45 CET 25-02] IRELAND – The final stages of legislation allowing a pension levy on public sector workers to be introduced next month is expected to be completed in the Dáil tonight, as trade unions prepare to ballot members over industrial action.
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Pension contributions slowed in 2007 - ONS
[16:35 CET 25-02] UK – Total contributions to private pension schemes, including funded and unfunded occupational schemes, increased by 2% in 2007 to reach £85.2bn (€95.3bn) the Office for National Statistics (ONS) has revealed.
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Danish tax reforms to "undermine pensions"
DENMARK - Thousands of Danes may be forced to stop or lower their payments into retirement savings if the government’s gets approval to reform tax laws.
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AP6 falls in value by a sixth
[16:40 CET 24-02] SWEDEN - Sjätte AP-fonden (AP6), the Sixth Swedish National Pension Fund, generated a negative return of 16.6% in 2008 and the value of its fund dropped by SEK 3.25bn (€284.8m) over the year.
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Royal Mail trustees back Hooper measures
[15:40 CET 24-02] UK – Trustees of the Royal Mail Pension Scheme have voiced their support for the pension recommendations outlined in the Hooper Report, warning if they are not implemented the scheme deficit could be "significantly higher" than the current estimate of £5.9bn (€6.7bn).
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Lancashire cancels manager search
[14:30 CET 24-02] UK – Lancashire County Council has agreed to defer the appointment of an enhanced index-tracking manager for its £3.3bn (€3.8bn) pension fund, as officials say performance is "not compelling".
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Norway tenders ethical research mandate
[13:30 CET 24-02] NORWAY – The Ministry of Finance is seeking to establish a framework agreement relating to research of companies included in the investment portfolio of the Government Pension Fund – Global.
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Rail union threatens strike over pension changes
[13:15 CET 24-02] UK – Around 7,000 UK railway workers are being encouraged to vote in favour of industrial action as unions claim Network Rail is planning to introduce a “two-tier” pension scheme for workers.
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Bankpension to hedge guaranteed profile
[16:40 CET 23-02] DENMARK – Bankpension, the Danish pension fund for employees in the financial sector, has confirmed it intends to change the asset distribution in its unconditional guarantee 'investment profile' in response to the market turmoil.
