Returns – Page 143
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News
AHV recovers surplus ahead of its planned separation
SWITZERLAND – The Swiss first pillar fund AHV recovered from a financial deficit in 2008 to a surplus in 2009, posting a return of 11.5% ahead of its planned separation into three discrete entities.
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UK roundup: PIRC, Hammersmith, BAE, Tate & Lyle
UK – Revisions to the UK Corporate Governance Code requiring the annual re-election of directors of FTSE 350 companies has been welcomed by an independent corporate governance adviser, despite concerns from pension funds.
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Swedish government criticises long-term returns of AP funds
SWEDEN - In its annual evaluation of the AP funds the Swedish government has expressed dissatisfaction with their long-term performance, despite 2009 providing the best returns since inception 2001.
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News
UNJSPF assets reach €31bn in Q1
GLOBAL – The United Nations Joint Staff Pension Fund (UNJSPF) has seen its asset value increase by 2.2% to $38.35bn (€30.9bn) in the first quarter of the year.
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Swiss guarantee fund reports lowest payout in decades
SWITZERLAND – The CHF859.6m (€602.3m) Swiss “Sicherheitsfonds”, the fund for insolvency protection of Pensionskassen, reported the lowest pay-out for 15 years in 2009 as it adjusted its asset allocation.
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Defined ambition should replace defined benefit – PGGM
NETHERLANDS – A new ‘defined ambition’ concept should replace defined benefit (DB) arrangements, according to a leading Dutch pensions actuary.
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NewsCost of de-risking remains a barrier for UK trustees
UK – Trustees see cost issues as the biggest barrier to reducing risk in a pension scheme, leading a significant number to make deficit funding programmes a priority, a study has revealed.
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NewsUK government to tackle Royal Mail pensions deficit
UK – The Royal Mail defined benefit (DB) pension deficit is one of the areas that will be tackled by the Conservative-Liberal coalition government in a new Postal Services Bill announced in the Queen's Speech.
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NewsLump sum payments could help Dutch pension funds
NETHERLANDS - Introducing a lump sum payment as part of pension benefits could decrease the risks for Dutch pension funds, Hewitt Associates has suggested.
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News
Austrian funds increase equity allocation in Q1
AUSTRIA – Official figures for the first quarter performance show a significant increase in the equity holdings of Austrian pensionskassen, which are the subject of further reform proposals.
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NewsInflation fears sustain large FTSE350 deficits
UK – Growing long-term inflation expectations have offset the effects of equity market gains, causing the aggregated pension deficit of FTSE350 companies to be valued at £160bn (€187bn) at the end of March 2010.
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NewsUnited Utilities slashes deficit with DB changes
UK – United Utilities claims it reduced its pension deficit by approximately £90m (€104m) through a number of changes to its defined benefit (DB) schemes.
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NewsDWP to face a £535m spending cut ahead of new Pensions Bill
UK – The Department for Work and Pensions (DWP) will be expected to make savings of more than half a billion pounds this financial year, according to HM Treasury.
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NewsRisk, not returns, drives German sustainable investments
GERMANY – The need to optimise risk management, rather than to boost investment returns, is the main reason German institutional investors consider sustainable investments, according to a study by Union Investments.
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News
Industriens gains 15.4% on stocks but uncertainty looms
DENMARK – Industriens Pension, the pension fund for the industrial sector in Denmark, benefited from a 15.4% return on Danish stocks in the first quarter of 2010, with its global equities portfolio delivering half that (7.7%) in total.
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News
Romanian austerity measures threaten second pillar
ROMANIA – The Romanian finance ministry is seeking to cut the contribution rate to the second pillar from 2.5% to 0.5%, but is facing opposition from the country’s pensions industry.
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News
Cover ratio of Dutch funds recovers to 109% – DNB
NETHERLANDS – Dutch pension funds’ nominal cover ratio has improved from 95% to 109% on average in 2009, while their combined assets have increased by €86bn to €663bn, according to pensions supervisor De Nederlandsche Bank (DNB).
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UK roundup: Hewitt Associates, DWP statistics, CIPFA
UK – Hewitt Associates has estimated a £1.2trn personal pension shortfall in individual retirement income, while the Department of Work and Pensions (DWP) has revealed occupational pension benefits made up a quarter of UK pensioners' income in 2008-09, and the Chartered Institute of Public Finance and Accountancy (CIPFA) has warned ...
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News
Swiss AHV reviews asset allocation ahead of split
SWITZERLAND – The CHF26.7bn (€19bn) Swiss Federal Social Security Fund (AHV/AVS) will split into three from 2011 following 63 years running as a single entity.
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News
LGPS must adapt to avoid spending cuts – Mayer
UK – Public sector pension schemes will have to accept changes if they are to survive potential funding cuts, the London Pension Fund Authority (LPFA) has warned.
