All articles by Nyree Stewart – Page 70
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News
Hillingdon shifts to passive investments
[12:30 CEST 27-06] UK – The London Borough of Hillingdon is seeking a multi-asset passive manager for up to 50% of its fund, after the value of its pension scheme dropped by more than £30m (€37.9m).
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News
'Conservative' investing delays deficit recovery
[12:00 CEST 27-06] UK – Implementing a "conservative" investment strategy for the average defined benefit (DB) scheme could mean it takes an extra 16 years to become fully funded, a research paper from the Association of British Insurers (ABI) and Fathom Consulting has revealed.
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News
Atkins cuts deficit to £213m
[15:30 CEST 26-06] UK – WS Atkins has revealed its defined benefit (DB) pension deficit has reduced to £213.1m (€269m) as a result of more than £37m in additional contributions during 2007.
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News
Norwegian local authority to build new scheme
[15:00 CEST 26-06] NORWAY – The Norwegian municipality of Ski has issued a tender for the provision of services to set up a new occupational pension scheme.
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News
Call for pensions tax relief to fund Irish universal pension
[13:30 CEST 26-06] IRELAND – Ireland should significantly reduce tax incentives for occupational and private pension schemes in order to pay for a higher, and universal state pension, a joint paper from Trinity College and the think-tank for Action on Social Change (TASC) has claimed.
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NewsCharity Pensions Trust attacks increased levy (updated)
[12:45 CEST 26-06] UK – The Pensions Trust has revealed it is facing an extra £850,000 (€1.1bn) levy on its schemes, after the Pension Protection Fund (PPF) changed its scaling factor for calculating its risk-based levy.
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News
Southampton Uni appoints Barnett Waddingham
[16:30 CEST 25-06] UK – The University of Southampton has appointed Barnett Waddingham to provide consultancy services for its pension fund for non-academic staff.
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NewsPensions Board action pushes compliance
[16:15 CEST 25-06] IRELAND – The Irish minister for social and family affairs has claimed four successful prosecutions by the Pensions Board in 2007 should "send a message" not to take risks with other people's money.
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News
NPRF targets Irish infrastructure
[14:45 CEST 25-06] IRELAND – The National Pension Reserve Fund (NPRF) has reaffirmed its desire to invest at least €200m in domestic public sector projects, particularly as there is likely to be a shortage of funds for these projects going forward.
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News
BMW in discussions over UK pension costs
[14:30 CEST 24-06] UK – BMW has entered into discussions with employee representatives on possible methods to reduce the cost of future service benefits in its UK defined benefit (DB) scheme following the results of its latest actuarial valuation.
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NewsNorway consults on ethical pension guidelines
[17:05 CEST 23-06] NORWAY – The Norwegian Ministry of Finance has issued a public consultation on the evaluation of ethical guidelines for the Government Pension Fund – Global, which highlights potential changes such as introducing a 'cut-off' point for active ownership discussions.
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NewsCardiff seeks actuarial services
[16:45 CEST 23-06] UK – Cardiff County Council has issued a tender for a new provider of actuarial services for the Cardiff and Vale of Glamorgan local authority pension scheme.
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NewsBovis Lend Lease to close defined benefit scheme
[16:40 CEST 23-06] UK – Bovis Lend Lease has confirmed it is proposing to close the final salary scheme of the UK Bovis pension scheme on the basis that the costs of the fund are "no longer sustainable".
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News
Icelandic insurer assets drop to €110m
[14:45 CEST 23-06] ICELAND – Profits at Icelandic life insurance companies fell more than ISK 200m to ISK1.3bn (€10.1m) in 2007 and the total assets of the sector now stand at just ISK13.8bn, figures from the Icelandic Financial Supervisory Authority (FME) have revealed.
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News
Inadequate DC income feared over buyout
[16:50 CEST 20-06] UK – Institutional investors are more concerned that defined contribution (DC) plans will provide an inadequate income for retirement than the possibility the success of pension buyouts will shrink the investment industry, Watson Wyatt has revealed.
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News
ING Penzijní sees profit falls 17.7%
[16:20 CEST 20-06] CZECH REPUBLIC – ING Penzijní fond achieved a net profit of CZK 509.6m (€21.2m) in 2007 - a drop of almost 18% compared to the previous year.
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News
Unions call for full buyout review
[15:50 CEST 20-06] UK – A full review of the pension buyout market is needed to avoid putting pension schemes at risk from asset-stripping business models that seek to avoid regulation, the Trades Union Congress (TUC) has warned.
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News
ECJ sets date for UK age discrimination case
[16:45 CEST 19-06] UK/EUROPE – The European Court of Justice (ECJ) has set a date for the hearing of a legal action claiming the UK government has breached age discrimination regulations by allowing employers to set a mandatory retirement age of 65.
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News
Treasury criticises 'inadequate' with-profits regs
[16:40 CEST 19-06] UK – The UK parliamentary Treasury Select Committee (TSC) has criticised the Financial Services Authority (FSA) for the "inadequacy" of the regulatory regime surrounding with-profits funds, and warned if the system is too complex the FSA needs to have a good argument why with-profits products should continue.
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News
LGPS funding levels rise to 83.5%
[14:00 CEST 19-06] UK – Local government pension schemes (LGPS) improved the average funding level in 2007 to approximately 83.5% of liabilities, a survey has revealed.
