Returns – Page 135
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NewsPNO Media aims for profit by slashing interest hedge
NETHERLANDS – The €3.3bn Dutch pension fund PNO Media has decreased the interest hedge on its liabilities by one-third to profit from expected interest rate increases.
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NewsDutch pension schemes to cut pension benefits by 6%
NETHERLANDS – The pension fund for the Dutch paint and printing ink industry and the scheme of building company Ballast Nedam are set to apply early benefits cuts for all of their participants at the beginning of next year.
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NewsDutch pension scheme for dentists to cut benefits by 9%
NETHERLANDS – The €1.4bn occupational pension fund for dentists (SPT) has announced a benefits cut of at least 9% to recover from a funding shortfall.
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NewsSwedish roundup: EC on pension fund tax rules, SEB Trygg Liv Gamla, PP Pension, AP7, Al Gore
SWEDEN – The European Commission has urged Sweden to change its tax rules governing pension funds, which it says are discriminatory because they favour domestic funds over foreign ones.
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NewsSmit Internationale pension scheme facing more benefits cuts
NETHERLANDS – The €200m pension fund of Dutch maritime service provider Smit Internationale is facing another benefits cut – in addition to the 13.2% discount it already must apply at the end of this year.
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NewsSwiss roundup: SAP fund, funding levels, PKZH
SWITZERLAND – The Swiss subsidiary of SAP Group is reducing the buffers in its Pensionskasse and will allow its members participate directly in capital markets.
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NewsNorway Pension Fund Global returns 7.2% in Q3, touts top-performing BP
NORWAY – The Norway Pension Fund Global has reported returns of 7.2% in the third quarter, with its equity portfolio growing by almost 10% after fears of economic instability in the euro-zone subsided.
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NewsBT Pension Scheme sees deficit more than halved by CPI switch
UK – The BT Pension Scheme (BTPS) has announced a 55% reduction in its deficit as a result of the switch to the consumer price index (CPI).
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NewsIrish roundup: Lipper's Ireland Fund Encyclopaedia, Rubicon Investment Consulting
IRELAND – The Irish fund services industry has grown by a "healthy" 7% over the last 12 months, according to Lipper's latest Ireland Fund Encyclopaedia.
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NewsRabobank scheme touts risk management at Dutch funding hearing
NETHERLANDS – Pension funds must pay maximum attention to risk management – and to extreme risks in particular – if they are to be fully prepared for potential shocks, according to Bernard Walschots, chief financial officer at Rabobank's €12bn pension fund.
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NewsUK roundup: PwC on AIFM, Aviva closes final salary scheme
UK – The UK asset management industry is unprepared for the implementation of the Alternative Investment Fund Managers (AIFM) directive, with only 2% saying they know how to implement the changes, according to a study conducted by PwC.
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NewsThird-quarter profits soar by 26% at Danica Pension
DENMARK – Danica Pension – the country's largest commercial pensions provider – saw profits increase by more than a quarter at the group level in its latest interim report, with contributions from international business more than doubling in a year.
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NewsSecurity, liquidity overtake returns as German investors' top priority
GERMANY – Security and liquidity have become the chief concerns for German institutional investors, with returns now secondary, says Union Investment.
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NewsUK roundup: PPF, NAPF, Pension Capital Strategies, Lothian Pension Fund
UK – The Pension Protection Fund (PPF) has announced positive returns for 2009-10, leading to a £400m (€460m) surplus for the organisation.
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NewsDutch fund PGB doubles return with interest, currency hedges
NETHERLANDS – The €11.3bn pension fund for the Dutch printing industry PGB saw its return over the first nine months almost double to 13% thanks to an extensive interest and currency hedge.
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NewsAllied Irish Banks holdings result in loss for NPRF portfolio
IRELAND – The National Pension Reserve Fund (NPRF) has seen part of its portfolio post negative returns of 2.5% due to its holdings in Allied Irish Bank.
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NewsNordic roundup: Skagen Fonder, PPM, Gjensidige, Alecta, AMF, Länsförsäkringar
EUROPE – Skagen Fonder, the largest foreign manager within the Swedish premium based state pension system PPM, is considering withdrawing its funds from the system.
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NewsSolvency II rules could increase pension contributions by 30%, says Dutch minister
EUROPE – Contributions could soar by as much as 30% if Solvency II rules are applied to pension schemes, according to Paul de Krom, the new Dutch minister of social affairs and labour.
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NewsDutch maritime fund threatens 13.2% benefits cut
NETHERLANDS – The €200m pension fund of Dutch maritime service provider Smit Internationale has said it intends to cut pension benefits by 13.2% if its sponsoring company refuses to make additional contributions.
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NewsUK roundup: Northern Ireland, Edinburgh Partners, Sackers, Towers Watson, TPR
UK – The Northern Ireland Local Government Officers' Superannuation Committee (NILGOSC), which administers the country’s local government pension scheme, has awarded a global equity mandate to Edinburgh Partners.
