All articles by Nyree Stewart – Page 60
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English LGPS reports 2% drop in public sector values
[16:55 CEST 16-10] UK – The value of the Local Government Pension Scheme (LGPS) in England fell by 2% over the year to March 2008, government figures have revealed.
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Irish budget changes 'could disadvantage late savers'
[16:55 CEST 15-10] IRELAND – The Irish government has placed an effective cap on the maximum contributions to pension schemes which could present problems for the self-employed and people who have yet to begin pension savings, the pensions industry has warned.
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UBS Aegon target trustees with buyout alternative
[16:15 CEST 15-10] UK – Trustees put off an immediate scheme buyout by increasing prices and the impact of current economic conditions are being targeted by UBS Global Asset Management and AEGON to look at alternative propositions.
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Varma makes tactical telecoms move
[16:10 CEST 15-10] FINLAND - Varma Mutual Pension Insurance Company has confirmed it has acquired a 10.4% holding in telecommunications company Elisa Corporation in a deal backed by the Finnish government.
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Trustee knowledge update includes buyout focus
[17:00 CEST 14-10] UK – The Pensions Regulator (TPR) has updated the framework and guidance on Trustee Knowledge and Understanding (TKU) to include more focus on buyouts, personal accounts and administration.
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Harrow seeks UK passive and active global managers
[16:55 CEST 14-10] UK – The London Borough of Harrow is seeking a passive UK equity manager and two global equity managers for its £440m (€564m) pension fund.
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TPR record-keeping needs focus on quality
[16:50 CEST 14-10] UK – The Pension Regulator's (TPR) proposals to improve data and record-keeping by pension schemes do not go "far enough", and could still result in inaccurate information being delivered, PricewaterhouseCoopers has claimed.
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Firm fined €5,000 after failing PRSA rules
[16:50 CEST 14-10] IRELAND – The Pensions Board has successfully prosecuted an employer through the Dublin District Court for failing to meet its obligations in relation to Personal Retirement Savings Accounts (PRSA).
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PPF appoints Capita for data cleansing
[17:25 CEST 13-10] UK – The Pension Protection Fund (PPF) has appointed Capita Hartshead to carry out pension data cleansing and transition services.
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Continued decline could hit Swedish solvency
[17:20 CEST 13-10] SWEDEN – Swedish pension companies are currently meeting the regulatory solvency requirements and have "plenty of liquid assets", although a continued "major decline" could change the assessment of the companies' resistance, the Finansinspektionen (FI) has warned.
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UK keeps annuitisation rules 'under review'
[17:15 CEST 13-10] UK – The impact of the current financial turbulence on the value of pension funds may lead to the temporary removal of the rule to purchase an annuity at the age of 75, as the government admitted it is keeping "all policies under review".
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UNJSPF 'safe' despite 12.2% drop
[17:15 CEST 13-10] GLOBAL – The United Nations Joint Staff Pension Fund (UNJSPF) has "fared better than most pension funds" in the current financial turmoil, despite losing 12.2% over the year so far.
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Governance requirements could be more 'proportionate'
[17:00 CEST 13-10] UK - The UK's governance requirements for trust-based schemes are very high in relation to scheme size, leading industry experts to calls for the possible introduction of more 'proportionate' regulation.
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PPF to include investment risk in new levy
[16:55 CEST 10-10] UK - The Pension Protection Fund (PPF) has confirmed the investment strategy of pension funds will be a factor in the new formula for the risk-based part of the PPF levy, ahead of the release of the detailed proposals later this month.
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ASB to reconsider risk-free discount-rate
[16:00 CEST 10-10] UK - The Accounting Standards Board (ASB) has admitted it will have to publish another paper on the use of a risk-free discount rate to "reconsider" and take into account the mainly negative responses to its first consultation.
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PADA reveals more on personal accounts future
[13:25 CEST 10-10] UK - The Personal Accounts Delivery Authority (PADA) will launch a consultation on investment strategy in November with an ethical investment event and has also revealed further details about e-business future of its service.
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GMB targets Ofgem over pension proposals
[17:10 CEST 09-10] UK – Trade unions are raising concerns over possible pension cuts for energy workers directly with Ofgem, following an earlier call for the abolition of the competition authority.
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Finland to create pensions working group
[15:15 CEST 09-10] FINLAND – The Finnish minister for social affairs and health has confirmed the government intends to set up a working group to study the regulation and supervision of investments, including pension funds.
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Jeannie Drake is acting chair of PADA
[11:20 CEST 09-10] UK - James Purnell, secretary of state for work and pensions, has confirmed Jeannie Drake will temporarily replace Paul Myners as chair of the Personal Accounts Delivery Authority (PADA).
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One in five open DB schemes look to DC
[14:30 CEST 08-10] UK – A third of open UK defined benefit (DB) schemes are considering switching to a defined contribution (DC) arrangement or reducing costs or risks in the near future, the National Association of Pension Funds (NAPF) has revealed.
