All articles by Nyree Stewart – Page 79
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Ford to pay $600m to Jaguar Land Rover pensions
[16:40 CET 26-03] UK – Ford Motor has entered into a "definitive agreement" to sell the car brands Jaguar and Land Rover to Tata Motors for $2.3bn (€1.5bn) after it agreed to pay up to $600m (€382m) towards the two brands pension scheme's.
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Clearance confuses employer debt rules
[15:45 CET 26-03] UK – Updated clearance guidance issued by The Pensions Regulator (TPR) has "muddied the water" around the issue of the debt on the employer when it withdraws from a multi-employer scheme, Hamish Wilson & Co has claimed.
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BBA in talks with L&G over 'de-risking' solution
[16:45 CET 25-08] UK – BBA Aviation is in talks with Legal & General regarding a "de-risking" strategy, which would see the £478m (€612m) scheme exchange approximately two-thirds of its assets for an annuity.
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Hackney adopts GTAA and currency overlay
[16:40 CET 25-08] UK – The London Borough of Hackney pension fund is seeking a new actuarial services provider, but has appointed managers for its Global Tactical Asset Allocation (GTAA) and currency overlay mandates.
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L&G eyes high-earner pensions in Suffolk Life takeover
[16:35 CET 20-03] UK – Legal & General (L&G) plans to target the UK's "mass affluent" and high-net-worth end of the pensions market, through the £62m (€80m) acquisition of Suffolk Life.
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Consultant claims 'good' employers face active discrimination
[16:15 CET 20-03] UK – The UK government is "actively discriminating" against 'good' employers who are providing defined benefit schemes, while failing to establish protection for the defined contribution schemes it actively encourages, Barnett Waddingham has warned.
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TPR refocuses clearance guidance at advisers
[15:30 CET 20-03] UK – The Pensions Regulator has published updated guidance on the clearance process, which is more focused towards advisers than trustees.
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Gov't must "provide more reassurance" over pensions
[16:50 CET 19-03] UK – The existing system of means-tested benefits does not give people the necessary "reassurance" that they will be "demonstratively" better off in retirement if they save in a pension, industry experts have claimed.
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Royal Mail managers reject pension deal
[16:45 CET 19-03] UK – The rejection of the proposed reforms of the £23bn (€30bn) Royal Mail defined benefit scheme by 85% of managers at the organisation, could lead to industrial action if Royal Mail refuses to respond, Unite the Union has warned.
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North Yorks seeks actuary as Lothian reappoints SLI
[16:35 CET 19-03] UK – North Yorkshire County Council has issued a tender for a provider of actuarial services for its £1.2bn (€1.5bn) pension fund.
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Employer debt changes "increase regulatory burden"
[17:02 CET 18-03] UK – Amendments designed to make the existing Employer Debt Regulations "more flexible" could significantly increase the regulatory burden on defined benefit schemes, consultants have warned.
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Lucida signs its first pensions buyout
[13:30 CET 18-03] UK – Morgan Crucible has agreed to partially buy-out its two defined benefit pension schemes with Lucida, in a deal valued at around £160m (€203m).
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Somerset tenders £30m GEM mandate
[11:00 CET 18-03] UK – Somerset County Council is seeking an investment manager to take on a £30m (€39m) global emerging market mandate.
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USS awards hedge fund replication mandate
[16:30 CET 17-03] UK – The Universities Superannuation Scheme (USS) has awarded a $200m (€127m) hedge fund replication mandate to State Street Global Advisors (SSgA).
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Pension Forum created to monitor Finnish reforms
[14:00 CET 17-03] FINLAND – The Finnish government has established a Pension Forum to monitor the implementation of recent pension reforms.
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Private equity lifts Pension Fennia to €6.1bn
[13:30 CET 17-03] FINLAND – Private equity returns of 42.4% helped Pension Fennia increase the value of its assets by more than €400m to €6.1bn at the end of 2007.
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BMA wins legal case over GP pension cap
[12:15 CET 17-03] UK – The British Medical Association (BMA) has won a high court case against the UK government's decision to limit the amount retiring doctors could receive in their NHS pensions.
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Morrisons agrees deal to clear DB deficit
[14:45 CET 14-03]UK – Supermarket chain Morrisons has confirmed it has agreed a package of measures with the trustees of its two defined benefit (DB) schemes which will eliminate the remaining deficit within the next month.
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Finnish gov't pension fund increases assets by 10%
[14:30 CET 14-03] FINLAND – The Local Government Pensions Institution has reported an increase in assets of €2.3bn following investment returns of 6% in 2007.
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Dorset splits £35m active currency mandate
[14:00 CET 14-03] UK – Dorset County Council Pension fund has appointed two active currency managers to run mandates valued at £35m (€46m).
