US PRT Market Sees $14B in Volume in Q3
Nearly half of this quarter’s pension risk transfer volume came from IBM’s $6 billion PRT with Prudential, per Legal & General Retirement America.
Pensions
Ontario DB Plans’ Funding Drops for 1st Time in Nearly 2 Years
The plans’ funded ratio was down two percentage points to 121% in Q3 due to a drop in discount rates.
PBGC Provides Special Financial Assistance to 100th Pension Fund
In the latest grant, $41.5 million will be provided to the ILWU Employers’ - Warehousemen’s Plan.
Kodak Considers Terminating Overfunded Pension Plan
Termination of the plan could net the company as much as $585 million, more than its market cap, though a final decision has not been finalized.
Public Pension Funded Ratios Register 1st Decline Since April
The funded ratio for the 100 largest U.S. public pension plans fell by 160 basis points in October.
US Equities Buoy Canada Pension Plan’s 3.6% Return in Q2
The pension giant’s asset value rose to C$675.1 billion, as of the end of September.
Alberta Names Former Prime Minister Stephen Harper as AIMCo Board Chair
The Alberta government sacked the board and top executives of the fund earlier this month over cost concerns.
AIMCo Political Takeover Flies in Face of Canadian Model
The Alberta Investment Management Co.’s costs were in line with other Canadian funds, but governance issues pose risks, pension experts say.
NYCERS Becomes 89th Member of Net-Zero Asset Owner Alliance
Only seven other U.S. institutional investors have joined the group, which aims to align its portfolios to meet the Paris Agreement’s climate targets.
Saudi Sovereign Wealth Fund Closes Out October With Flurry of Deals
The Public Investment Fund signed MOUs with five Japanese banks worth $51 billion, among other deals.
PSP Investments Acquires 3 UK Airports for $1.94B
The Canadian pension will acquire AGS Airports, the operator of Aberdeen, Glasgow and Southampton Airports.
UK Chancellor Plans Britain’s Biggest Pension Reforms in Decades
Chancellor of the Exchequer Rachel Reeves proposed the consolidation of more than 80 local government defined contribution funds into pension ‘mega-funds’ in pursuit of Canadian- and Australian-style pension investing.
Corporate Pension Funded Status Ticks Up in October
Rising discount rates mostly offset both weak investment returns and declines in plan assets last month.
Japan’s GPIF Posts Worst Quarterly Loss Since Covid Outbreak
The pension giant lost 3.6% during the second quarter due to foreign bonds and falling domestic stocks.
Alberta Government Fires AIMCo Board, CEO
Concerns over costs led the provincial leadership to clean house and appoint Ray Gilmour as interim CEO.