The fund now invests in 82 different countries, an increase of 10 from 2012.At the end of the year, its asset allocation saw shifts compared with 2012, as it increased equity holdings by 0.5 percentage points to 61.7%, while reducing fixed income by 0.8 percentage points to 37.3%.It continued its push to having a 5% real estate allocation at the expense of fixed income, with its allocation hitting 1% from 0.7%.Its equity portfolio saw returns of more than 25%, compared with 18% in 2012.Returns came on the back of strong gains in developed markets, as its European investments returned 29%, Japanese 30% and North America 34%.The fund’s equity allocations to the markets at the end of 2013 were 48%, 7% and 32%, respectively.Despite the fund’s previous stance on shifting allocations away from Europe towards emerging markets, its 9.7% equity allocation only returned 1.1% overall.It added six additional markets to its equity portfolio, with investments in Kuwait, Oman, Tunisia, Vietnam, Slovakia and Pakistan.Within equity performance, the fund saw its best returns come from its telecommunications holdings (38%), and said mining companies were its worst.Its 6.4% equity allocation to basic materials only returned 5.1%.The fund was also slightly let down by its fixed income holdings, which returned 0.1% over the year.It saw negative returns for its sovereign bonds portfolios, led by a -2.1% on its 22% fixed income allocation to US Treasuries.Its private sector investments offset the negative performance, led by its securitised debt allocations, which returned 7.7% and accounted for 10.5% of fixed income allocations.The fund said it was continuing its general, and fixed income, shift to emerging markets, and allocated an additional 2.2 percentage points to the asset class compared with 2012, with the addition of Colombia, The Philippines and Hungary.This came directly from divestment in developed markets, mainly Austria and France. However, fixed income allocations to developed economies was still 78.8%.Within its growing real estate allocations, the fund saw returns hit 11.8%, as it continued its push out of European markets.The fund said it expanded its investment into US real estate, which it started at the beginning of last year.US holdings now account for 18.7% of real estate allocations, all done in 2013.Yngve Slyngstad, chief executive at Norges Bank Investment Management, which manages the fund, said real estate investments would grow substantially in coming years.“The year’s results were driven by equity investments, despite various sources of uncertainty in the global economy, stock markets made broad gains in 2013,” he added. The Norwegian Government Pension Fund Global saw returns of 15.9% in 2013 as equity investments outperformed benchmarks, helping the fund break the NOK5trn (€600bn) mark.In what the fund described as a “good year”, its value rose by NOK1.2trn, up to NOK5trn, 56% of which came from investment returns.The remainder of the fund’s increase came through capital inflows from the government and returns on currency conversion into NOK.It received NOK239bn from the Norwegian government in inflows, investing 8% into emerging markets, 8% into real estate and around 62% into equities.
In its paper, the Commission said a growing occupational and private pension market could assist in a move toward market-based financing, following a marked slowdown in lending by banks in the wake of the financial crisis.Growing the secuiritisation market and offering investors better access to the credit information of SMEs were two additional reforms viewed as important building blocks of the CMU, first highlighted last year.On barriers from prudential regulation, the Commission added: “Further work is needed to identify lower-risk infrastructure debt and/or equity investments, with a view to a possible review of prudential rules and the creation of infrastructure sub-classes.”Addressing IORPs, the paper noted that new rules were being discussed that would help remove existing national barriers preventing pension funds from investing in long-term assets, a likely reference to wording in the revised IORP Directive that overruled national investment restrictions that hindered growth.This is despite the Commission previously being warned that revisions to the Directive were “at odds” with the creation of the CMU. In line with Hill’s earlier comments that the absence of a Europe-wide personal pensions market was an obstacle to the creation of the CMU, the paper also asked if stakeholders would back the launch of a single, standardised cross-border product.The European Insurance and Occupational Pensions Authority has been working on details of a potential 29th Regime for personal pensions for a number of years. The Commission further signaled its intent to tackle tax rules that would discriminate against cross-border investments in property, saying it would take action “as necessary” where problematic arrangements were identified.Early reaction from stakeholders was positive, with the UK’s National Association of Pension Funds saying it was important to create an environment “conductive” to long-term investment.Joanne Segars, the organisation’s chief executive, added: “But it is important to remember that any reforms to the functioning of European capital markets should be seen through the lens of the providers of capital, in particular pension funds.”The European Fund and Asset Management Association’s (EFAMA) director general Peter De Proft said EU policymakers were right to encourage capital market cohesion as it would “diversify the sources of funding of the economy”.The Commission’s consultation on the CMU will conclude by mid-May.For more on the role of sustainable investment within the CMU, see IPE’s past coverage of the topic,WebsitesWe are not responsible for the content of external sitesLink to Commission Green Paper on the Capital Markets Union The European Commission has flagged up national tax regimes and the absence of a cross-border pensions market as two barriers to the creation of the Capital Markets Union (CMU).Publishing its green paper on the CMU, commissioner for financial stability Jonathan Hill said the ensuing three-month consultation would look at ways of building a single market for capital “from the bottom up” and was a “classic” single market project.The European executive also highlighted that existing prudential regulation could act as a barrier to attracting long-term financing, especially from institutions regulated by Solvency II – such as pension providers in the Nordic region.“Capital Markets Union is about unlocking liquidity that is abundant, but currently frozen, and putting it to work in support of Europe’s businesses, and particularly SMEs,” he added.
Under EU legislation, investment funds where the asset owner solely holds the risk, and assets are investment spread over numerous securities, are exempt from VAT for administration and investment services.ATP and PensionDanmark began challenging the Skatteministeriet in 1992 on the basis the pure-DC funds it operates match the requirement.After disputed rulings and appeals from both side over 22 years, the ECJ ruled all pure-DC funds in the EU should be exempt from tax, causing alterations to tax law in Denmark and other DC markets, such as the UK.PensionDanmark CFO Anders Brunn said: “Today, we are both pleased and relieved it has literally paid off to continue this case for so many years.“More importantly, this will benefit our members through even lower administration fees.”The decision in March last year was a landmark ruling for the European DC industry, with the ECJ agreeing DC funds should receive identical tax treatments as some investment funds.In its ruling, the ECJ said member states should exempt VAT on DC funds without prejudice, although after proving they met risk-bearing criteria.It listed the following charges to be exempt: “Transactions, including negotiation, concerning deposit and current accounts, payments, transfers, debts, cheques and other negotiable instruments, but excluding debt collection and factoring and management of special investment funds as defined by member states.”However, other VAT compensation disagreements remain in Europe.Dutch engineering firm PPG challenged its tax authority regarding VAT paid on investment costs for the defined benefit (DB) pension scheme it sponsors.The ECJ ruled in its favour, agreeing pension schemes were an employer responsibility, and that investment and administration costs incurred were business costs and thus VAT exempt.The UK’s tax authority, HM Revenue and Customs (HMRC), began re-thinking its stance on VAT for pension funds after the ATP and PPG victories.It previously revealed interpretations that potentially increased tax liability for sponsors before retreating after significant opposition and pressure.A separate case brought by the UK Wheels Common investment fund and the National Association of Pension Funds (NAPF) against HMRC failed in the ECJ on the basis DB schemes did not share enough characteristics with SIVs to be VAT-exempt. PensionDanmark has received more than DKK200m (€26m) in value-added tax (VAT) compensation after its victory over the Danish government in the European Court of Justice (ECJ).The DKK170bn labour market pension fund argued that defined contribution (DC) schemes shared enough characteristics with special investment vehicles (SIV) to be exempt from VAT charges on administration and investment management services, counter to the view of the Danish tax authority (Skatteministeriet).The ECJ ruled in PensionDanmark’s favour, with the tax authority now settling with the scheme to the tune of DKK200m plus interest.ATP took the legal case on behalf of PensionDanmark as it believed it should not be charging its client VAT for services.
Irish defined contribution (DC) pension schemes must demonstrate they are providing value for money to their members and being encouraged to benchmark themselves against peers in a new code drafted by the Pensions Authority. The codes of governance for DC funds, published after the regulator launched a consultation on minimum quality standards in 2013, urged value for money to be included on a regularly updated register of scheme risks. Other principles outlined by the Authority included how trustees should engage with investment managers, how member communication should be structured and the demand that all risks – including costs, investments, regulation and fraud – be captured in a comprehensive risk-management plan. In general statements on risk, the Authority noted that, where they were so severe they could threaten the future of the scheme, trustees should decide what steps to take to limit the impact. “This may involve reducing the likelihood or the impact of the risk arising or deciding on the steps that will be taken if the risk comes to pass,” according to the draft code. The Authority included value for money among the risks pension trustees should monitor and said that, while there was no common definition of what amounted to good value, value would only be provided where the service and benefits were better than that provided by other schemes – placing the onus on funds to reduce costs if they are an outlier within the industry. Without explicitly mentioning it, the emphasis on costs is in line with both the Irish government’s agenda for DC and the Authority’s desire to see the market consolidate and achieve scale. Brendan Kennedy, head of the Authority, has previously spoken of his desire to see the number of DC funds fall to around 100. The recently formed Pensions Council is currently looking at ways to tackle costs among pension providers in Ireland.The Authority has put the codes out to consultation, asking for responses by 16 June.
Last year the mandatory fund had a market share of 52%.Meanwhile, NLB Nov Penziski Fond AD Skopje, which runs the country’s other mandatory fund as well as a voluntary fund, was last month put up for sale by its owner, state-owned Nova Ljubljanska Banka, Slovenia’s largest bank.Prior to EBRD’s involvement, Prva had already expanded beyond Slovenia.In Serbia it has a 60% share in DDOR Garant, which operates two voluntary pension funds, while in Kosovo it operates the Fondi Siloveno-Kosovar i Pensioneve supplementary pension fund.The Slovenian pensions and insurance management subsidiary Prva osebna zavarovalnica last year expanded its suite of pension funds following the introduction of life-cycle funds.Overall, according to the EBRD, Prva Group now has more than €735m in pension assets under management and nearly 400,000 policy holders, while its Slovenian subsidiary holds the biggest market share (26.45%) in local voluntary pensions insurance provision.EBRD’s other pension fund management investments have included a stake in the Russian mandatory provider European Pension Fund, which it exited in 2013 when the fund was acquired by the BIN Group (since renamed Safmar Financial Group), and which has since been merged with three of the group’s other pension funds into NPF Safmar.One of the bank’s more recent pensions ventures was an equity investment in a voluntary pension fund management company in Republika Srpska, one of the two entities of Bosnia and Herzegovina (BiH).According to the EBRD’s website, the new company will be BiH’s first provider of voluntary pension fund and asset management services. The European Bank for Reconstruction and Development (EBRD) has exited its investment in Prva Group, one of Slovenia’s – and south-east Europe’s – biggest insurance and pensions providers.At the end of March the bank sold its 20% stake for an undisclosed amount to DEJ doo, a Ljubljana-based company that already held just over 50% in Prva.According to the EBRD, it originally invested in Prva in February 2007 in order to further its market expansion and strengthen corporate governance.Later that year Prva’s subsidiary KB First Pension Company won one of two Macedonian mandatory pension fund licences, and subsequently set up a voluntary fund.
TPI is a £7trn asset owner-led initiative developed by the Church of England and pension fund partners.However, an amendment submitted by Oxford Diocese in advance of the Synod urged the investors to require fossil fuel companies to align their business plans with the Paris Agreement by 2020 or – automatically – face immediate divestment.After discussion, that amendment was dropped, with the Synod approving an alternative amendment asking the investors to assess companies’ progress by 2023, and divest from any companies not on track to meet the aims of the Paris Agreement.During the debate, David Walker, bishop of Manchester and deputy chair of the Church Commissioners, said: “Unilateral, wholesale [divestment] from fossil fuel producers in 2020, or beginning in 2020 based on assessments in 2020, would leave our strategy, and influence, in tatters.”He argued: “It would not spur companies on to change further and faster – it would take the pressure off them. Now is not the moment to do that.”A Church of England spokesman said: “This new date is provided as a cut-off date when engagement has failed and the company is clearly not on the path towards the Paris Agreement targets.” New research from the TPI has shown that, within the electricity, coal, and oil and gas sectors, most companies are yet to adopt business strategies aligned with the goals of the Paris Agreement. The Church of England is to divest from fossil fuel companies that have not complied with its requirements to report on their climate change strategy by 2023.The church’s General Synod – its governing body – voted earlier this month on the policy, which will now be adopted by its three investing bodies, The Church Commissioners, Church of England Pensions Board, and CBF Church of England Funds, with aggregate endowments worth around £13bn (€14.7bn).The Synod overwhelmingly affirmed its support for the three bodies’ approach to tackling climate change, including its ongoing strategy of engaging with companies rather than divesting from them.The investors had previously announced that, beginning in 2020, they would use Transition Pathway Initiative (TPI) assessments to start to reduce holdings in companies that were not taking seriously their responsibilities to assist with the transition to a low-carbon economy.
“We will also supervise these schemes to ensure that they continue to meet the authorisation criteria, are well-run and offer good value for members.“Our policy outlines how we will be collaborative in supervising schemes, but tough to use our powers, including de-authorising schemes, if they drop below the standards outlined in legislation.”#*#*Show Fullscreen*#*# The UK’s Pensions Regulator (TPR) has published its proposed regulatory framework for defined contribution (DC) master trusts.The proposed rulebook will take effect from October, when the multi-employer DC market becomes subject to TPR’s authorisation regime. Providers will have until April to apply for authorisation.The draft rules, published yesterday, set out TPR’s policy for regular monitoring of master trusts, the circumstances in which it would increase its engagement with particular schemes, and what would happen if a scheme was struck off its list of authorised providers.Kim Brown, head of master trust authorisation and supervision at TPR, said: “Authorisation will create a market with better safeguards. To do that we need to set the standards that every master trust must meet to operate once they have been authorised, or set up in the market. Source: Department for Work and PensionsThe government expects the master trust market to shrink by a third after authorisation kicks inTPR outlined its plans to monitor the individuals running a master trust, the financial strength of the trust’s backers, the robustness and quality of its systems and processes, and its continuity planning.Should the regulator decide a trust posed a high risk to its members, it would impose additional supervision measures such as face-to-face meetings with managers and trustees, and in some cases the appointment of a named supervisor to enhance monitoring of risks and mitigation efforts.“New master trusts can expect to receive a higher level of supervision than those who are more established because they will not have an operational track record,” the regulator said. “Higher intensity supervision will give these master trusts the opportunity to demonstrate that they continue to meet the authorisation criteria.”In deciding whether to withdraw a master trust’s authorisation, TPR said it would consider aspects including the frequency and impact of rule breaches, the sustainability of the trust, the “intention and behaviour of individuals involved in running the master trust”, and the impact on members.“We are more likely to withdraw authorisation where the master trust frequently fails to meet the authorisation criteria and/or the impact of any failures are a significant detriment to members,” TPR stated.The UK government has previously estimated that the number of master trusts could shrink by more than a third when the new authorisation regime kicks in.The consultation on the new rules runs until 23 August. The draft rules are available here, and TPR’s feedback form is here.
“Our survey shows pension schemes have given a great deal of thought to the impact of Brexit on their operations and are well prepared”James Walsh, head of member engagement, PLSAJames Walsh, head of member engagement, PLSA, said: “Our survey shows pension schemes have given a great deal of thought to the impact of Brexit on their operations and are well prepared.“When we talk to our members, [their views] mostly cluster around how much they think Brexit is likely to impact their sponsoring employer, rather than the operations of the scheme itself.”Walsh explained that this varied markedly, depending on the nature of the business.He said: “For example, some pension schemes with sponsors in the retail sector are worried that hold-ups at the ports could disrupt business and weaken the company, but others tell us their sponsors are confident that their supply chains will remain robust or that their business is entirely based in the UK and will remain stable.”Further readingHow Europe’s pension sectors are preparing for BrexitIPE asked regulators and industry bodies in EU member states how they have been preparing for the UK’s scheduled departure from the bloc on 31 October UK pension schemes are well-prepared for the potential impact of Brexit, the country’s main pension trade body has said on the basis of its latest survey on the topic.The Pensions and Lifetime Savings Association (PLSA) today said that over half (55%) of the pension schemes responding to its latest survey had now taken specific action to mitigate risks associated with the UK’s departure from the EU. A similar survey carried out a year ago found that just 28% had done so by then.The latest survey indicated a considerable increase in the share of workplace pension fund trustee boards that had discussed the potential impact of Brexit on their scheme: 88% of respondents, up from 63% in 2018.Other results were that 63% of those surveyed have formally assessed Brexit risks, up from 26% in the preivous survey, and 75% have discussed the potential impact on their sponsoring employer, compared with 61% previously. The survey was carried out between the end of August and the beginning of September and covered 71 pension schemes, both defined benefit and defined contribution funds.Last year, 45% of pension schemes surveyed thought Brexit would have a negative impact on the value of their assets while this year the figure had fallen to 33%.According to the PLSA research, the top six actions pension schemes surveyed have taken to mitigate Brexit risks are:* Reviewed asset allocation;* Changed asset allocation;* Reviewed the employer covenant;* Reviewed currency hedging strategy;* Reviewed hedging strategy of non-currency risks;* Commissioned extra advice from professional advisers.Covenant concernsBut pension managers and trustees expressed some concerns about how Brexit could affect their sponsoring employer’s ability to support the scheme, with 45% saying that leaving the EU will have a negative impact on their employer covenant.One in five schemes (20%) said Brexit would result in additional administrative costs and complexity for their schemes, although 43% were more relaxed, disagreeing that costs would be affected.
103 Amalfi Drive, Isle Of Capri. 103 Amalfi Drive, Isle Of Capri. 103 Amalfi Drive, Isle Of Capri.The property was on the market for about four months under another agency before Mr Wardale took over.It last sold in October 2014 for $1,811,500.Despite a slower market across the Coast over winter, Mr Wardale said properties on the Isle of Capri remained in high demand.“I think the Isle of Capri is one of the hottest suburbs at the moment,” he said.“I definitely think it’s only improving.” 103 Amalfi Drive, Isle Of Capri.THE ink is dry on the multimillion-dollar sale of a waterfront home on one of the Gold Coast’s most sought after streets.The $2.15 million sale of the sprawling property on the Isle of Capri’s Amalfi Drive was cemented late last week following a 60-day settlement period.Marketing agent Eddie Wardale, of Kollosche Prestige Agents, said an expat Australian family living in Vietnam bought the five-bedroom, four-bathroom house. More from news02:37International architect Desmond Brooks selling luxury beach villa15 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag2 days ago103 Amalfi Drive, Isle Of Capri.The family, initially from interstate, planned to move to the Gold Coast for their children’s schooling.“They looked at homes around Benowa Waters primarily and decided they wanted to be on the Isle of Capri because of the lifestyle and … shops nearby,” he said.The contemporary home sits on a 789sq m block and has 20m of water frontage and skyline views.A media room, pool, pontoon and master bedroom ensuite with sunken spa are among its standout features.Mr Wardale said the family planned to renovate the home then move into it in about two to three years.
Multi-level living to suit modern families. THE BACHELOR’S QLD CRASH PAD FROM KENMORE, WITH LOVE SHIPPING CONTAINERS TRANSFORM COTTAGE “That pocket there is really popular with doctors because it’s a really good connection point between a number of hospitals. The house itself pays a lot of respect to the old home. There’s a lot of old recycled timber pieces as part of it, like the old pine floorboards as balustrading on rails. It’s a really, really cool home.” 105 Hawdon St, Windsor, has a 90 years of history behind it.“For nearly ninety years, this cottage has been patiently waiting for a family ready to create their dream home,” was how Ms Harris described it.“Overlooking an imposing pair of gateposts at the foot of desirable Windsor’s historical Eildon Hill Reserve”, the single-level cottage was just 6km from the Brisbane CBD, with panoramic views, original features including VJ boards, sash windows, fretwork and ceiling roses.” 6 Christella Court, Kenmore Hills, goes to auction at 9am on Saturday.Buyers looking for inner-city chic will be hard pressed to go past a New Farm designer home this Saturday, which agent Tom Lyne of Ray White — New Farm said was an “architectural entertainer”.The four bedroom, three bathroom, double car space home at 100 James Street, New Farm, has seen “good interest” from families and locals. The home is ready for updating but also move-in ready for those wanting to live in it for a bit before deciding how best to make the most of the site.“Land of these dimensions rarely becomes available in the inner northern suburbs.”The home will be open for inspection at 11am on Saturday with the auction kicking off at 11.30am. CLICK HERE FOR FULL LIST OF BRISBANE HOMES GOING TO AUCTION THIS WEEKEND Clean lines in the kitchen.Snezana Harris of Place Ascot has one of the rarest homes going to auction this weekend — the original Eildon Hill Gatekeeper’s House which sits on a large 1,368 sqm block with views across the district.“We’ve had good interest,” she told The Courier-Mail. It’s a unique property. It’s got lovely views and a great location.”The 90-year-old cottage at 105 Hawdon Street, Windsor ticks the right boxes for anyone looking for a historic home with potential to grow. The pool has its own level space, great for a party.Agent Michelle McLeod of McLeod Partners — Brisbane described the home at 6 Christella Court, Kenmore Hills as having a “stunning showpiece kitchen”.“Chefs and those who love to experiment in the kitchen will appreciate the high quality stone benches and splashbacks with gas cooking and two-pac cabinetry. The kitchen enjoys the sensational outlook to the hills and also has direct access to the blue saltwater pool which oozes serenity.”She has the property listed for auction at 9am on Saturday — though the home will be open for viewing for half an hour before that at 8.30am Inner-city chic at 100 James St, New Farm.“There’s nothing comparable to this on the market there right now,” Mr Lyne said. “The level of design and layout works perfectly for a family. “We do think we will have several bidders there on the weekend. It’s a beautifully finished home.”Mr Lyne, who’s marketing the home with colleague Mr Lancashire, has the home open for a half an hour inspection at 10.30am on Saturday before it goes under the hammer at 11am. What a view to look at while doing the dishes.The modern two up-two up design has split the bedrooms into wings though the home was described as having “flair and versatility”.More from newsParks and wildlife the new lust-haves post coronavirus17 hours agoNoosa’s best beachfront penthouse is about to hit the market17 hours agoBig decks and walls of glass to capture views across the hillside plus an extra kitchenette that can allow for self-contained living make this a home that can grow with changing family needs. 105 Ryan St, West End, was designed by Conrad Gargett Riddle — the same firm behind the Queensland Children’s Hospital/Lady Cilento Hospital.Agent Matt Lancashire of Ray White New Farm who’s marketing the property with colleague Jahkoda Ferguson said interest in the home was strong because homes hardly came up for sale there.“There hasn’t been a huge amount of riverfront properties come up here. There’s a cluster of about 25 homes and nothing’s been sold (here) since 2014. It’s very, very, very tightly held,” he said. Brisbane has 71 homes going under the hammer this weekend including this stunner at 100 James Street, New Farm.BRISBANE will see 71 homes go under this hammer this weekend including a waterfront stunner in one of the most tightly held areas of the city.The city’s up-market hot spots are expected to see some action with several architectural dream homes coming to market — in some cases for the first time in decades — loaded with advantages like riverfrontage, hipster locations, an abundance of greenery, views or history.A buzz has already been created around 105 Ryan Street, West End, an absolute riverfront “masterpiece” designed by Conrad Gargett Riddel — located across the river from university suburb St Lucia, yet on the same peninsula as the high-energy restaurant and entertainment precinct surrounding Southbank. The Brisbane River at the bottom of the block with St Lucia across the water.“It’s going really, really well. There should be anywhere between three to four registered bidders.”The home will be open for inspection at 2pm on Saturday with the action proper at 2.30pm on site.Among the homes kicking off the day’s auctions will be a four bedroom, three bathroom, double car space split level property amid the greenery at Kenmore Hills. Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 9:24Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -9:24 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD288p288pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. 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This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenCoreLogic Brisbane Housing Market Update – August 201809:25