All articles by Nyree Stewart – Page 63
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News
Employers oppose IASB changes to P&L reporting
[16:55 CEST 04-09] GLOBAL – A study of European companies has found over 80% believe a proposal by the International Accounting Standards Board (IASB) to immediately recognise changes in the value of a pension plan's assets and liabilities on financial statements is "inappropriate".
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SWFs agree governance and investment rules
[16:45 CEST 04-09] GLOBAL – The Sovereign Wealth Funds (SWF) International Working Group (IWG) has reached a "preliminary agreement" on a set of voluntary practices and principles to be presented to the International Monetary Fund (IMF) in October.
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Irish funds down 18.5% despite August rally
[16:35 CEST 04-09] IRELAND – Equity rallies helped Setanta Asset Management record the best return for Irish managed pension funds in August, although the sector is still down 18.5% over the last 12 months, Rubicon Investment Consulting has revealed.
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AP4 splits passive global equity mandate into three
[17:00 CEST 03-09] SWEDEN - Fjärde AP-fonden (AP4), the fourth Swedish national pension fund, has split its passive global equity mandate between three managers.
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Nordea predicts 'cushioned' Nordic slowdown
[16:45 CEST 03-09] NORDIC/EUROPE – Economists for Nordea, the Nordic bank, have lowered their forecasts of economic growth in the region following the global economic slowdown, although it claimed the downturn would be "relatively cushy".
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News
TPR urged against 'last minute' changes to CETVs
[16:25 CEST 03-09] UK – The Pensions Regulator (TPR) has been urged not to make any 'last minute changes' to draft guidance on calculating cash equivalent transfer values (CETVs), to trustees time to put a policy in place before the new regulations come into force in October.
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Norwegian MPs face pensions investigation
[16:10 CEST 03-09] NORWAY – Norway's Parliament, the Stortingets, is setting up an independent committee to review the parliamentary pension system, after the office of the Auditor General (Riksrevisjonen) discovered at least six cases of "improper" pension payments.
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News
Cable & Wireless agrees first £1bn 'buy-in'
[14:00 CEST 03-09] UK – The first £1bn (€1.2bn) bulk annuity deal has been completed as the trustees of the Cable & Wireless Superannuation Fund have agreed to "buy-in" an insurance policy for its current pensioner liabilities with Prudential.
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News
PIC agrees buyout of scheme in PPF assessment
[16:10 CEST 02-09] UK – The UK Can Pension Plan has agreed a buyout deal with Pension Insurance Corporation (PIC) valued at £42m (€52m), following completion of the Pension Protection Fund's (PPF) viability assessment.
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News
Irish funds post positive return in August
[16:50 CEST 02-09] IRELAND – Irish managed pension funds recorded a positive return of 2.4% in August, the first positive return since May, Hewitt Associates has revealed.
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News
PensionDanmark returns -6.1% in H1
[16:55 CEST 01-09] DENMARK – PensionDanmark reported a first half investment return of -6.1%, following volatility on investment markets, while the DKK21.9bn (€2.9bn) FSP pension fund reported a loss of DKK873m in the first half of 2008.
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News
Employers to cut contributions as deficit hits £25bn
[16:45 CEST 01-09] UK – Almost 70% of UK companies intend to reduce contributions to scheme deficits within the next year, Aon Consulting has suggested,even though the aggregate deficit of the 200-largest UK defined benefit (DB) schemes increased to £25bn (€31bn) at the end of August.
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News
Iceland pension amendments delayed
[16:40 CEST 01-09] ICELAND – Proposed legislation from the Icelandic Ministry of Finance has been delayed which should have introduced amendments to the Pensions Act, including the transfer of benefits to spouses and ex-partners.
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News
Lancashire seeks equity manager to replace Schroders
[16:10 CEST 01-09] UK – Lancashire County Council Pension Fund is seeking a UK and global equities enhanced index-tracking manager to run around £350m assets previously managed by Schroder Investment Management.
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Abolition of pensions divorce limits delayed six months
[16:10 CEST 29-08] UK – Restrictions imposed on people who receive part of their ex-partners pension benefits following a divorce will be removed from April 2009 - at a delay of six months - the government has confirmed.
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News
AP3 loses €1.8bn in H1
[16:30 CEST 29-08] SWEDEN – Tredje AP-fonden (AP3), the third Swedish national pension fund, saw its fund capital fall SEK17.3bn (€1.8bn) in the first half of this year, as a result of "turbulent and weak conditions on financial markets".
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News
Gov't told employers 'need to be pressured into risk sharing'
[16:15 CEST 29-08] UK – A risk-sharing approach to pension provision, such as conditional indexation, would only be adopted by employers if faced with regulation or pressure from competitors, according to BMRB Social Research.
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Gov't denies policy u-turn on personal accounts
[16:00 CEST 29-08] UK – The government has rejected industry accusations suggesting it has performed a "policy u-turn" and is "destroying" existing pension provision by ignoring pensions industry proposals for a principles-based approach to contribution levels.
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News
Market capacity no issue for buyouts
[15:45 CEST 29-08] UK – The pensions buyout market is more likely to be constrained by "unattractive prices" than by market capacity, according to Punter Southall Transaction Services (PSTS).
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News
AP1 to increase equities despite 8% loss
[15:30 CEST 28-08] SWEDEN - Första AP-fonden (AP1), the first Swedish national pension fund, intends to increase its equity exposure, despite a drop in assets of SEK17bn (€1.8bn) in the first half of 2008 and a total investment return of -8%.
