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      Risk Reduction Forum 2019

      The Risk Reduction Forum seeks to arm trustees and scheme professionals with practical insights around best practice, and takeaways they can apply to their own scheme

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      Professional Pensions has launched its inaugural Rising Stars Awards to celebrate the emerging talent in pensions

      • Date: 27 Mar 2019
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      • Date: 24 Apr 2019
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      • Date: 30 Apr 2019
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    • How DC schemes can gain exposure to different asset classes in a low-return environment

      So far, DC plans have largely been focused on the onset of auto-enrolment and changes to the regulatory framework - be it the ‘charge cap,' ‘pension freedoms' or consultations around ‘value for money', says Annabel Tonry, Executive Director at J.P. Morgan Asset Management (JPMAM).

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      Pension freedoms three years on

      In 2015 George Osborne, then the UK Chancellor of the Exchequer, decided that those age over 55 could take much more of their pension in cash. This has since opened up a range of possibilities for DC scheme members in the world of pensions.

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Professional Pensions
  • Norway

Oil Fund -4.8% due to bonds losses

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  • Giovanni Legorano
  • 20 May 2009
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NORWAY- The Government Pension Fund - Global posted a loss of 4.8% for the first quarter of 2009.

Norges Bank, which manages the assets of the so-called Oil Fund said in a statement this represented a negative return relative to the benchmark portfolio of 0.3 percentage point, equivalent to NOK66bn (US$10.3bn).

The market value of the fund was NOK2.076trn at the end of the quarter, down from NOK2.27trn at the end of 2008. Inflows of new capital into the fund came to NOK44bn, the lowest figure since the fourth quarter of 2004.

The quarterly report showed the negative excess return relative to the benchmark portfolio due to a continued decline in the value of existing fixed income positions.

The report said: "Within fixed income management, it was especially bonds issued by banks and financial institutions that contributed to the negative result. Bonds with the status of core and supplementary capital fell substantially in value during the quarter as the market asked questions about the capital position of most banks. These positions were established before the financial crisis began in 2007 and are currently illiquid."

Performance has improved moving into the second quarter.

Norges Bank Investment Management (NBIM) chief executive officer Yngve Slyngstad said: "In the parliamentary hearing in late April, we stated that the fund's performance at the time was flat in terms of both absolute and relative returns. The market recovery seen in March has continued into the second quarter."

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