Aon Consulting says a client has been warned by the HM Revenue & Customs that its employee benefits trust scheme used for high earners could face immediate tax charges.

CANADA - Railroad operator Canadian Pacific Railway plans to make a voluntary contribution of C$500m (US$477.34m) to its defined benefit plan, the firm said.

US - California Public Employees' Retirement System board member Charles Valdes agreed to pay US$12,500 for accepting campaign contributions in excess of the legal limit for CalPERS board members.

US - BlackRock has laid off 89 employees in San Francisco as a result of its merger with Barclays Global Investors (BGI), which the firm completed yesterday.

US/JERSEY - State Street has entered into an agreement to acquire Jersey-based fund administrator Mourant International Finance Administration in a move the firm claimed will make it the largest alternatives asset servicing company in the world.

US - The New York State Common Retirement Fund (CRF) invested US$150m combined in private equity and absolute return strategies in October, according to the scheme's monthly transaction report.

AUSTRALIA - Over half of fund managers in the US and London said they would consider setting up shop in Australia, lured by the size of the Australian superannuation market.

JAPAN - The Government Pension Investment Fund of Japan (GPIF) posted returns of 1.06% in the quarter ended September 30, down from 3.89% the previous quarter.

UK - Vodafone and airline BMI have become the latest big name firms to announce plans to close their defined benefit schemes to future accrual.

GLOBAL - Pension industry experts predict the fiduciary management model will spread deeper into Europe and other parts of the world, and expand its reach beyond DB plans to the likes of insurance companies and DC plans.