Returns – Page 170
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NewsNPRF falls to €15.5bn as Q1 returns -6.7%
[17:00 CEST 09-04] IRELAND – The National Pension Reserve Fund (NPRF) has posted a return of -6.7% for the first quarter of 2009, and figures show almost a quarter of the fund's assets are now invested under the direction of the Minister of Finance as part of the bank recapitalisation ...
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Maltese reforms cut 2006 liabilities by €1.6bn
MALTA – Pension reforms introduced in 2006 to raise the state pension age from 61 to 65 between 2014 and 2023 have reduced pension liabilities by €1.6bn, according to figures from the National Statistics Office (NSO).
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NewsIreland takes uni pensions to boost treasury coffers
[17:00 CEST 08-04] IRELAND – The government has confirmed the assets and liabilities of certain university pension funds and non-commercial state agencies will be transferred to the Exchequer to improve the General Government Balance (GGB) of Ireland.
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NewsAon UK cuts contributions in favour of matching
[16:50 CEST 08-04] UK – Aon UK has confirmed it is reducing the standard rate of employer contributions to its money purchase pension scheme, but will match additional employee contributions up to set levels.
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NewsSwiss funding levels deteriorate in three months
[16:00 CEST 07-04] SWITZERLAND – Six out of 10 second pillar Swiss pension funds are now underfunded, and at least a third have less than 90% of the assets to meet their funding requirements.
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NewsAIB faces further talks over €1bn deficit
[17:15 CEST 06-04] IRELAND – Negotiations between AIB and the Irish Bank Officials Association (IBOA) may be referred to the Labour Relations Commission (LRC), as AIB has proposed changes to its defined benefit (DB) scheme saw to help tackle a pension deficit exceeding €1bn.
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Fully-hedged liabilities double for FTSE pensions
[16:25 CEST 06-04] UK – The true value of the estimated UK pension fund deficit for the top 100 listed companies would have almost doubled over the course of the year to £245bn (€270bn) had all liabilities been hedged, suggest figures from consulting firm Redington Partners.
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Luzern Pensionskasse loses 10.3%
[17:00 CEST 03-04] SWITZERLAND – The Pensionskasse for the Swiss canton of Luzern (LUPK) reported a negative result of 10.3% for 2008, as a result of massive losses from its equity and alternatives exposure.
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Berkshire funding level drops to 72%
[16:55 CEST 03-04] UK – The Royal County of Berkshire Pension Fund has told members there is no "serious financial shortfall" in the pension fund, despite admitting its funding level has fallen from 99.9% in March 2007 to 72% in November 2008.
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Lawyers highlight obstacles to Irish DB cost cutting
[16:35 CEST 03-04] IRELAND – Law firm A&L Goodbody has warned pension schemes which are considering capping benefits or even the "unthinkable" of altering accrued pension need to be aware of the legal issues involved.
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KPN to plug €390m pension funding gap
[16:15 CEST 03-04] NETHERLANDS – KPN, the Dutch telecommunications giant, is planning to contribute another €390m to its pension fund over the next five years, in a bid to raise its funding level to 105%.
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Irish managed funds finally see positive return
[16:55 CEST 02-04] IRELAND – Irish group managed pension funds delivered the first positive return in seven months and produced a yield of 2.4% in March, Rubicon Investment Consulting has revealed.
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Longevity drives up MP pension costs
[16:15 CEST 02-04] UK – Members of Parliament (MPs) have been told their contributions to the £367.2m Parliamentary Contributory Pension Fund (PCPF) will rise after the latest actuarial report revealed the pension deficit had increased to £50.9m as a consequence of improved longevity.
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Labour Court tells SR Technics to fund deficit
[17:05 CEST 01-04] IRELAND – The Labour Court has recommended the Irish arm of SR Technics should "fully fund" the pension deficit in both the SR Technics scheme and the firm's share of the Irish Airlines' Superannuation Scheme.
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PKA reports 6.3% loss
[16:55 CEST 01-04] DENMARK – PKA generated an overall return of -6.3% for its eight pension funds in 2008 as equity results offset positive fixed income performance.
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TFR struggles to maintain momentum
[16:50 CEST 01-04] ITALY - Figures released by MEFOP, the Association for the Development of the Italian Pension Fund Market, present a confused picture of the development of second-pillar pension provision in Italy.
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PFA buys Nordic AM following positive gains
[16:15 CEST 01-04] DENMARK – PFA Pension, the Danish life and pensions provider, managed to generate a return on investments of DKK3.5bn (€460m) in 2008 thanks to a major shift towards fixed income holdings, and is now using some of its assets to buy Nordic Asset Management.
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Fewer Danish health workers are retiring early
[17:05 CET 27-02] DENMARK – The proportion of health workers retiring at the age of 60 fell to just 13.2% in 2008 according to research by PKA.
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Eircom DB scheme reports €433m deficit
[16:50 CET 27-02] IRELAND – Eircom, Ireland's largest telecoms provider has revealed a €433m deficit in its defined benefit (DB) pension scheme.
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Royal Mail pension may become new public scheme
[16:45 CET 27-02] UK – The Postal Services Bill published this week by the UK government includes provisions for the secretary of state for business and enterprise (BERR) to establish a "new public scheme" into which members of the Royal Mail Pension Plan (RMPP) could be transferred into.
