All articles by Nyree Stewart – Page 55
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Investigation into actuarial advice on Equitable Life
[17:00 CET 28-11] UK – The UK's Accountancy and Actuarial Discipline Board (AADB) has confirmed it is investigating possible misconduct by or on behalf of the Government Actuary's Department (GAD) regarding advice about Equitable Life.
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Ombudsman warns trustees over investment role
[16:55 CET 28-11] IRELAND – The Pensions Ombudsman has warned it is time trustees of pension schemes, including professional trustees, to recognise their responsibilities to members particularly in areas such as investment.
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Gov't can't do auto-enrolment before 2012
[15:40 CET 27-11] UK – The UK government does not believe it will be possible to introduce auto-enrolment into pension schemes before 2012, despite calls from the industry to implement the measure now.
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Covenant liability is 'pitfall' in multi-employer schemes
[16:30 CET 27-11] UK – Trustees need to understand who is liable for the pension scheme, particularly in a multi-employer scheme, as the financial crisis could lead to more parent companies looking to sell off or withdraw equity from successful subsidiaries.
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Conservatives will 'reign back' on DB regulation
[16:00 CET 27-11] UK – The UK's Conservatives opposition party has confirmed they would "reign back" on regulation of defined benefit (DB) schemes if they enter power after the next general election.
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Woolworths highlights importance of employer covenant
[14:30 CET 27-11] UK – A move placing Woolworths plc in administration highlights the need for trustees to closely monitor the state of the employer covenant, Redington Partners has claimed.
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Section 75 changes aimed at late 2009
[17:00 CET 26-11] UK – Changes to the Section 75 employer debt regulations resulting from government consultations will not be implemented until October 2009.
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North Yorks awards ING global property mandate
[16:55 CET 26-11] UK – North Yorkshire County Council has agreed to appoint ING Real Estate as global property manager for its £1.07bn (€1.26bn) local government pension fund.
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Credit crisis triggers investment reviews
[16:15 CET 25-11] GLOBAL – Over three-quarters of pension funds are currently reviewing their investment strategies as a direct result of the credit crisis, research by bfinance has revealed.
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Norway global fund drops 7.7% in Q3
[15:30 CET 25-11] NORWAY – The Norwegian Government Pension Fund – Global has reported the lowest quarterly return in its history, and generated a negative yield of 7.7% in the third quarter.
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UK freezes pension limits until 2016
[14:30 CET 25-11] UK – Pension officials have warned a decision by the UK government to freeze the lifetime and annual allowance for pension contributions, announced yesterday in the Pre-Budget Report (PBR), will introduce an "element of uncertainty in long-term pension planning" for both high and low earners.
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Norwich confirms extra pension deficit
[16:55 CET 25-11] UK – Norwich City Council has confirmed the financial crisis has resulted in an unexpected pension liability of £19m, relating to staff employed by a contractor, which was not included in the annual financial statements.
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Nordics exceed IMF's Iceland bailout
[16:45 CET 24-11] NORDIC REGION – Denmark, Finland, Norway and Sweden have agreed to supplement a $2.1bn (€1.6bn) IMF bailout of Iceland with additional loans of $2.5bn.
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Nottingham signs Barnett Waddingham
[16: 40 CET 24-11] UK – Nottingham County Council has appointed Barnett Waddingham to take over responsibility for actuarial services from Mercer Consulting.
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NewsRise in use of independent trustees
[16:35 CET 24-11] UK – The number of UK occupational pension schemes employing at least one independent trustee has increased to 44% in the last year, Mercer has revealed.
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Credit crisis is opportunity for SRI - Pearce
[11:50 CET 21-11] UK - The current credit crisis and market turmoil could present real opportunities for responsible investment as the weaknesses of the existing financial sector are exposed, suggests Howard Pearce, head of environmental finance and pension fund management at the Environment Agency.
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Costs could drive more pension mergers - Rohde
[11:45 CET 21-11] DENMARK - Growing pressure on pension funds to take advantage of economies of scale, particularly in the current financial climate, could lead to the end of smaller company pension funds, the chief executive of ATP has predicted.
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NewsComplex products need transparency to survive
[11:35 CET 21-11] EUROPE - The credit crisis will not signal the end of complex products but there will be a reversion by some investors to "dull and boring products", delegates at the IPE awards have been told.
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NewsSchemes advised 'create two-tier governance'
[15:45 CET 20-11] IPE SEMINAR - Pension fund governance needs to move forward from the "piecemeal" approach currently adopted towards a two-tier system and separate professionals from "lay" board members and trustees, a study produced by Brian Holden has recommended.
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Guernsey consults on state pension reforms
[14:00 CET 20-11] UK – The States of Guernsey has issued a consultation paper on possible reforms to the state pension which include raising the retirement age to 70 by 2050, as officials say social security funds will run out by 2040 if no changes are made.
