DENMARK - Pensionskassernes Administration (PKA) has announced it has acted to divest its DKK65m (US$12m) holding in oil companies working in Burma.
PKA which manages DKK114bn (US$21.5bn) for eight pension funds, said the board had taken this decision due to political sentiment in the country.
A PKA spokesman told Global Pensions: “The government was disappointed the European Union had put sanctions on the Burmese forestry and precious metal industries but not on oil exports because an agreement could not be reached.”
He continued: “Following a statement from Per Stig Møller, the minister for foreign affairs, that he would have preferred sanctions on Myanmar Oil and Gas to be put in place, we felt unable to retain our shares in companies working there.”
ATP, the Danish labour market pension fund, announced yesterday it would sell its stakes in Total and other oil companies working in the politically troubled state.
New regulatory rules which require providers and advisers to produce annuity illustrations will not solve the problem of consumer detriment as they are "fundamentally" flawed, according to Retirement Advantage.
Paul Budgen is set to join financial technology and auto-enrolment (AE) firm Smart Pension as director of business development.
This week's edition of Professional Pensions is out now
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