The Philips Pension Fund says splitting its investments into a liability-matching portfolio and a return portfolio has worked out well.  It returned 13.3% in total in 2005, the fund said.  The liability-matching portfolio – containing 60% of its assets, and 75.6% of its pension liabilities – returned 10.4% from its fixed interest investments. “This is equal to the increase of the liabilities due to the interest changes,” the €14.5bn scheme explained in its annual report.
Investment & Pensions Europe –