Professional Pensions www.professionalpensions.com Alcatel-Lucent funding status drops into the red <p><!--summary start--> FRANCE - Alcatel-Lucent reported a pension and other post employment benefit (OPEB) deficit of €1.2bn ($1.7bn) in the third quarter down from an overfunding of €49m at the end of June. <!--summary end--></p> https://www.professionalpensions.com/news/2122850/alcatel-lucent-funding-status-drops-red https://www.professionalpensions.com/news/2122850/alcatel-lucent-funding-status-drops-red Fri, 4 Nov 2011 15:48:15 +0000 FRR's funding ratio drops <p><!--summary start--> FRANCE - The Fonds de reserve pour les retraites' funding ratio fell to 132%, dropping 11 percentage points from June's value due to decreasing interest rates on 10-year bonds. <!--summary end--></p> https://www.professionalpensions.com/news/2119264/frrs-funding-ratio-drops https://www.professionalpensions.com/news/2119264/frrs-funding-ratio-drops Fri, 21 Oct 2011 15:27:50 +0000 Global SWFs discuss contributions to global growth <p><!--summary start--> FRANCE - Global sovereign wealth funds with over $9trn in assets are meeting to discuss ways to boost global economic growth, including the potential use of new financial instruments like "loyalty shares" or "capital access bonds". <!--summary end--></p> https://www.professionalpensions.com/news/2117960/global-swfs-discuss-contributions-global-growth https://www.professionalpensions.com/news/2117960/global-swfs-discuss-contributions-global-growth Tue, 18 Oct 2011 13:56:00 +0000 Natixis targets alternatives expansion with Darius acquisition <p><!--summary start--> FRANCE - Natixis Global Asset Management (NGAM) has acquired a controlling interest in investment advisory firm Darius Capital Partners. <!--summary end--></p> https://www.professionalpensions.com/news/2106910/natixis-targets-alternatives-expansion-darius-acquisition https://www.professionalpensions.com/news/2106910/natixis-targets-alternatives-expansion-darius-acquisition Tue, 6 Sep 2011 12:06:11 +0000 FRR 143% funded <p><!--summary start--> FRANCE - The Fonds de reserve pour les retraites said it is 143% funded, more than enough needed to fund its liabilities through to 2024 as mandated by the government. <!--summary end--></p> https://www.professionalpensions.com/news/2075192/frr-143-funded https://www.professionalpensions.com/news/2075192/frr-143-funded Wed, 1 Jun 2011 11:57:00 +0000 Alcatel-Lucent makes €42m contribution to global pension funds <p><!--summary start--> FRANCE - Alcatel-Lucent made a cash contribution of €42m ($60m) to its worldwide pension funds in Q1, the company's quarterly financial statement shows. <!--summary end--></p> https://www.professionalpensions.com/news/2069229/alcatel-lucent-makes-eur42m-contribution-global-pension-funds https://www.professionalpensions.com/news/2069229/alcatel-lucent-makes-eur42m-contribution-global-pension-funds Mon, 9 May 2011 14:14:37 +0000 France's reserve fund turns to LDI <p><!--summary start--> FRANCE - The €37bn ($51bn) Fonds de reserve pour les retraites said today it would implement a liability driven investment strategy after receiving a clear picture of its liabilities from the government last year. <!--summary end--></p> https://www.professionalpensions.com/news/2033277/france-reserve-fund-ldi https://www.professionalpensions.com/news/2033277/france-reserve-fund-ldi Thu, 10 Mar 2011 15:48:27 +0000 FFR executive named CIO at Groupama <p><!--summary start--> FRANCE - Antoine de Salins, executive director at Fonds de réserve pour les retraites (FRR), has left to join Groupama Asset Management (AM) as chief investment officer. <!--summary end--></p> https://www.professionalpensions.com/news/1936666/ffr-executive-named-cio-groupama https://www.professionalpensions.com/news/1936666/ffr-executive-named-cio-groupama Wed, 12 Jan 2011 14:44:00 +0000 FRR tenders fixed income mandates <p><!--summary start--> FRANCE - Fonds de reserve pour les retraites (FRR) has put a series of fixed income mandates out to tender. <!--summary end--></p> https://www.professionalpensions.com/news/1933908/frr-tenders-fixed-income-mandates https://www.professionalpensions.com/news/1933908/frr-tenders-fixed-income-mandates Tue, 21 Dec 2010 11:31:21 +0000 PGGM investigates longevity risk transfer <p><!--summary start--> FRANCE/NETHERLANDS - Dutch pension fund manager PGGM is researching ways it can transfer longevity risk off its balance sheet, managing director Erik Goris said. <!--summary end--></p> https://www.professionalpensions.com/news/1932718/pggm-investigates-longevity-risk-transfer https://www.professionalpensions.com/news/1932718/pggm-investigates-longevity-risk-transfer Wed, 15 Dec 2010 14:49:57 +0000 Van Nunen: Dutch regulations "killing" pensions <p><!--summary start--> FRANCE - Dutch regulations are "killing" pension funds by using a discount rate that forces them to de-risk, said Anton van Nunen, director of Van Nunen & Partners. <!--summary end--></p> https://www.professionalpensions.com/news/1932709/van-nunen-dutch-regulations-killing-pensions https://www.professionalpensions.com/news/1932709/van-nunen-dutch-regulations-killing-pensions Wed, 15 Dec 2010 14:36:00 +0000 Improved governance "a fantasy" <p><!--summary start--> FRANCE - Improving companies through corporate governance will remain "a fantasy" until pension trustees better align their managers' incentives, said Mark Fawcett, chief investment officer at the UK's National Employment Savings Trust. <!--summary end--></p> https://www.professionalpensions.com/news/1932312/improved-governance-fantasy https://www.professionalpensions.com/news/1932312/improved-governance-fantasy Tue, 14 Dec 2010 14:55:00 +0000 OECD to launch longevity risk project <p><!--summary start--> FRANCE - The Organisation for Economic Co-operation and Development (OECD) plans to start its research on managing longevity risk in January, and could propose governments issue life expectancy indexes. <!--summary end--></p> https://www.professionalpensions.com/news/1932037/oecd-launch-longevity-risk-project https://www.professionalpensions.com/news/1932037/oecd-launch-longevity-risk-project Mon, 13 Dec 2010 15:25:00 +0000 FRR axes BlackRock from US small-cap <p><!--summary start--> FRANCE - The Fonds de réserve pour les retraites (FRR) has fired BlackRock from a €478m ($651m) US small-cap equity portfolio, taking 87% of the assets the firm runs in the strategy. <!--summary end--></p> https://www.professionalpensions.com/news/1898300/frr-axes-blackrock-cap https://www.professionalpensions.com/news/1898300/frr-axes-blackrock-cap Tue, 16 Nov 2010 14:24:13 +0000 Alcatel-Lucent deficit drops by 22% <p><!--summary start--> FRANCE - Alcatel-Lucent's deficit for its pension and other post employment benefits (OPEB) dropped by nearly 22% to €1.41bn ($1.92bn) over the third quarter. <!--summary end--></p> https://www.professionalpensions.com/news/1023462/alcatel-lucent-deficit-drops-22 https://www.professionalpensions.com/news/1023462/alcatel-lucent-deficit-drops-22 Thu, 4 Nov 2010 13:33:00 +0000 French workers strike in unions' stand on pension bill <p><!--summary start--> FRANCE - Train services were disrupted and flights canceled after French unions called for a fifth, and some said final, strike today against President Nicolas Sarkozy's pension bill, passed by parliament. <!--summary end--></p> https://www.professionalpensions.com/news/1814220/french-workers-strike-unions-stand-pension https://www.professionalpensions.com/news/1814220/french-workers-strike-unions-stand-pension Thu, 28 Oct 2010 12:41:58 +0000 FRR tenders currency overlay mandate <p><!--summary start--> FRANCE - Fonds de reserve pour les retraites (FRR) has put its currency overly mandate out to tender. <!--summary end--></p> https://www.professionalpensions.com/news/1811118/ffr-tenders-currency-overlay-mandate https://www.professionalpensions.com/news/1811118/ffr-tenders-currency-overlay-mandate Tue, 26 Oct 2010 15:20:00 +0000 FRR joins Emerging Markets Disclosure Project <p><!--summary start--> FRANCE - Le Fonds de Reserve pour les Retraites (FRR) has signed up to the Emerging Markets Disclosure Project (EMDP) to help promote transparency in developing markets. <!--summary end--></p> https://www.professionalpensions.com/news/1790680/frr-joins-emerging-markets-disclosure-project https://www.professionalpensions.com/news/1790680/frr-joins-emerging-markets-disclosure-project Mon, 18 Oct 2010 13:56:00 +0000 Sarkozy ammends pension reform <p><!--summary start--> FRANCE - President Nicolas Sarkozy has announced plans to amend France's pension reform to prevent parents who interrupt their careers to raise children from being penalised. <!--summary end--></p> https://www.professionalpensions.com/news/1741155/sarkozy-ammends-pension-reform https://www.professionalpensions.com/news/1741155/sarkozy-ammends-pension-reform Thu, 7 Oct 2010 11:53:06 +0000 French pension reforms clear first hurdle <p><!--summary start--> FRANCE - A bid by French president Nicolas Sarkozy to raise the official retirement age from 60 to 62 by 2018 has been approved by the lower house of parliament. <!--summary end--></p> https://www.professionalpensions.com/news/1733568/french-pension-reforms-hurdle https://www.professionalpensions.com/news/1733568/french-pension-reforms-hurdle Thu, 16 Sep 2010 15:32:00 +0000 Sarkozy won't move on pension age, makes bill changes <p><!--summary start--> FRANCE - French President Nicolas Sarkozy agreed to modify his bill to overhaul the pension system in response to strikes and demonstrations by workers, though he won't retreat on raising the retirement age. <!--summary end--></p> https://www.professionalpensions.com/news/1003312/sarkozy-won-pension-age-makes-changes https://www.professionalpensions.com/news/1003312/sarkozy-won-pension-age-makes-changes Wed, 8 Sep 2010 13:08:00 +0000 Korean Pension Service confirms Paris property deal <p><!--summary start--> KOREA/FRANCE - Hammerson has agreed to sell 51% of its interest in a Paris shopping centre to the National Pension Service of Korea (NPS) for €217m ($278m). <!--summary end--></p> https://www.professionalpensions.com/news/1728728/korean-pension-service-confirms-paris-property-deal https://www.professionalpensions.com/news/1728728/korean-pension-service-confirms-paris-property-deal Thu, 19 Aug 2010 10:59:13 +0000 FRR reverses Q1 gains <p><!--summary start--> FRANCE - The Fonds de Réserve Pour les Retraites was down 4.2% in the second quarter, reversing gains in the first three months of the year. <!--summary end--></p> https://www.professionalpensions.com/news/1010628/frr-reverses-q1-gains https://www.professionalpensions.com/news/1010628/frr-reverses-q1-gains Mon, 9 Aug 2010 10:43:00 +0000 FRR drops Nicholas Applegate mandate <p><!--summary start--> FRANCE - The Funds De Reserve Pour Les Retraites (FRR) has terminated a mandate run by Nicholas Applegate Capital Management (NACM) following poor investment performance. <!--summary end--></p> https://www.professionalpensions.com/news/1719328/frr-drops-nicholas-applegate-mandate https://www.professionalpensions.com/news/1719328/frr-drops-nicholas-applegate-mandate Fri, 25 Jun 2010 15:15:48 +0000 French pension reform 'a priority' <p><!--summary start--> FRANCE - France's plan to lift its retirement age is a signal to investors about the seriousness of President Nicolas Sarkozy's intention to cut the budget deficit, Finance Minister Christine Lagarde said. <!--summary end--></p> https://www.professionalpensions.com/news/1719216/french-pension-reform-priority https://www.professionalpensions.com/news/1719216/french-pension-reform-priority Fri, 25 Jun 2010 09:26:00 +0000 France faces strikes over pension proposals <p><!--summary start--> France - The French government faces a wave of strikes and protests from next week after proposing that the country's retirement age should be raised from 60 to 62 by 2018. <!--summary end--></p> https://www.professionalpensions.com/news/1020197/france-strikes-pension-proposals https://www.professionalpensions.com/news/1020197/france-strikes-pension-proposals Fri, 18 Jun 2010 12:29:35 +0000 Sarkozy lifts retirement age to 62; Raises top-rate income tax <p><!--summary start--> FRANCE - French President Nicolas Sarkozy's government said it will raise the retirement age to 62 and increase taxes on capital, seeking to stem losses in the pension system and safeguard the nation's top credit rating. <!--summary end--></p> https://www.professionalpensions.com/news/1014865/sarkozy-lifts-retirement-age-62-raises-rate-income-tax https://www.professionalpensions.com/news/1014865/sarkozy-lifts-retirement-age-62-raises-rate-income-tax Wed, 16 Jun 2010 09:50:00 +0000 France confirms retirement age increase <p><!--summary start--> FRANCE - President Nicolas Sarkozy's party Union pour un Mouvement Populaire (UMP) confirmed its plans to increase retirement age and the years of contribution needed to qualify for a pension in France. <!--summary end--></p> https://www.professionalpensions.com/news/1650449/france-confirms-retirement-age-increase https://www.professionalpensions.com/news/1650449/france-confirms-retirement-age-increase Wed, 26 May 2010 12:35:11 +0000 French industry minister says retirement age may Rise beyond 60 <p><!--summary start--> FRANCE - France's Industry Minister Christian Estrosi said the government may raise the country's retirement age beyond 60 as part of a plan to stem the deficit in the nation's pay-as-you-go pension system. <!--summary end--></p> https://www.professionalpensions.com/news/1650012/french-industry-minister-retirement-age-rise https://www.professionalpensions.com/news/1650012/french-industry-minister-retirement-age-rise Mon, 24 May 2010 10:50:00 +0000 France studies later retirement, higher taxes to save pensions <p><!--summary start--> US - The French government is studying a combination of a longer working life and new taxes on high earners to stem losses in the country's pension system. <!--summary end--></p> https://www.professionalpensions.com/news/1648789/france-studies-retirement-taxes-save-pensions https://www.professionalpensions.com/news/1648789/france-studies-retirement-taxes-save-pensions Mon, 17 May 2010 10:47:13 +0000 FRR up 2.6% in Q1 <p><!--summary start--> FRANCE - The Fonds de Réserve pour les Retraites (FRR) gained 2.6% during the first quarter, according to estimated and unaudited data supplied by the fund. <!--summary end--></p> https://www.professionalpensions.com/news/1010368/frr-q1 https://www.professionalpensions.com/news/1010368/frr-q1 Mon, 10 May 2010 13:47:34 +0000 FRR replaces CIO <p><!--summary start--> FRANCE - The Fonds de réserve pour les retraites (FRR) has appointed Philippe Aurain as chief investment officer. <!--summary end--></p> https://www.professionalpensions.com/news/1599300/frr-replaces-cio https://www.professionalpensions.com/news/1599300/frr-replaces-cio Wed, 31 Mar 2010 15:29:38 +0000 EC tells France to change "penalizing" tax rules <p><!--summary start--> EUROPE/FRANCE - The European Commission has told France to change tax rules that penalise foreign pension and investment funds. <!--summary end--></p> https://www.professionalpensions.com/news/1597255/ec-tells-france-change-penalizing-tax-rules https://www.professionalpensions.com/news/1597255/ec-tells-france-change-penalizing-tax-rules Fri, 19 Mar 2010 13:01:24 +0000 France set to reform pensions <p><!--summary start--> FRANCE - President Nicolas Sarkozy has announced that negotiations on pension reform will start in April in a bid to rein in France's ballooning pension deficit. <!--summary end--></p> https://www.professionalpensions.com/news/1592120/france-set-reform-pensions https://www.professionalpensions.com/news/1592120/france-set-reform-pensions Tue, 16 Feb 2010 12:56:00 +0000 FRR up 15% in 2009 <p><!--summary start--> FRANCE - Investment returns at the Fonds de Réserve pour les Retraites (FRR) are up 15% for 2009 on the back of the strong rebound in the equity markets. <!--summary end--></p> https://www.professionalpensions.com/news/1591954/frr-2009 https://www.professionalpensions.com/news/1591954/frr-2009 Mon, 15 Feb 2010 14:40:05 +0000 FRR selects Goldman and Russell as transition managers <p><!--summary start--> FRANCE - The Fonds de Réserve pour les Retraites (FRR) has selected Goldman Sachs International and Russell Implementation Services as transition managers. <!--summary end--></p> https://www.professionalpensions.com/news/1589215/frr-selects-goldman-russell-transition-managers https://www.professionalpensions.com/news/1589215/frr-selects-goldman-russell-transition-managers Thu, 28 Jan 2010 13:16:00 +0000 FRR terminates Dexia SRI mandate <p><!--summary start--> FRANCE - France's reserve fund the Fonds de Réserve (FRR) pour les Retraites has terminated Dexia Asset Management from a socially responsible investment (SRI) mandate due to poor performance. <!--summary end--></p> https://www.professionalpensions.com/news/1004511/frr-terminates-dexia-sri-mandate https://www.professionalpensions.com/news/1004511/frr-terminates-dexia-sri-mandate Mon, 4 Jan 2010 13:55:00 +0000 FRR gives a €1.5bn fixed income mandate <p><!--summary start--> FRANCE - The Fonds de Réserve pour les Retraites has hired five managers to run a total of around €1.5bn (US$2.1bn) in fixed income mandates. <!--summary end--></p> https://www.professionalpensions.com/news/1566670/frr-eur1-5bn-fixed-income-mandate https://www.professionalpensions.com/news/1566670/frr-eur1-5bn-fixed-income-mandate Fri, 18 Dec 2009 15:22:00 +0000 FRR hires six to run credit briefs <p><!--summary start--> FRANCE - The Fonds de Réserve pour les Retraites has hired six managers to run a combined €1bn (US$1.5bn) in investment grade credit dominated in euros. <!--summary end--></p> https://www.professionalpensions.com/news/1020977/frr-hires-run-credit-briefs https://www.professionalpensions.com/news/1020977/frr-hires-run-credit-briefs Thu, 10 Dec 2009 13:00:17 +0000