Returns – Page 178
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NewsIreland allows two-year annuity deferral
[15:15 CET 05-12] IRELAND – Members of Irish defined contribution (DC) occupational schemes have been given the option of deferring for two years the need to buy an annuity at retirement.
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NewsDanica to cut pension interest to 1.5% in 2009
[17:15 CET 04-12] DENMARK – Danica Pension, the DKK 241bn (€32.36bn) pension arm of Danske Bank, has announced it will pay a net interest rate of 1.5% for all customers with Danica Traditional pension plans.
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NewsFinnish pensions may require more risk-taking
[17:00 CET 03-12] FINLAND – The Bank of Finland has warned uncertainty about its ageing population and potential future tax rises of over 5% could destabilise the entire welfare state and lead to a future reduction in social services and transfers.
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NewsDanish pension interest could fall to 4%
[16:20 CET 03-12] DENMARK – Forsikring & Pension, the Danish Insurance Association, has warned pension customers are likely to see interest on their accounts fall below the base rate to at maximum of 4.5% in 2009.
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Danish pensions avoid 'red' traffic light
[17:00 CET 02-12] DENMARK – Finanstilsynet, the Danish Financial Supervisory Authority, has confirmed no life insurance companies and pension funds has triggered the 'red light' in its traffic light warning system.
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NewsIrish funds drop 4% in November
[16:55 CET 02-12] IRELAND – Irish managed pension funds fell 4% in November although there were signs of some stability towards the end of the month, Hewitt Associates has claimed.
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NewsPNO Media's cover ratio falls to 95%
[16:15 CET 02-12] NETHERLANDS - The €2.5bn pension fund PNO Media has seen its cover ratio drop by 25% so far this year, leading to a funding ratio of 95.1% at the end of October - far below the critical level of 105% at which the fund must tell regulators ...
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NPRF may be used to shore up Irish banks
[17:209 CET 01-12] IRELAND – Brian Lenihan, the minister for finance has confirmed the government could use the National Pension Reserve Fund (NPRF) "in certain circumstances" to shore up its banking industry and financial system.
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Market crisis makes CWPS cases harder - Kenny
[17:15 CET 01-12] IRELAND – The Pensions Ombudsman has admitted the impact of the financial crisis on construction companies is making it harder to get contributions from employers who have failed to pass deductions onto the Construction Workers Pension Scheme (CWPS).
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Lithuania to cut private pension contributions
[17:20 CET 28-11] LITHUANIA - An economic crisis plan approved by Lithuania’s incoming government includes a proposal to reduce contributions to the second pillar pension system.
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ABP raises contribution by 0.4%
[16:50 CET 28-11] NETHERLANDS - ABP, the €190bn civil service pension scheme, will raise pension contributions by 0.4% of participants’ salaries next year.
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Underfunded Swiss funds soldier on
[16:55 CET 27-11] SWITZERLAND – The €5.56bn Bernische Pensionskasse (BPK) will start talks on a possible restructure early next year, while the pension funds of Swiss railway company SBB have abandoned plans to sue the federal government.
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Swiss households lost CHF1.8m through 2nd pillar
[16:15 CET 20-11] SWITZERLAND – Swiss households’ savings in Pensionskassen and insurances grew only half as much as in 2007 than in the year before, according to the Swiss National Bank (SNB).
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German doctors fund raises retirement age
[15:50 CET 17-11] GERMANY – The doctors’ pension fund for Westfalen-Lippe (ÄVWL) has raised the retirement age to deal with a surprise increase in longevity.
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NewsGerman funds shun risk, abandon target returns – poll
[16:30 CET 13-11] GERMANY – Risk aversion has become much more of a priority for large German institutional investors, according to the latest poll by Union Investment.
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NewsBT pension changes will save €119m a year
[16:20 CET 13-11] UK – British Telecom (BT) has revealed the proposed changes to its defined benefit pension scheme will save the firm around £100m (€119m) a year.
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BT consults with staff on pension changes
[15:50 CET 11-11] UK – British Telecom is beginning a formal 60-day consultation period with employees on proposed changes to its defined benefit (DB) and defined contribution (DC) pension schemes to make the pension provision "sustainable and affordable".
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UK's combined deficit now €119bn - PPF
[17:30 CET 10-11] UK – The Pension Protection Fund (PPF) has revealed the aggregate funding position of almost 7,800 defined benefit (DB) schemes reached a deficit of £97.3bn (€119bn) at the end of October.
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Guernsey superannuation fund drops £142m
[17:20 CET 07-11] UK – The States of Guernsey has revealed the Superannuation Fund for public sector employees has declined in value by £142m (€175m) in 2008.
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ABP begins long-term recovery plan
[16:30 CEST 23-10] NETHERLANDS – ABP, the Netherlands’ largest pension fund, will have to submit a proposal to the pensions regulator explaining how it will improve its solvency ratio as latest figures from the €195bn pension fund shows its cover ratio has dropped below 125%.
