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NBIM and AP7 reach settlement with KPMG in Silicon Valley Bank class action case


By Jack Gray

Norway’s Norges Bank Investment Management (NBIM) and Sweden's Seventh AP Fund (AP7) have reached a USD 224.5m settlement in principle with KPMG, the former external auditor of Silicon Valley Bank (SVB).

The settlement was made on behalf of the class of investors in the US securities class action following the bank’s collapse in March 2023


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Icelandic pension funds Gildi and Festa approve merger

The merger of Icelandic pension funds Gildi and Festa has been approved at the extraordinary annual general meetings of both funds
Polish pension funds deliver 30.2% return YTD despite October decline

Poland's open pension funds (OFE) have delivered an average return of 30.2 per cent year-to-date (YTD), despite recording a slight decline in October, according to a report from Analizy Online

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Climate change could cut pension funds' long-term returns by up to 30%

A temperature increase of 2°C to 3°C could reduce long-term pension fund returns by roughly 10 to 30 per cent relative to current expectations, according to analysis by Ortec Finance
I&P Denmark welcomes withdrawal of EC’s financial data sharing proposal

Insurance and Pension Denmark (I&P Denmark) has welcomed the European Commission’s (EC) withdrawal of the financial data sharing (FIDA) proposal, calling it a positive development for the pension and insurance industries, which will no longer have to build new digital infrastructure without guaranteed business or socio-economic gains

Sweden’s AP7 calls for more consistent EU sustainability reporting standards

Sweden's Seventh AP Fund (AP7) has urged the European Financial Reporting Advisory Group (EFRAG) to remove the “mixed approach” from its proposed ESRS 40a sustainability reporting standard, arguing that it could make company disclosures harder to compare
Iceland’s Frjálsi Pension Fund and LSB complete merger

Icelandic pension funds Frjálsi Pension Fund and the Farmers’ Pension Fund (LSB) have merged


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Austria: A new horizon

Austria’s strong state pension system is facing growing pressure from demographic change and high public spending. As policymakers seek to strengthen sustainability, attention is turning to occupational pensions – but whether voluntary provision can deliver the scale needed remains uncertain. Paige Perrin reports

Who shares wins

Collective sharing of risks or rewards form part of almost every national pensions system. As the UK launches a new type of collective defined contribution scheme, David Adams asks what policymakers, the pensions industry and employers can learn from the different ways collective elements are used in pension systems across Europe

Austria’s pension reform: cautious steps towards a stronger second pillar

Austria’s planned occupational pension reform is welcome for a country still heavily reliant on its public pay-as-you go system. Yet the measures fall short of the structural change needed. Valida Vorsorge Management member of the executive board, Philipp Mayer, explores

Over the line

After years of delays, Ireland’s auto-enrolment system has finally crossed the try line. But while MyFutureFund has been welcomed as a landmark reform, concerns remain over aspects of its implementation and the wider changes reshaping the pensions landscape. David Adams reports

Joining forces

Paige Perrin explores the current trend of consolidation in the Icelandic pension sector and the wider impacts of a more concentrated market structure on competition, ownership and financial stability

The cost compass

The continent’s pension sector is rethinking fees and costs as regulators, providers and policymakers shift the debate from price alone in search for value for money, transparency and better longterm outcomes for savers. Pete Carvill reports

Savings under scrutiny

From France and Hungary to Estonia and Slovenia, a series of recent Organisation for Economic Co-operation and Development (OECD) Economic Surveys has placed pension reform firmly on the agenda. Callum Conway rounds up the organisation’s latest country recommendations and the very different retirement challenges facing policymakers across Europe

Built to last

Swiss Pension Fund Association director, Lukas Müller-Brunner, sits down with Paige Perrin to speak about the strengths of Switzerland’s multi-pillar pension system, the challenges the Swiss pension industry is facing, and the importance of preserving employer involvement and improving efficiency without simply relying on further consolidation of pension funds

Ask the industry

Imagine you have €1 billion (or equivalent value in local currency) of new capital to invest today for your pension fund/pension fund client. How would you allocate it, what opportunities would you avoid, and what factors would most influence your decisions?

The resilience shield

European pension funds are redefining resilience as geopolitical instability, climate risk and digital dependence reshape the landscape. Beyond funding and investment risk, regulators are now focused on operational vulnerabilities – from cyber threats to reliance on non‑European IT providers – raising new questions about the role of pensions as critical financial infrastructure. Ellie Carric reports

The dollar dilemma

Currency hedging is back in focus as doubts emerge over the dollar’s traditional role as a safe haven. Against a backdrop of heightened volatility, European pension funds are reviewing their exposure to foreign exchange risk and the opportunities hedging can offer. Lynn Strongin Dodds reports

Sweden’s pension balancing act

Skandia head of public and regulatory affairs, Mattias Munter, speaks to Callum Conway about the strengths of Sweden’s multi-pillar pension system, the lessons from recent governance controversies, and why adequacy, trust and private savings reform will shape the sector’s future

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Podcast: Stepping up to the challenge
In the latest European Pensions podcast, Natalie Tuck talks to PensionsEurope chair, Jerry Moriarty, about his new role and the European pension policy agenda

Podcast: The benefits of private equity in pension fund portfolios
The outbreak of the Covid-19 pandemic, in which stock markets have seen increased volatility, combined with global low interest rates has led to alternative asset classes rising in popularity. Private equity is one of the top runners in this category, and for good reason.

In this podcast, Munich Private Equity Partners Managing Director, Christopher Bär, chats to European Pensions Editor, Natalie Tuck, about the benefits private equity investments can bring to pension fund portfolios and the best approach to take.

Mitigating risk
BNP Paribas Asset Management’s head of pension solutions, Julien Halfon, discusses equity hedging with Laura Blows

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