Returns – Page 146
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NewsPfZW investments return 5% in Q1
NETHERLANDS – Structured credit and the inflation and interest rate hedging mandate helped drive Pensioenfonds Zorg en Welzijn (PFZW) to a 5.2% return in the first quarter of 2010.
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NewsInterest rate pressure keeps PME and PMT cover ratios down
NETHERLANDS - PMT and PME, the industry-wide pension funds for Dutch metal workers, saw their cover ratios drops from 100% to 98% and 99% respectively in the first quarter of this year, despite strong gains from equities and fixed income.
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NewsNordic equities drive Fennia performance
FINLAND - Finnish pension provider Eläke-Fennia returned 3.6% in the first quarter of this year and its equities holding returned 10.1%, driven by Finnish and other Nordic markets.
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TNT returns lift need for short-term recovery plan
NETHERLANDS - The €4.9bn TNT postal pension fund returned 16.8% on investments last year and has topped that up with an additional 6.6% earned during the first quarter of 2010, so there is no longer immediate pressure from a short-term recovery plan.
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NewsIlmarinen sets a trend for positive returns in Q1
FINLAND – The start of this investment year has continued with the same positive spirit as 2009 for Finnish pension insurer Ilmarinen, as it returned 5% in the first three months of the year.
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NewsLPFA says proposed LGPS Commission would not take on investment strategy
UK – Local authorities could retain control over investment policy but would need to adopt standard guidance on valuation assumptions, under proposals for an independent commission for local government pensions put forward by the London Pension Fund Authority (LPFA).
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NewsIrish DB trustees handed funding deadline reprieve
IRELAND – Trustees of defined benefit (DB) schemes have been given an extra five months to file funding proposals and applications to reduce benefits to enable them to take into account recent regulatory changes including the ability to raise retirement ages with immediate effect.
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NewsIcelandic schemes to learn from financial crisis
ICELAND – Stricter demands on brokers and asset managers and increased involvement in shareholder meetings are among the recommendations for pension funds put forward by an IPFA committee investigating lessons learned from the financial crash.
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Swiss funds returned over 2.3% in Q1
SWITZERLAND – Preliminary calculations by Credit Suisse suggest Swiss pension funds delivered a 2.32% return in the first quarter and surprising asset allocation revelations while Swisscanto's research could show there has been a significant funding level increase.
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Austrian funds return 3% in Q1
AUSTRIA – Austrian Pensionskassen could be heading for a good annual result, the pension fund association FVPK has suggested, as the funds returned an average 3% on investments in the first quarter of this year.
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Housing pension SPW gained 13.8% in 2009
NETHERLANDS - The €5bn pension fund for the housing corporations (SPW) has returned 13.8% on investments last year, its preliminary figures suggested.
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Shell's Dutch pension plan makes spectacular recovery
NETHERLANDS - The Dutch pension fund of energy giant Shell pulled back a major recovery on its investments last year and delivered a 26% return on assets.
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UK DB schemes hit first surplus since 2008
UK – The volatility of pension fund accounting showed itself strongly again last month. But the news is positive for the first time since June 2008 as the aggregated funding level of UK defined benefit funds hit a £300m (€340.4m) surplus in March.
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Alternatives to play a greater role in AP1 strategy
SWEDEN – Swedish pension buffer AP1 is planning to allocate more of its assets to alternatives as part of its long-term reforms, even though this asset class generated a negative return in 2009.
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UK roundup: PPF chair, C&W Worldwide, Paternoster
UK – The Pension Protection Fund (PPF) has appointed a new chairman, while the pension fund of Cable & Wireless Worldwide has awarded Eversheds a legal services contract and Paternoster has reported improved capital reserves.
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Bank of Ireland changes may cut deficit by 50%
IRELAND – The Bank of Ireland has proposed changes to its defined benefit (DB) scheme that it claims could halve the €1.6bn accounting deficit in the scheme.
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Conservative Romanian pensions continue to make gains
ROMANIA - Romanian pension funds posted strong average returns of at least 9% in the first three months of this year thanks to gains in both the local listed stocks and bonds markets and , according to data published by the Romanian pensions regulator, the CSSPP and interpreted by the Romanian pension fund association, APAPR.
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Swedish roundup: Kåpan Pensioner, AI Pension, Survey on Swedish pensions interest
SWEDEN – Kapan Pensioner recovered its investments to deliver a double-digit positive return in 2009, having lost over 15% in 2008. Its rival AI Pension followed close behind with an 11% gain. And a Swedish survey has revealed over half of the population care about their pensions.
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UK roundup: BA, Lincolnshire, West Sussex, the AA
UK – British Airways (BA) and Iberia have signed a merger agreement subject to BA and the trustees agreeing a "satisfactory" deficit recovery plan. Meanwhile Lincolnshire County Council has appointed global equity managers and West Sussex has awarded a global custody mandate.
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Investment returns improve Finnish pension solvency levels
FINLAND - Finnish pension insurance companies improved their solvency levels in 2009 as a result of good investment returns that were boosted by equities.
