Returns – Page 148
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Danish pensions received record contributions in 2009
DENMARK - Danes paid a record DKK116bn (€15.58bn) in pension contributions in 2009 despite the financial crises, according to latest numbers from the insurance association, Forsikring & Pension. However, officials warn contributions will fall in 2010.
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BA proposes benefit changes to aid recovery plan
UK – The £3.7bn (€4.1bn) deficit in British Airways' two defined benefit (DB) schemes is not going to "vanish overnight", say pensions experts, despite an agreement with trade unions on a new benefit structure for the pension funds.
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Men more likely to increase NEST contributions
UK – Women are less likely to contribute more than the minimum of 4% of qualifying earnings to a UK pension once auto-enrolment is introduced in 2012, consultancy Hymans Robertson has revealed.
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Swedish pension system shows deficit despite good AP results
SWEDEN - The Swedish state pension system, including the AP funds, saw record returns for 2009 but despite the positive performance the state system as a whole remains underfunded.
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NewsHungarian growth funds return almost 26%
HUNGARY – The growth portfolios of the 19 mandatory Hungarian pension funds returned 25.95% over the last year with the average performance of all funds standing at 18.6%.
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AP7 sees record returns in 2009
SWEDEN - AP7, the Swedish national buffer fund with a mandate to manage assets within the premium pension system, saw record returns for both of its portfolios in 2009, the last year it operated according to its old model.
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NewsSwiss PKBS gets another CHF800m injection
SWITZERLAND – The Swiss Pensionskasse for the city of Basel, PKBS, will receive another CHF795m (€544m) from the city but other public funds will be granted the right to remain underfunded.
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Swiss Post and PKBS deliver below average returns
SWITZERLAND – The Pensionskasse of the Swiss postal service (PK Post) as well as the one of the city of Basel (PKBS) returned 9.43% and 10.4% respectively last year - less than other pensionskassen because of their lower risk strategies.
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UK funding update: DB deficit improves to £15bn
UK – The aggregate funding position of almost 7,400 defined benefit (DB) schemes in the UK improved by more than £36bn (€39.7bn) in February and posted a deficit of £15.1bn, according to the latest research from the Pension Protection Fund (PPF).
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Finnish government funds made best of bonds in 2009
FINLAND – Keva, the Local Government Pensions Institution, and VER, the Finnish State Pension Fund, have both shown bonds played a key role in the returns generated from investments in 2009, yet alternatives delivered a mixed result.
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Just one in six UK employees to increase pension contributions
UK – Less than a fifth of employees who already saving in a pension intend to increase their contributions in the next year, according to research from the UK's National Association of Pensions Funds (NAPF).
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Dutch reinsured schemes gain breathing space over recovery plans
NETHERLANDS - Social affairs minister Piet Hein Donner has granted Dutch reinsured pension funds additional leeway in the time they have to submit a recovery plan, to help them avoid cuts in pension rights.
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SBB gets CHF1.148bn in state aid
SWITZERLAND – The Swiss government has decided to grant the ailing Swiss federal railways (SBB) Pensionskasse CHF1.148bn (€784.5m) in aid if, in return, the fund drops all demands for a state guarantee on full funding.
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Swedish update: PPM, SAF-LO
SWEDEN - The amount of changes made within pension funds managed by the defined contribution PPM system increased dramatically last year, as 4.5 million changes were made compared to 3.2 million in 2008 - an increase with 41%.
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Norway-Global pension fund delivers record returns
NORWAY – The giant Norwegian Government Pension Fund Global beat its benchmark index by 4.1 percentage points and returned a record 25.6% in 2009 as a result of gains in international equities and fixed income markets.
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Irish funds recover January losses
IRELAND – Irish managed pension funds posted a return of around 1.4% in February, pulling back from a 1.1% loss the previous month, research from consultancy firms has revealed.
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AIB members accept changes to DB scheme
IRELAND/UK – IBOA, the finance trade union, said members working for AIB Group have voted to accept the proposed changes to the defined benefit (DB) and hybrid pension schemes, following a formal ballot.
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NewsEarly-stage investments drag down long-term AP6 returns
SWEDEN - AP6, one of the Swedish national buffer funds, returned 11.3% for the full year 2009, beating the target return by 3.8% and boosting total assets to SEK18.2bn (€1.85bn) . This compares well with 2008 when the fund underperformed by 16.6%.
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Telecom firms reject proposal to plug BT pension deficit
UK - Several UK telecoms companies have attacked proposals which could see them forced to help BT plug a £9bn (€9.92bn) deficit in the defined benefit BT Pension Scheme (BTPS).
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Royal Mail deficit payments could near £1bn
[16:50 CET 29-01] UK – Trade unions have called on the government to take action on the Royal Mail Pension Plan's (RMPP) estimated £10bn (€11.6bn) deficit, as it argued future deficit repayments by the company could triple to almost a £1bn following the latest triennial valuation.
