All articles by Nyree Stewart – Page 48
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News
Iceland to cut senior government pensions
[16:00 CET 23-02] ICELAND – The Icelandic government has submitted a Bill which proposes to abolish legislation enabling senior civil servants and politicians to receive higher pensions - a move which it claimed would reduce costs by 14% within four years.
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Merseyside awards European mandate to Unigestion
[15:50 CET 23-02] UK – Wirral Borough Council has formally confirmed the appointment of Unigestion as a European equity manager for the £3.7bn (€4.2bn) Merseyside Pension Fund.
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Home Group seeks admin provider for DB fund
[16:55 CET 20-02] UK – Trustees of the Home Group Pension and Life Assurance Scheme are seeking a pension administration provider for the £57m (€64.5m) defined benefit (DB) scheme.
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Länsförsäkringar Liv skims a negative return
[16:50 CET 19-02] SWEDEN - Länsförsäkringar Liv, the fourth largest life-assurance company in Sweden, reported a total traditional management return of -0.6% in 2008.
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AP1 fund loses over a fifth
[16:45 CET 19-02] SWEDEN – Första AP-fonden (AP1), the First Swedish National Pension Fund, saw the value of its assets under management fall SEK 47.2bn (€4.3bn) to SEK171.6bn (€15.8bn) as a result of the global market turmoil.
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BAE targets £200m at UK DB scheme
[16:40 CET 19-02] UK/GLOBAL – BAE Systems, the defence manufacturer, has confirmed it plans to make additional cash contributions of £372m (€421m) to its defined benefit (DB) pension schemes in the UK and US.
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Kingston awards JP Morgan custody contract
[16:05 CET 18-02] UK – The Royal Borough of Kingston-upon-Thames has reappointed JP Morgan as the global custodian to its £323m (€365m) local authority pension fund.
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Levy suspension debate pre-empted by gov't Bill
[16:03 CET 18-02] IRELAND – The debate on a private member's motion calling for the suspension of a new public sector pension levy is expected to conclude tonight, after the government publishes final legislation on the proposed pay deduction.
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TPR warns firms not to put dividends ahead of pensions
[16:05 CET 18-02] UK – The Pensions Regulator (TPR) has reassured employers it will continue to implement its scheme funding rules "pragmatically" in the economic crisis, but warned pension plans should not suffer to allow firms to pay dividends to shareholders.
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NewsNAPF updates corporate governance guidelines
[16:06 CET 18-02] UK - The National Association of Pension Funds (NAPF) has updated its Corporate Governance Policy and Voting Guidelines urging investors to adopt a "stronger stance" on companies' application of the Combined Code.
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News
AP3 reports 20% drop as diversification falls short
[15:55 CET 18-02] SWEDEN – Tredje AP-fonden (AP3), the Third Swedish National Pension Fund, lost SEK 44.8bn (€4.03bn) in 2008 as it admitted its risk diversification strategy "did not bear fruit".
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AP4 drops 21% in 2008
[16:50 CET 17-02] SWEDEN - Fjärde AP-fonden (AP4), the Fourth Swedish National Pension Fund, saw the value of its fund capital more than SEK40bn to SEK164.7bn (€14.9bn) in 2008.
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News
UNJSPF lost quarter of its value in 2008
[16:00 CET 17-02] GLOBAL – The United Nations Joint Staff Pension Fund (UNJSPF) lost over $10bn (€7.8bn), around a quarter of its fund value, to end 2008 at $31.37bn.
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NewsTapiola and Varma figs show hedge fund impact
[15:00 CET 17-02] FINLAND – Final year figures from Varma and Tapiola have highlighted the impact of investment strategies, in particular the use of hedge funds, in 2008.
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News
UK considers switch to DC for ministerial pensions (amended)
[17:05 CET 16-02] UK – Gordon Brown has ordered a review of final salary parliamentary pension arrangements which could see ministers moved into a defined contribution scheme.
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NewsBarnet appoints actuary
[12:00 CET 16-02] UK – The London Borough of Barnet has appointed Barnett Waddingham as actuarial services provider to its £511.4m (€578.4m) local authority scheme.
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NewsOxford drops TAA over poor performance
[17:00 CET 13-02] UK – Oxfordshire County Council has confirmed its £913m (€1.03bn) pension fund has disinvested from the Tactical Asset Allocation (TAA) strategy run by UBS following poor performance.
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NewsNorway retenders ethical screening contracts
[17:00 CET 13-02] NORWAY – The Ministry of Finance has initiated a search on behalf of the Council on Ethics for the Norwegian Government Pension Fund – Global for two suppliers to perform ethical screening of companies in the funds portfolio.
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News
Alecta drops 7.4% in 2008
[16:35 CET 13-02] SWEDEN – Alecta pension fund has reported a loss of 7.8% in 2008 although it claimed asset diversification had limited the decline in its portfolio.
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NewsTower Hamlets offers bond portfolio after restructure
[16:10 CET 13-02] UK – The London Borough of Tower Hamlets is tendering for an active bond manager for its £530m (€589.7m) pension fund, following a restructuring of its bond allocation, while Middlesbrough Borough Council is seeking actuarial advice.
