Investment

The Pension Protection Fund is expected to be fully funded by 2014, its chief executive Alan Rubenstein says.

Pension Protection Fund chief executive Alan Rubenstein speaks to Jonathan Stapleton about the lifeboat fund's annual report, its investment strategy and the risks it faces in the future

AUSTRALIA/NEW ZEALAND - AXA Asia Pacific Holdings (AXA AP) has rejected an A$11bn (US$10.2bn) acquisition offer by Australian financial group AMP claiming it undervalued the company.

Logica UK has pulled out of the running for the personal accounts administration contract, the Personal Accounts Delivery Authority confirms.

MEXICO - Financial services group Profuturo is set to acquire Scotia Afore, the Mexican pension fund business of Canada's Bank of Nova Scotia.

UK - Barclays has reported a one-off credit of £371m (US$620.1m) resulting from the closure of its UK final salary pension scheme to existing members.

UK - The High Court has ruled trustees cannot rely on the safety net afforded by the Pension Protection Fund when taking decisions.

About 1.8 million people are set to request to work after traditional retirement ages over the course of the next decade, Prudential research shows.

Barclays has reported a one-off credit of £371m resulting from the closure of its UK final salary pension scheme to existing members.

The aggregate funding position of the 7400 defined benefit funds monitored by the Pension Protection Fund improved to a deficit of £97.6bn this month.