All articles by Nyree Stewart – Page 6
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News
Iain Duncan Smith appointed UK pensions secretary
UK – Iain Duncan Smith, a former Conservative party leader, has been appointed secretary of state for work and pensions in the UK's first coalition government for more than 30 years.
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UK roundup: Fife, Bluefin and Redington, Unite and Capita
UK – Fife Council is seeking an actuary for its local government pension scheme, while Bluefin and Redington have joined forces to target a new investment consultancy offering to small to medium-sized pension schemes.
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NewsUK funding update: April put DB schemes into deficit
UK – The funding position of around 7,400 defined benefit (DB) schemes deteriorated by approximately £2.5bn (€2.91bn) in April, according to latest figures from the Pension Protection Fund (PPF).
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NewsUK roundup: Environment Agency, Merseyside, Aviva
UK – The Environment Agency Pension Fund is seeking one or more managers to run an emerging market equity portfolio for the scheme.
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NewsIASB changes fly in the face of harmonisation - LCP
GLOBAL – Proposed changes to the international pension accounting standard could unwittingly lead to a divergence between European and US accounting practices, according to Lane Clark & Peacock (LCP).
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NewsEU Parliament postpones AIFM vote
EUROPE – The Economic and Monetary Affairs Committee (ECON) has agreed to postpone a vote on the Alternative Investment Fund Managers (AIFM) Directive for one week to allow time to consider legal opinions.
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NewsUK trustees must engage with overseas parents
UK – British pension funds with sponsoring employers owned by an overseas parents need to engage directly with the latter on funding issues instead of relying on The Pensions Regulator (TPR) to bail them out, Lane Clark & Peacock (LCP) has warned.
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NewsFinnish state pension welcomes EU bail-out
FINLAND - Valtion Eläkerahasto (VER), the Finnish State Pension Fund, has welcomed the €750bn stabilisation package for the EU region, after reporting a first quarter return of 5.3%.
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UK roundup: MNOPF, MetLife, Lewisham and West Midlands
UK – The Merchant Navy Officers Pension Fund (MNOPF) has completed another £100m buy-in of pensioner liabilities, while MetLife Assurance has warned differing approaches to risk by trustees and sponsors could be preventing holistic risk management policies.
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NewsUK roundup: UK election, Croydon, John Lewis, Freshfields
UK – The pensions industry in the has called for stability around government pensions policy in the wake of indecisive UK election results. Meanwhile Croydon is seeking actuarial and investment consultants, John Lewis has appointed a legal adviser, and Freshfields is closing its defined benefit (DB) scheme to future accrual.
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Finland referred to ECJ over pension tax rules
FINLAND – The European Commission has referred Finland to the European Court of Justice for failing to address legislation that discriminates against foreign pension funds.
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NewsEC to publish corporate governance green paper
EUROPE – Michel Barnier, EU Commissioner for Internal Markets and Service, has confirmed that the Commission will publish a draft green paper on strengthening corporate governance at financial institutions later this month.
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NewsIrish roundup: Public sector pensions, IAA, managed funds
IRELAND – The Irish government has backtracked on plans to link public sector pension increases to the cost of living in an effort to reach a pay agreement with trade unions. Meanwhile, the Irish Aviation Authority has reported a pension deficit of more than €200m, and managed pension funds returned ...
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NewsNorway Global comfortable with Greek debt exposure
NORWAY – The Norway Government Pension Fund Global, which returned 3.9% in the first quarter, has played down concerns about its exposure to bonds "from several heavily-indebted" European governments.
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USS review group fails to agree pension changes
UK – The Joint Review Group (JRG) of the £28bn (€33bn) Universities Superannuation Scheme (USS) has been disbanded after it failed to reach an agreement to changes to the pension scheme, including a move to a career-average structure.
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Finnish working group to examine future pension reform
FINLAND – The Finnish government and representatives from labour market organisations have agreed to extend the remit of the working group on the extension of working lives.
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Irish ombudsman rejects Parc member complaints
IRELAND – Complaints from members of the Parc Group pension fund that the company failed in its "moral obligation" to make up a shortfall in the scheme have been rejected by the Pension Ombudsman.
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Rating agencies under pressure as CalPERS lawsuit given green light
GLOBAL – Credit rating agencies have come under pressure from two sides of the Atlantic after a law suit filed by the largest pension fund in the US has received the green light, and the European Commission is considering tightening regulations.
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Ireland to seek diversified growth after positive April returns
IRELAND – Irish managed pension funds returned 1.2% in April according to the latest figures from Hewitt Associates, although the consultant warned the era of these funds may be over.
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US pensions file legal actions against Goldman Sachs
GLOBAL – Two US pension funds are among a number of plaintiffs filing class action lawsuits against Goldman Sachs in the wake of the US Securities and Exchange Commission's (SEC) decision to sue the company for fraud.
