All articles by Nyree Stewart – Page 61
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IASB changes 'single out' pension liabilities
[13:30 CEST 08-10] UK – Proposed changes to pension accounting standards could exaggerate volatility in pension fund liabilities and make them appear more risky than other corporate liabilities, Hewitt Associates has warned.
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Trustee firms shown alternative route for conflict compliance
[12:30 CEST 08-10] UK – Company directors, including those of pension trustee companies, should look at meeting new conflict of interest rules concerning pensions by gaining authorisation from shareholders rather than other directors, Allen & Overy has suggested.
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Norway pension fund on track for 2008 target
[16:50 CEST 07-10] NORWAY – The Government Pension Fund – Global is still on schedule to reach an estimated value of NOK2.3trn (€274.3bn) at the end of 2008 despite current market turmoil, the Ministry of Finance has claimed.
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IGG to take responsibility for Myners
[16:45 CEST 07-10] UK – The government has confirmed it will go ahead with the establishment of a joint government-industry Investment Governance Group (IGG) to oversee the updating and development of the Myners principles.
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Isle of Wight overhauls fund management
[16:40 CEST 07-10] UK – The £258m (€332m) Isle of Wight pension fund is seeking five new investment managers for a range of contracts including property, bonds and equities.
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Diverging bond yields highlight accounting uncertainty
[17:10 CEST 06-10] UK – The difference in the current climate between corporate bond yields from companies in the financial and non-financial sector highlights the need for pension schemes to choose the method for valuing liabilities "responsibly", Barnett Waddingham has claimed.
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HMRC updates VAT exemption on fund management
[16:05 CEST 06-10] UK – The UK government has confirmed the definition of 'special investment funds' that are exempt from Value-Added Tax (VAT) has been extended to include Investment Trust Companies (ITCs) and open-ended and closed-ended collective investment undertakings (CIU).
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Cabinet shake-up sparks pensions people changes
[14:00 CEST 06-10] UK – Mike O'Brien, minister for pensions reform, has been replaced by former transport minister Rosie Winterton as part of a government reshuffle, while Paul Myners has been appointed as an unpaid undersecretary to HM Treasury.
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Ballangen municipality seeks pension provider
[17:15 CEST 03-10] NORWAY – Ballangen kommune in Norway is seeking a provider to run the occupational pension scheme for the municipality.
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Gloucester seeks equity manager as Clwyd picks advisers
[16:15 CEST 03-10] UK – Flintshire County Council has appointed seven external advisers for the Clwyd Pension Fund, while Gloucestershire County Council is tendering a global equity mandate valued at up to £200m (€257m).
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Irish reform consultation lacks consensus
[16:00 CEST 03-10] IRELAND – The Green Paper consultation process outlined last year concerning pension reforms has revealed a "general lack of consensus" over the next steps regarding pensions, according to a government report.
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Irish managed values drop a quarter in 12 months
[16:00 CEST 03-10] IRELAND – Irish managed pension funds returned an average of -8.4% in September, resulting in a return -8.8% for the third quarter of the year and -25% for the last year, according to figures from Hewitt Associates.
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Camden to consolidate custody services
[17:20 CEST 03-10] UK – Camden County Council is seeking a global custodian for its £730m (€927m) local authority pension fund as part of its restructuring process.
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EC to test feasibility of pan-EU researchers' pension
[17:05 CEST 02-10] EUROPE – The European Commission is seeking a contractor to conduct a feasibility study into the potential for developing a pan-European pension fund for researchers working across the EU.
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TPR conflicts guidance falls short on 'thorny' issues
[16:50 CEST 02-10] UK – The Pensions Regulator's (TPR) final trustee guidance on conflicts of interest places more emphasis on education and support than in offering "real conclusions" on difficult issues such as the disclosure of confidential information, Sacker & Partners has claimed.
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Gov't urged to stick with qualifying earnings test
[13:30 CEST 17-09] UK - The Trade Union Congress (TUC) has urged the government not to give into pressure from the pensions industry to "water down" the qualifying earnings test to allow existing occupational schemes to be exempt from personal accounts.
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Strathclyde targets absolute return bonds
[17:10 CEST 16-09] UK – Strathclyde Pension Fund intends to initiate a search for an absolute return bond manager as part of a review of its fixed income strategy following underperformance by existing managers.
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6% Finnish pensioners below poverty line
[15:45 CEST 16-09] FINLAND – Around 6% of pensioners in Finland rely solely on the national pension in retirement, even though a full pension provides less than half of the median income of 60% - putting them below the poverty line, the Ministry of Social Affairs and Health has revealed.
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TPR seeks consultants for specialist disciplines
[15:20 CEST 15-09] UK – The Pensions Regulator (TPR) is seeking a number of specialist consultants in at least five areas including actuarial services and branding, as part of a new framework agreement.
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Swedish buffer funds exclude cluster bomb investment
[16:15 CEST 15-09] SWEDEN – Four AP-funds have agreed to divest from companies involved in the manufacture and sale of cluster munitions following a recommendation by the Ethical Council of the Swedish National Pension Funds.
