Returns – Page 133
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NewsSwitch to CPI could save British Airways scheme £900m
UK – British Airways could slice around £900m off the deficit in one of its defined benefit (DB) pension schemes by switching increases to pensions in payment from the retail price index (RPI) to the consumer price index (CPI).
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NewsUK roundup: LGPS, Cass Business School, Westler Foods, Aon Hewitt, BBC
UK – The Local Government Pension Scheme (LGPS) should consider diversifying its investment portfolio to help mitigate the medium to long-term risks on its investments, according to a white paper from Cass Business School.
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NewsDanish administrator PKA vows to maintain yield guarantees
DENMARK – Danish pensions administrator PKA has become the latest firm in the country to state explicitly that it will not renege on yield guarantees made to its members.
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NewsDutch political party reports Smit board for 'defrauding' pension fund
NETHERLANDS – 50PLUS, a new Dutch political party for the elderly, has reported three board members at maritime services company Smit Internationale to the public prosecutor for defrauding its own pension fund.
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Interest hedge lifts SPW's third-quarter return to 8.2%
NETHERLANDS – SPW, the €6bn pension fund for Dutch housing corporations, returned 5.4% on investments and another 3.8% from its interest hedge during the third quarter.
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Strathclyde to review RBS, Shell stakes due to poor ESG scores
UK – The £10.5bn (€12.1bn) Strathclyde Pension Fund has said it may scale back its investment in Royal Dutch Shell, Bank of America (BoA) and the Royal Bank of Scotland (RBS) due to concerns about their environmental, social and corporate governance (ESG) record.
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NewsDutch metal scheme PMT facing benefits cuts
NETHERLANDS – The €37bn Dutch metal scheme PMT is on course to cut pension benefits during the next round of measures, as its current coverage ratio nears the critical level.
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Global delegates debate sustainability of DC schemes
IPE AWARDS – Risk management, member education and regulatory constraints were some of the common issues identified by the international panel at the European IPE Award seminar in Monaco yesterday.
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NewsSwedish roundup: AP7, AP6, KVD Kvarndammen, Peter Norman, Handelsbanken
SWEDEN – Richard Gröttheim is taking over as chief executive at AP7 following the departure of Peter Norman, who joined the government as financial markets minister.
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NewsPension schemes for Hero complete Netherlands' first buy-in deal
NETHERLANDS – The pension schemes for food manufacturer Hero have completed the Netherlands' first pension buy-in, leading to calls that the method could be used as a stepping stone to completing a buy-out and liquidating pension schemes.
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Pension deficits for FTSE Global 100 companies jump to €160bn
GLOBAL – Companies in the FTSE Global 100 have seen their pension deficits rise to €160bn, an increase of 7%, according to a survey by LCP.
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AnalysisNews analysis: Dutch pension system stands at crossroads
NETHERLANDS – What nobody had thought possible for the much-praised Dutch pension system, until recently, has become reality. With several pension funds announcing benefits cuts, the sector – dominated by its capital-funded mandatory pension schemes – has just entered a new phase.
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NewsUK roundup: Northumbrian Water, Thames Water, Capita Hartshead, Morris Review
UK – Northumbrian Water has announced a £36m (€41m) reduction in its pension deficit after applying the consumer price index (CPI) as a measure in its latest half-yearly results.
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NewsBlackRock could lose assets, as NPRF expected to re-assess strategy
IRELAND – BlackRock and State Street Global Advisors could lose significantly, with the National Pension Reserve Fund (NPRF) expected to re-assess its investment strategy after the announcement it would support Ireland's bailout with a €10bn payment.
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NewsDutch roundup: SPOA, SNPF, PFZW
NETHERLANDS – The pension funds for Dutch public pharmacists (SPOA) and notaries (SNPF) have announced early benefits cuts of 5% and 2%, respectively, that will occur on 1 January 2011.
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NewsDutch government contributed to schemes' poor health – pension experts
NETHERLANDS – Dutch government policy has contributed to the poor financial position of most pension funds, pension experts have claimed.
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NewsDutch watchdog AFM says structural decrease of pension benefits 'inevitable'
NETHERLANDS – The lack of funding and recovery potential at many pension funds is so great that many schemes will be unable to avoid a structural decrease of existing pension benefits, according to Hans Hoogervorst, chairman at communication watchdog AFM.
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NewsUK roundup: Sackers, TPR, Lehman Brothers, Nortel, Towers Watson, NAPF, Stewardship Code
UK – Pension law firm Sackers has criticised the stance taken by the UK Pensions Regulator (TPR), as well as Lehman Brothers and Nortel Networks UK (NNUK), during a recent court case over the regulator's Financial Support Directive (FSD).
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NewsPension schemes at Nutreco, Nedmag avoid early benefits cuts
NETHERLANDS – The €272m pension fund of animal food producer Nutreco said it has avoided early benefits cuts, but added that it could not rule out a discount in 2012.
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NewsUK roundup: Towers Watson, NEST, Balfour Beatty, Daily Mail and General Trust
UK – Towers Watson has warned that large UK companies are likely to shun the National Employment Savings Trust (NEST) in favour of their own pension funds, as they will offer better value over the new defined contribution scheme.
