All articles by Nyree Stewart – Page 85
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News
Northern Rock trustees eye pensions buyout
[16:58 CET 25-01] UK – Trustees of the Northern Rock Pension Scheme have confirmed they are actively seeking buyout quotes from insurance companies as part of a "review of various options".
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NewsResignations trigger change in Italy and UK
[16:55 CET 25-01] UK/ITALY – James Purnell has been appointed the new UK secretary of state for work and pensions, while Italian pension reforms could be under threat after prime minister Romano Prodi resigned.
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DC "most appropriate" basis for single EU market
[12:00 CET 25-01] EUROPE – Criticism of defined contribution schemes is often "unfounded" as they are the "most appropriate" products to establish a single cross-border market, the European Fund and Asset Management Association (EFAMA) has warned.
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UK pensions minister Hain resigns
[14:40 CET 24-01] UK – Peter Hain, the secretary of state for work and pensions, has resigned from the UK government after it was confirmed he may face criminal investigations over his failure to declare political campaign donations totalling £103,000 (€138,000) by the required deadline.
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Surrey appoints Newton for global equities
[14:30 CET 24-01] UK – Surrey County Council has appointed Newton Investment Management for a £140m global equity mandate.
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Aerospace firm threatened by strike action
[12:00 CET 24-01] UK – Flights systems manufacturer Goodrich is facing possible strike action as workers protest against the closure of the final salary scheme.
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Mercer highlights 10 steps to cut PPF levy
[11:30 CET 24-01] UK – Pension schemes with funding levels of more than 75% have just three months to reduce the impact of proposed changes to the Pension Protection Fund levy, Mercer has warned.
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Italian minimum benefit plans confuse savers
[12:00 CET 23-01] ITALY – Government proposals to try and provide a minimum replacement ratio of at least 60% of net earnings are "contradictory" and will confuse younger savers, consultancy Mercer has claimed.
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MoD error highlights need for level playing field
[11:30 CET 23-01] UK – Lawyers are urging HM Revenue & Customs to review its policy of "writing off" pension overpayments following confirmation HM Treasury could cancel £1.7m in errors by the Ministry of Defence.
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Roelandt to leave PGGM for 'new challenges'
[16:35 CET 22-01] NETHERLANDS – PGGM has confirmed Piet Roelandt is to leave his role as chief investment officer of portfolio management in May.
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Watson Wyatt 'nervous' over 130/30 funds
[14:00 CET 22-01] UK - Watson Wyatt has cautioned pension funds against quantitative managers following the "strong tailwind" the sector has experienced over the past five years.
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Old Lady extends Northern Rock finance to March
[16:55 CET 21-01] UK – HM Treasury and the Bank of England is to extend the lending facilities to Northern Rock until 17 March under proposals for a new financing structure.
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Conditional indexation not ruled out by UK
[16:15 CET 21-01] UK – The UK government has not ruled out the possible introduction of conditional indexation but warned further consultation is needed on existing risk-sharing strategies and legal requirements.
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News
AP4 selects VPD for risk data solution
[14:30 CET 21-01] SWEDEN – The Fourth Swedish National Pension Fund (AP4) has appointed VPD Financial Software Consulting to provide software that will automate complex transfers of risk data, including quality checks.
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UK VAT ruling could trigger ‘million’ refund claims
[16:41 CET 18-01] UK – A legal victory allowing a professional trustee company to claim a value-added tax (VAT) refund on costs incurred while acting for a scheme in wind-up, could trigger "millions" more claims according to London-based law firm Sacker & Partners.
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Bank of Greece urges pension reform to protect public services
[14:55 CET 18-01] GREECE – The governor of the Bank of Greece has warned the government if it fails to adopt "early and major pension reform" the increased pension expenditure could jeopardise essential public services.
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Finland’s Varma sees returns fall to 5.8% for 2007
[16:05 CET 17-01] FINLAND – A diversified investment strategy allowed Varma Mutual Pension Insurance Company to achieve returns of 5.8% despite stock market volatility in the second half of 2007.
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British worries about migrant worker pensions costs
[15:40 CET 17-01] UK – Increasing numbers of temporary migrant workers will pose a "significant challenge" to personal accounts in terms of communication and administration costs, the Personal Accounts Delivery Authority(PADA) has claimed.
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Irish search for advisers for pension awareness campaign
[15:30 CET 17-01] IRELAND – As the Irish pensions industry struggles to increase the level of occupational pensions coverage nationally, the Irish Pensions Board is seeking technical expertise to help with its National Pension Awareness campaign.
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Norway to review PFG's ethical guidelines
[16:45 CET 16-01] NORWAY – The Norwegian Government is re-evaluating the ethical guidelines currently in place for the Norwegian Pension Fund Global to ensure "they function as intended".
