Pension Fund Strategy – Page 78
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€75bn Australian pension mega-merger kicks off consolidation drive
First State Super and VicSuper deal will create Australia’s second biggest superannuation fund, and three more multi-billion-dollar deals are in the pipeline
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€21bn pension merger back on track as transport sector schemes agree terms
Industry-wide pension schemes for railways and public transport agree to join forces after 2016 discussions collapsed
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France’s ERAFP keeps its eye on portfolio diversification
The €30bn pension fund is seeking to shift investments towards equities, private equity, real estate and infrastructure
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NEST anticipates hitting £10bn by end-March 2020
The authorised master trust is growing rapidly, with assets under management doubling to reach £5.7bn at the end of March
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FTSE 350 discount rates more bunched around average – report
Hymans Robertson suggests greater bunching an effect of tougher oversight, higher yields
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EIOPA opinion on ESG misrepresents IORP II, says PensionsEurope [updated]
‘Incorrect to indicate that pension funds are required to take ESG factors into consideration as part of investment policy’
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Largest Dutch pension schemes commit to national climate agreement
Joining accord said to mean ‘broadening of current emission reduction goals’
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Co-op scheme adopts ESG fund for DC default
Scheme will switch £290m to the multi-asset fund in Legal & General Investment Management’s Future World fund range
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Local authority pension fund backs ‘social outcomes contract’ fund
Merseyside Pension Fund and at least one other local government pension scheme have committed to the £35m fund
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Research on corporate climate action an ‘urgent challenge to investors’
Research conducted for asset owner network finds that seven in eight companies not cutting carbon emissions at the rate required to keep global warming below 2°C
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PostNL reduces equity carbon footprint through shift to best-in-class
€8.4bn Dutch scheme for postal staff said the change lifted its equity returns by one percentage point
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Germany’s €30bn BVV targets digitisation, enhanced risk management
Expanded management board to allow the pension provider to harness digitation and respond to increased requirements on corporate governance and risk management
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Danish roundup: Prime minister starts talks on early retirement pension
Plus: Labour market pension fund PBU invests DKK100m in microfinance; Teachers fund Lærernes hires consulting firm for CEO search
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UK minister ups the ante on pension funds and climate change
Guy Opperman tells London Climate Action Week gathering that pension funds ‘must play a massive role’ in getting the UK to net-zero greenhouse gas emissions by 2050
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CEO of £30bn Brunel Pension Partnership resigns
Dawn Turner was instrumental in setting up the Bristol-based asset pooling company for 10 public pension funds in the local government pension scheme
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Smiths Group secures £176m buy-in with Canada Life
FTSE 100-listed engineering firm strikes pension risk transfer deal bringing total bulk annuity value across all schemes to £1.6bn
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Aviva launches ethical and ESG workplace pension default strategy
Lifestyle strategy is based on Aviva ‘Stewardship’ funds in operation since 1980s that apply exclusions and engagement
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Strathclyde pension fund gains 5.9%, Lothian rejigs allocation categories
Two largest Scottish local authority pension funds report on performance in the year to the end of March
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UK pension fund figures sign climate impact pledge
Signatories pledge to push asset managers to engage with investee companies about their impact on climate and plans to transition to a low-carbon future
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British Steel buyout ‘could affect pension insurance market capacity’
British Steel Pension Scheme trustees are reportedly in early stage talks regarding a pension risk transfer deal to secure the pensions of its 81,000 members