All articles by Nyree Stewart – Page 57
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News
BT consults with staff on pension changes
[15:50 CET 11-11] UK – British Telecom is beginning a formal 60-day consultation period with employees on proposed changes to its defined benefit (DB) and defined contribution (DC) pension schemes to make the pension provision "sustainable and affordable".
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Finnish reforms lead to later retirement
[16:00 CET 10-11] FINLAND - The introduction of flexible retirement for the old age pension and higher accrual rates for those working past the age of 63 is encouraging people to retire later, the Finnish Centre for Pensions has revealed.
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UK's combined deficit now €119bn - PPF
[17:30 CET 10-11] UK – The Pension Protection Fund (PPF) has revealed the aggregate funding position of almost 7,800 defined benefit (DB) schemes reached a deficit of £97.3bn (€119bn) at the end of October.
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Ex-banker to review Irish reserve fund
[17:05 CET 10-11] IRELAND – The Irish government has appointed former central bank governor Maurice O'Connell to review the €18.7bn National Pension Reserve Fund (NPRF) following the recent market volatility..
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Guernsey superannuation fund drops £142m
[17:20 CET 07-11] UK – The States of Guernsey has revealed the Superannuation Fund for public sector employees has declined in value by £142m (€175m) in 2008.
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BA admits DB deficit needs longer recovery
[17:05 CET 07-11] UK – British Airways has revealed the accounting deficit in its New Airways Pension Scheme (NAPS) has increased by another £201m. stretching its total deficit to £558m (€690m).
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John Lewis gives Ocado to its pension
[17:00 CET 07-11] UK – The John Lewis Partnership has agreed to transfer its 29% stake in the online supermarket service Ocado, valued at £128m (€158m), to the John Lewis Partnership Pension Fund.
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Spanish pension funds sink 9%
[16:45 CET 07-11] SPAIN – Spanish pension funds have fallen in value by an average of 9.2% in the first 10 months of 2008 following poor performance from euro-denominated equities, Mercer Consulting has claimed.
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IMF warns of need for Finnish pension reforms
[17:15 CET 06-11] FINLAND – The International Monetary Fund (IMF) has warned Finland it needs to improve pension fund management if it is to cope with a rapidly ageing population.
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News
Pension self-certifying may increase admin burden
[17:10 CET 06-11] UK – Pensions experts are warning the drafting of a government amendment to the Pensions Bill 2008 - allowing employers to 'self-certify' their existing pension scheme meets a "quality" standard - will increase the administrative burden on employers.
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PensionDanmark loses 6.8% in nine months
[16:55 CET 06-11] DENMARK – PensionDanmark has reported a negative return on investments of -6.8% for the first nine months of 2008, as "unrest" in financial markets impacted negatively on the pension fund.
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Irish funds lose a third in 12 months
[16:00 CET 05-11] IRELAND – Irish pension managed funds returned an average of -9.2% in October, bringing the overall negative return for the last 12 months to -33.4%, Rubicon Investment Consulting has revealed.
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News
UNJSPF drops $4.5bn in Q3
[15:30 CET 05-11] GLOBAL – The United Nations Joint Staff Pension Fund (UNJSPF) saw its assets fall 11.2%, or $4.5bn (€3.5bn), in the third quarter of 2008.
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News
PPF seeks trustee managers for FAS role
[15:15 CET 05-11] UK – The Pension Protection Fund (PPF) is seeking trustee relationship managers to assist the trustees of schemes entering the Financial Assistance Scheme (FAS).
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News
Kaupthing sells Swedish pension consulting in MBO
[15:00 CET 05-11] SWEDEN - Kaupthing Bank Sverige AB, the Swedish arm of the troubled Icelandic bank, has sold Kaupthing Pension Consulting (KPC) AB in a management buyout.
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News
Personal accounts could lead to 'massive' legal action
[16:00 CET 04-11] UK – Government "mismanagement" of pensions policy has caused the value of occupational schemes to reduce by up to £225bn since the early 1990s, while the introduction of personal accounts could lead to legal action on a "massive scale", the TaxPayers' Alliance (TPA) has warned.
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News
Westminster seeks admin and accounting provider
[15:00 CET 04-11] UK – Westminster City Council is seeking providers to take on the administration and accounting services for its £642m (€797m) local government pension scheme.
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News
Average LGPS retirement age increased to 60.7 years
[13:00 CET 04-11] UK - Local government pension schemes (LGPS) with actuarial valuations in 2007 saw the average retirement age increase by 12 months to 60.7 years, Hymans Robertson has revealed.
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News
SIPTU wants intervention over Aer Lingus pension
[12:30 CET 04-11] IRELAND – The Services, Industrial, Professional and Technical Union (SIPTU) has requested intervention from the government and the Irish Congress of Trade Unions (ICTU) in a dispute with Aer Lingus over the impact outsourcing plans will have on its pension fund.
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News
Updated UK life expectancy needs 'interpretation'
[12:00 CET 04-11] UK – The average life expectancy in the UK has reached its highest levels of 77.2 years for men and 81.5 years for women, but Watson Wyatt has warned pension schemes need to be careful when interpreting the figures.
