All articles by Nyree Stewart – Page 66
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News
FTSE 100 deficit hits £41bn
[14:00 CEST 06-08] UK – Market volatility has caused the UK pension schemes of FTSE 100 companies to suffer a "severe swing" in funding level from a £12bn surplus to a £41bn deficit over the last 12 months, according to Lane Clark & Peacock (LCP).
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Welsh fund taps Newton for global equities
[16:40 CEST 05-08] UK – Rhondda Cynon Taff County Council has awarded Newton Investment Management a £221m (€278m) active global equity mandate.
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News
L&G buyout business hits £1.4bn in six months
[16:00 CEST 05-08] UK – Legal & General has completed pension buyout business valued at £1.4bn (€1.8bn) in the first half of 2008 compared to £382m for the same period in 2007.
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Trustees classed as money laundering 'low risk'
[15:50 CEST 05-08] UK – Professional trustees may avoid having to register as a Trust or Company Service Provider under new money laundering regulations, as occupational pension schemes have been classified as “low risk”.
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NewsGovernment take £419m from miners' pension schemes
[16:50 CEST 04-08] UK – The Department for Business, Enterprise and Regulatory Reform (BERR) has confirmed it withdrew more than £400m (€500m) from two closed miners’ pension funds in 2007.
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NewsPPF tenders £100m global equity portfolio
[16:35 CEST 04-08] UK – The Pension Protection Fund (PPF) is seeking a new global equities manager to run a portfolio expected to reach £100m (€126m) in the first year of the contract.
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NewsIBM moved 10% to LDI in 2007
[16:40 CEST 01-08] UK – The £5.5bn (€7bn) defined benefit (DB) section of the UK IBM Pension Plan made three manager changes in 2007 in addition to allocating over 10% of its assets to a pooled liability driven investment fund run by Barclays Global Investors (BGI).
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NewsBALPA faces new strike threat as pension talks falter
[16:20 CEST 01-08] UK – Industrial action by employees of the British Air Line Pilots’ Association (BALPA) will begin next week after conciliation talks over changes to the final salary pension scheme broke down.
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NewsHackney seeks admin provider to replace LPFA
[15:45 CEST 01-08] UK – The London Borough of Hackney is seeking a new provider of pension administration and pension payroll services ahead of the expiry of its current contract with the London Pension Fund Authority (LPFA) next year.
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News
O'Brien warns ASB plans may 'hasten' DB closures
[17:00 CEST 29-07] UK – Mike O'Brien, the UK minister for pensions reform, has expressed concerns that the changes to financial reporting of pensions proposed by the Accounting Standards Board (ASB) could "hasten" the closure of defined benefit (DB) schemes.
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News
Danish LD fund reduces equities by DKK1.7bn
[16:50 CEST 29-07] DENMARK – The DKK62.8bn (€8,4bn) Lønmodtagernes Dyrtidsfond (LD) reduced the equity exposure in its main investment fund by almost DKK1.7bn last year, in an effort to limit risk.
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News
Cheshire places £130m in high alpha fixed income
[13:45 CEST 29-07] UK – The £2.3bn (€2.8bn) Cheshire County Council Pension Fund has awarded three fixed income mandates, including £130m into two high alpha funds managed by Henderson Global Investors.
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News
Private equity may trigger buyout consolidation (amended)
UK – Consolidation in the buyout market is only going to increase, according to actuarial consultants, as it is suggested the private equity companies backing behind some newer entrants are more used to higher returns on their investment than competition in the bulk annuity sector is producing.
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News
NIB hybrid plan accepted by union members
[15:30 CEST 28-07] IRELAND – The National Irish Bank's (NIB) plans to introduce a hybrid pension scheme from August 1 2008 have been accepted by members of the Irish Bank Officials Association (IBOA) trade union.
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News
Top 100 firms see £2.4bn of 'irrecoverable' surpluses
[14:45 CEST 28-07] UK – The overall funding position of the FTSE 100 pension schemes has fallen to a deficit of £8bn (€10bn) in the last year, while at least 20 companies have reported what would be a total irrecoverable surplus of £2.4bn under new accounting standards.
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News
Proposed ASB pension reporting seen as "misleading"
[12:00 CEST 28-07] UK – Proposals by the Accounting Standards Board (ASB) to recognise actuarial gains and losses on a company's profit and loss account would be "misleading", Mercer has claimed.
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News
LAPFF issues deadline for M&S governance
[16:50 CEST 25-07] UK – The Local Authority Pension Fund Forum (LAPFF) has confirmed plans to file a resolution calling for an independent chair of Marks & Spencer (M&S) if the retailer fails to split the roles of chairman and chief executive by 2009.
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News
Fall in Irish equities drives diversified funds
[16:45 CEST 25-07] IRELAND – A sharp decline in Irish equities over the last 12 months has highlighted the “inherent lack of diversification” in Irish balanced funds and driven managers to look at other asset classes, Hewitt has revealed.
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News
PPF seeks actuarial software provider
[14:45 CEST 25-07] UK – The Pension Protection Fund (PPF) is seeking a software provider for services enabling the organisation's actuarial team to complete its job.
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NewsPensions Bill may be amended to include earnings test
[14:30 CEST 25-07] UK – The UK government has confirmed it will amend the Pensions Bill 2008 at the next parliamentary stage if necessary, to clarify the definition of qualifying earnings for a pension scheme and allow the introduction of an annual test.
