first_imgFrance’s €32.6bn pension reserve fund has blamed a “brutal” fall in stock markets towards the end of 2018 for contributing to its first investment loss in eight years.In its annual report, published this week, the Fonds de Réserve pour les Retraites (FRR) said it had lost 5.2% over 2018, with the last two months of the year dramatically impacting performance.A statement from the fund said this annual loss was the first it had experienced since launching a new investment strategy in 2011 – and should not be attributed to its stock selection.The fund’s return-seeking assets, which make up 56% of the portfolio, lost 8% over the year, with its bond allocation losing 0.8%. This meant the fund’s total assets stood at €32.6bn at the end of 2018 – down €3.8bn on a year earlier – having lost €1.7bn through the investment performance and the rest from making its regular payment to the Caisse d’Amortissement de la Dette Sociale, which was established to redeem the country’s social security debt.Despite the loss, the FRR was still able to meet its liabilities, it said, with annualised performance since 2011 reaching 4.2%, net of all costs. FRR’s Olivier Rousseau collects the Climate-Related Risk Management award from Marie Dzanis, CEO of Northern Trust Global Investments, at December’s IPE Awards dinner in DublinCredit: Patrick FrostThe fund acknowledged the return of volatility to world markets and outlined its commitment to the French economy, citing a long-term investment horizon.Over the course of the year, the fund also stepped up its commitment to responsible investment by increasing the focus on environmental, social and responsible criteria when renewing its contracts.It lowered the threshold for excluding companies earning revenues from thermal coal from 20% to 10%, in line with its policy of moving in line the energy transition.It also awarded development capital fund mandates, with €2bn being invested in unlisted French assets.Further readingWhy FRR doesn’t invest in green bonds – for now Executive director Olivier Rousseau explains FRR’s approach to sustainability in the fixed income arenaIPE Conference: Quantitative v qualitative in impact investing Asset owners from Ireland, Sweden, France and the UK argue that numbers aren’t the only way of measuring impactslast_img read more

first_imgUK auto-enrolment pension provider NEST has expanded the scope of its “sidecar” savings project, introduced last year to explore how to improve the financial resilience of UK workers.Two more employers – Yusen Logistics and the University of Glasgow – have signed up to offer an emergency savings option to their employees, alongside high street services chain Timpsons, which was announced as the first company to run the project in November last year.Presenting the sidecar savings project at an event hosted by NEST’s Insight research department this week, head of research and innovation Jo Phillips said more employers were interested in joining the trial.The trial went live this month, with staff at the three companies offered the ability to save into an emergency savings pot using contributions from their monthly wages, on an opt-in basis. The savings “jars”, as NEST has branded them, have been framed as emergency savings accounts, but no restrictions have been placed on how the money can be spent or how accessible it is. Timpsons was the first employer to sign up to NEST’s sidecar savings trialStaff can set how much they would like to save each month and an overall “target” for the emergency savings pot. Any contributions paid after this level is reached will be automatically redirected into the individual’s NEST pension account.The trial would run for two years, Phillips said.The Money and Pensions Service, which helped fund the project, said there were six areas that the trial was designed to explore, namely:How much individuals were prepared to save;Whether they maintained a regular saving amount;What effects were observed on individuals’ financial resilience;Whether savers were “on a trajectory to save more for retirement”;Whether the emergency savings had effects on financial and non-financial wellbeing; andWho benefited most from the trial and why.Salary Finance is providing the payroll technology that will monitor contribution levels and switch from the savings pot to the pension account and vice versa. Yorkshire Building Society has provided the bank accounts.last_img read more

first_imgThe European Commission has summoned the Netherlands to the European Court of Justice (ECJ) for taxing pensions moving abroad.It argued that the taxation conflicts with the principle of free movement of capital.According to the EC, workers must be able to transfer pension capital to another member state, even if the country of destination allows taking out a lump sum of up to the entire pension entitlement.Twelve member states, including Germany, Belgium and Denmark, have already introduced this option, however, in the Netherlands, the country is only to allow a limited lump sum as part of its pending pensions reform; and it levies a tax on value transfer to these member states, while refraining from taxation in case of a domestic transfer. The EC concluded that this approach “seriously hinders the principles of free traffic of workers, services and capital”.It had already started an infringement procedure against the Netherlands in 2012, followed by a “reasoned advice” in 2018.As the Netherlands had ignored the call for legal adjustments, the EC has now issued the country a subpoena to appear before the ECJ.Erik Lutjens and Hans van Meerten, both professors of European pension law, indicated that the Netherlands might not have implemented pensions directive IORP II correctly on collective value transfer, as the Dutch rules are stricter for foreign transfers.Van Meerten said he had lodged a complaint with the EC, which could lead to a substantive infringement procedure.Meubel, the €3.5bn Dutch pension fund for the furnishing sector, has announced that it will replace its current pensions provider Centric with TKP Pensioen.To read the digital edition of IPE’s latest magazine click here.last_img read more

first_imgSarah Bates has been appointed to succeed Dame Jane Newell as chair of the John Lewis Partnership Trust for Pensions effective 1 August.A department store brand, John Lewis is the UK’s largest employee-owned business, with the employees called partners.Bates is a veteran of investment management with specialist expertise in pensions. She rose from being a fund manager to becoming CEO of the UK institutional business at Invesco, which she left in 2003. She has since then held a variety of trusteeships and non-executive director positions. She is currently an independent member of the investment committees of the BBC Pension Scheme and the Universities Superannuation Scheme, and was previously chair of the pension fund investment committee for Cancer Research UK and chair of trustees for the Stena Line UK pension scheme. Away from pensions, she is chair of Polar Capital Technology Trust and Merian Global investors, and non-executive director of the Worldwide Healthcare Trust.She is also a co-founder of the Diversity Project and chair of the Diversity Project charity. Sarah Bates, John Lewis partners pension scheme’s new chair of trusteeNewell is stepping down after having been chair of the John Lewis pension trust since 2013. She has also been chair of Royal Mail’s pension plans, the Dixons Group pension scheme; and the United Utilities Pension Scheme. The John Lewis Partnership pension scheme now only has an open defined contribution scheme, with the defined benefit section having been closed at the end of March following a year-long review and consultation with the retailer’s partners.To read the digital edition of IPE’s latest magazine click here.last_img read more

first_imgElo, the third largest of Finland’s four pension insurance companies, said its solvency levels staged a big recovery in the second quarter following its one-day breach of the regulatory floor in March, but still reported weaker end-June solidity figures than its peers.Satu Huber, chief executive officer of the mutual earnings-related pension provider, said: “The record-steep decline in the listed securities market in March had been followed by a fast rise, driven by exceptionally intensive stimulus measures.“After the temporary drop caused by the coronavirus shock, Elo’s solvency strengthened significantly due to the general market rise,” she said.In the second quarter, Elo submitted a recovery plan to the Finnish Financial Supervisory Authority (FIN-FSA), drawn up after its solvency position fell one point (0.01) below the supervisory threshold of 1.0 for one day, the firm said in its interim results announcement. FIN-FSA approved Elo’s recovery plan on 16 June, the company said.At the end of June, the solvency position was 1.4, down from 1.6 at the end of 2019.Finland’s other pension insurers Varma, Ilmarinen and Veritas have recently reported solvency levels of 1.7, 1.6 and 1.8, respectively, for the end of June.Back in May, Finland’s government prepared emergency legislation designed to temporarily strengthen pension providers’ solvency, amid fears that the coronavirus pandemic and its dramatic effect on financial markets could otherwise force the institutions to sell assets in unfavourable conditions.However, that legislation has not been submitted to parliament, as solvency levels have since bounced back.Elo reported a negative return on investments for the first half of 2020 of 4.1%, compared with a positive result of 13% for the whole of last year. Its average real return over a 10-year period stood at 3.9% and at 3.3% over a five-year period, the firm reported.Total assets dipped to €24.6bn from €25.9bn at the end of last year, according to the report.Hanna Hiidenpalo, Elo’s CIO, predicted uncertainty on financial markets would continue for the rest of this year.“A new concern is the second wave of the coronavirus pandemic, which would, at worst, stifle demand both in Finland and in the key export markets,” she added.Hiidenpalo said economic development and the development of the investment market had taken divergent paths for a long time.“What is crucial for the long-term development of the investment market is how long this divergence continues,” she continued.The lack of profitable investment alternatives seemed to be supporting development of the equity market in conditions where low interest rates prevailed, she said.To read the digital edition of IPE’s latest magazine click here.last_img read more

first_imgHard to believe this is just an hour’s drive from the Brisbane CBD. New 22ha lake coming to the southeast Buyers clamour over renovated ‘ugly duckling’ Interest rates on hold for two years “The toughest decision,” according to agent Wendy Roberts of ReMax Living Burpengary, was which way to look when you’re on the deck of the home in Rocksberg, home.The five bedroom, three bathroom, five car space house has spectacular views across the Caboolture hinterland through to the Glasshouse Mountains, Bribie Island, Moreton Island, Brisbane, the Blackall Range and across 250 acres of creeks and wildlife reserved as common land. There are stunning views across every room in this house.A HOME north of Brisbane that’s broken through the million-dollar mark for the first time ever was still considered a steal given its breathtaking location.The dual living property was snapped up in under a month by local buyers who were looking at moving the extended family in.The property in a secure gated community in Rocksberg — an hour from Brisbane’s CBD — broke through into millionaire territory on Monday. It had last changed hands between family members for $800,000 six years ago. More from newsParks and wildlife the new lust-haves post coronavirus17 hours agoNoosa’s best beachfront penthouse is about to hit the market17 hours agoThe home has been set up for dual living.Ms Roberts was not surprised by the price the home fetched, saying she was still fielding queries for the property now.“Had there been a couple of improvements done on the property it would have sold for over $1m … the buyers are going to make some personal changes anyway,” she said. “The views are just unbelievable.” The central courtyard would be perfect for those with small children to keep an eye on.Her jaw dropped when the sellers asked her over for a late afternoon chat before the sale.“It was beautiful to see the change in the colour and light.”“It was on the market probably under a month.”center_img Another living space, and the views stretch for miles.The property is just 15 minutes from Morayfield with a land parcel of 3.2 hectares.Among its features was a cosy wood heater, a large deck for entertaining, and a large open plan entertaining area with bar and pool table. The home has seven solar panels and about 100,000 litres of water storage. FOLLOW SOPHIE FOSTER ON FACEBOOK One of five bedrooms in the home.“Every window you look out you’ve got a different view. They used to be able to see fireworks in Brisbane on a clear night, Moreton Island, Bribie, right up the Sunny Coast.”The gated community has ten homes all up, offering acreage lifestyle without the hassle and full complete home security.last_img read more

first_imgThe double-storey home delivers four spacious bedrooms, including a luxurious master suite, a study nook, huge integrated living hub and a secondary leisure or media room upstairs.The Biggest Volume Builder award recognised Metricon for completing the largest number of homes within Stockland’s Queensland communities from January 1, 2017, to March 31, 2018. Mr Ryan said the group was thrilled to receive the awards.“To receive this recognition for our workmanship, design and innovation is a thrill and a credit to our Queensland team,” he said.“Entering the Stockland Vibe Awards has allowed us to showcase what we do and how proud we are of our team. Metricon Homes took out two awards at the Stockland’s recent VIBE Awards, and was named Biggest Volume Builder in Queensland, as well as winner the Best Double Storey Home in the Building Design and Principles category.This Newport home’s ‘sense of grandeur’, is what won the judges over at Stockland’s recent Vibe Awards. The floorplan of the Metro provides an abundance of space, but on a compact 31 square floorplan, which is ideal for narrow blocks just 10.5m wide.More from newsParks and wildlife the new lust-haves post coronavirus16 hours agoNoosa’s best beachfront penthouse is about to hit the market16 hours agoMetricon Homes design director Adrian Popple said when designing the The Designer by Metricon Metro 31 at Newport, they wanted to present a floorplan that used the 400sq m block to its full potential. The design makes the most of the 400sq m block size in the Newport community, with its 12.5m-wide frontage and northerly aspect.“Another critical element of the design was ensuring that the home did not feel narrow and confined, despite the modest width of the home,” Mr Popple said.“Upon entry, the most obvious feature of the home is the powerful and impressive void that immediately greets you. “A sense of grandeur that is simply not expected in a home of this size.”Metricon Homes Queensland general manager Peter Ryan said the floorplan was ideal for narrow blocks at 10.5m wide, making most of the 400sq m block size within the Newport community. “The Biggest Volume Builder win is very exciting for us as it’s a representation of Metricon’s ability to bring our customers value and efficiencies through economies of scale.” >>FOLLOW EMILY BLACK ON FACEBOOK<< The Designer by Metricon Metro 31 at Newport took out The Best Double Storey Home category based on criteria including value for money, presentation, colour scheme, lighting, kitchen and bathroom and ensuite design.Metricon Homes took out two awards the event, including being named Biggest Volume Builder in Queensland, as well as winning the Best Double Storey Home in the Building Design and Principles category.last_img read more

first_imgHerron Todd White director Tod Gillespie said a combination of tighter lending criteria as a result of the banking royal commission, declining interstate markets and a looming federal election had a lot to do with the softening market.“People are cautious,” he said.“Anecdotally, talking to various agents there’s definitely a lot less buyers out there.“Leading into an election, it’s always slower as well.“We expect the housing market to be more resilient than the apartment market at this stage.”Mr Gillespie said it was “erratic” from suburb to suburb, with some performing well and others not.MORE NEWS: Auction racks up $12m in sales Herron Todd White’s latest month in review report shows the Gold Coast market is softening.“We’re an attraction city at this point in time, I see that as a positive going forward.”His comments followed the release of leading property valuation firm Herron Todd White’s February Month in Review report.It showed property prices in many suburbs were easing while the number of days on market were blowing out.“Motivated sellers are being forced to meet the market if they wish to sell, which is resulting in a clear reduction in value, consequently affecting surrounding property values,” the report said.The prestige market was tipped to “struggle” but the report pointed out multiple areas that continued to perform well.More from news02:37International architect Desmond Brooks selling luxury beach villa12 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag2 days agoIt said there was a “healthy level of construction activity” between Mermaid Beach and Main Beach, while property values were expected to remain stable in Benowa and Ashmore. Interstate migration will keep the Gold Coast property market afloat, according to a leading real estate expert.INTERSTATE migration will keep the Gold Coast property market afloat while other areas across the country, including Melbourne and Sydney, are in decline.REIQ Gold Coast zone chairman Andrew Henderson said people would continue to move to the Glitter Strip as long as it was affordable and offered a good lifestyle, jobs and quality amenities.“We’re still seeing reasonably good numbers of people moving to the Gold Coast,” he said.“Our strength in a lot of our sales is the owner-occupier side … and it has been for a number of years now. Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:51Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:51 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD576p576p432p432p270p270pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. 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 Rate1xFullscreenStarting your hunt for a dream home00:51center_img MORE NEWS: Cost of V8 star’s marriage split widens Mr Henderson backed his comments, explaining factors like location and quality determined the level of demand.“There are certainly parts of the market that are softer and others that have done well in holding their pricing,” he said.“Sometimes it comes down to the particular product.“The number of buyers that are inspecting has definitely reduced but I don’t think there’s a reduction in quality.”last_img read more

first_imgThere are polished timber floorboards and VJ walls.“The block size and the location being in the River Avenues were probably the two key factors, as well as the Queenslander aspect,” Mr Peck said.The agent said about 50 groups inspected the property and two written offers had been received. Outdoors is an inground pool.Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:51Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:51 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD576p576p432p432p270p270pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. 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 Rate1xFullscreenStarting your hunt for a dream home00:51 The kitchen is galley-style.According to CoreLogic data the suburb median house sale price for Hawthorne is $1,150,000, a figure that had risen 6.5 per cent in the three years to November 2018. The bedrooms are large.The renovated 1920s character home has VJ walls and polished timber floorboards, along with high ceilings.There is zoned ducted airconditioning, an inground saltwater pool, and views of the Story Bridge, Teneriffe’s historic woolstores and the city.Mr Peck said Hawthorne was a blue chip area and could be expected to continue strongly.center_img The house at 158 Barton Rd, Hawthorne, sold for $2.158 million.A HOUSE at Hawthorne has sold at almost a staggering $1 million more than the suburb average.The property at 158 Barton Rd was sold earlier this month for an eye-watering $2,158,000. More from newsParks and wildlife the new lust-haves post coronavirus14 hours agoNoosa’s best beachfront penthouse is about to hit the market14 hours agoOne of the many living areas.Ray White East Brisbane agent Jonathan Peck said the house was bought by a young family who were drawn to the size and location of the 815sq m block.last_img read more

first_imgThe main bedroom is huge!Ms Hurley has a passion for renovation, but said she did not realise it for a long time.“I was just doing it on the side of my main job, and one day I had the epiphany that this is what I love, so I gave up my job and took on property investing full time.”Ms Hurley has now renovated more than 40 properties, and said they completely gutted this property and rebuilt, keeping only the foundations. Many of the light fittings, like this one, are custom made.There are four main living levels, with the children’s bedrooms downstairs, the open-plan kitchen, living and dining on level two, and the master suite on level three. On level four is a 70sq m space currently used by Ms Hurley as an office, but it could be converted into an additional two bedrooms and a bathroom. The house has a neutral colour palette with timber features warming the rooms.Soak in your choice of indoor and outdoor baths, carved from riverstone, or kick back in the pool. The riverstone bath is one of the home’s many highlights.More from newsParks and wildlife the new lust-haves post coronavirus13 hours agoNoosa’s best beachfront penthouse is about to hit the market13 hours agoThe house, at 76 Main Ave, Balmoral, is spread across several levels, and has one of a kind features, such as handmade light fixtures and fittings.center_img The house at 76 Main Ave, Balmoral, is for sale.Coralie Hurley designed this house to be timeless with an earthy twist. There is another stone bath outside that doubles as a water feature.Splashing around with her grandchildren in the outdoor bath was one of her favourite memories.“I empty it out and put fresh water in it, and we all jump in together and have a bubble bath.”The property is being marketed by Trevor Egan of Ray White East Brisbane.Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:51Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:51 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD576p576p432p432p270p270pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. 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 Rate1xFullscreenStarting your hunt for a dream home00:51last_img read more