Returns – Page 169
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News
UK Budget cuts higher rate tax relief (updated)
[14:25 CEST 22-04] UK – Alistair Darling, chancellor of the Exchequer, has confirmed tax relief on pension contributions for high earners will be reduced from 40% to 20% from April 2011.
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News
BPF Bouw is confident of recovery
[14:00 CEST 22-04] NETHERLANDS - BPF Bouw, the €24.2bn scheme for the building industry, expects to eliminate its funding shortfall within three years by raising contributions and halting indexation.
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Reed Elsevier boosts its pension fund coffers
[16:50 CEST 21-04] NETHERLANDS – Publishing house Reed Elsevier will pay €54m into its pension fund over the coming five years, to support measures taken to restore the funding shortfall of the scheme.
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Publica loses another 1.43%
[16:35 CEST 21-04] SWITZERLAND – The Swiss Pensionskasse for civil servants Publica returned -1.43% in the first three months of this year.
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SHPS to review benefits in light of valuation
[16:20 CEST 21-04] UK – The Social Housing Pension Scheme (SHPS) is to consult with members about possible new benefit options and contribution rates later this year as it expects the actuarial valuation will reveal increased costs.
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News
IBOA members reject AIB pension plans
[16:15 CEST 21-04] IRELAND – Negotiations between AIB Group and the Irish Banking Officials Association (IBOA) are being referred to the Labour Relations Commission (LRC) after members voted to reject the bank's proposals on pay and pensions.
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News
Norway Global sees value increase in March
[17:15 CEST 20-04] NORWAY – The Norwegian Government Pension Fund – Global increased in value to NOK 2.08trn (€236.4bn) in March, following two consecutive months of decline.
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News
SIPTU threatens strikes in call for new pension system
[16:50 CEST 20-04] IRELAND – SIPTU, the Services, Industrial, Professional and Technical Union, has warned discussions with the government on a national recovery plan will need to address the issue of workers in occupational schemes losing their pension through company insolvency, or any lack of agreement could lead to fresh ...
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News
Swedish pension firms underestimate life expectancy
[16:50 CEST 17-04] SWEDEN – An annual review of the technical provisions of 17 pension and life insurers by pensions regulator Finansinspektionen (FI) has revealed they suffered a deficit of more than SEK 17bn (€1.55bn) at their peak, although SEK15bn of this had been recouped by the end of 2008.
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News
IASS has €628m deficit - SIPTU
[16:25 CEST 17-04] IRELAND – An estimated 40% fall in the value of its top equity holdings has caused the funding level of the Irish Airlines (General Employees) Superannuation Scheme (IASS) to move from a €79m surplus to a €628m deficit, a trade union has claimed.
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News
TNO recovery requires no major change
[16:10 CEST 17-04] NETHERLANDS - The €1.8bn pension fund of TNO expects to recover from its cover shortfall by raising its contributions and refraining from paying indexation.
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News
Finnish pensions had 'worst year' in 2008
[16:55 CEST 16-04] FINLAND – Suomen Pankki, the Bank of Finland, has revealed 2008 was the "worst year in the history of employee pension schemes", following the slump in equity prices.
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News
ERAFP award global equity and eurobond mandates
[16:50 CEST 16-04] FRANCE – ERAFP, the French civil service supplementary pension scheme, has awarded five new asset management mandates as part of a €2.4bn diversification strategy.
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News
Alderney pensions deficit doubles
[16:15 CEST 16-04] UK – The States of Alderney, part of the British Channel Islands, has reported the deficit in its staff pension scheme had doubled by the end of 2008 as a result of the economic downturn.
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News
Negative Q1 for Swiss pension funds
[17:10 CEST 15-04] SWITZERLAND – Swiss pensionskassen returned -1.5% in the first quarter, according to the latest calculations by Credit Suisse.
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News
Russia moves on reforms as Ukraine seals IMF loan
UKRAINE – Dmitry Medvedev, president of Russia, has confirmed draft laws to change the country's pension system onto an insurance basis are being finalised, while Ukraine has implemented anti-crisis measures, including balancing of the state pension fund, to secure continued IMF funding.
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News
DB deficit hits £242bn despite changes to data
[17:15 CEST 14-04] UK – Updated scheme valuations have improved the estimated funding position of defined benefit (DB) schemes in the Pension Protection Fund's (PPF) 'eligible universe' by around £15bn (€16.9bn), though the reality is deficits have widened further.
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News
DNB pension ups fixed income allocation
[14:30 CEST 14-04] NETHERLANDS - The €880m pension fund of pensions regulator De Nederlandsche Bank has downgraded its investment risks by divesting equity in favour of fixed income investments.
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News
Shell reduces equities to meet recovery plan
[14:00 CEST 14-04] NETHERLANDS – The Dutch pension fund of Royal Dutch Shell Group is hoping to return its funding ratio to the minimum statutory level of 105% by October 2011, through a series of changes including alterations to its asset allocation.
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NewsAviva ends non-contributory part of DC scheme
[17:05 CEST 09-04] UK – Aviva has confirmed members of its UK defined contribution (DC) scheme will have to start paying a minimum of 1% from July, rising to 2% in April 2010.
