Legislation

AUSTRALIA - Directors of failed companies will be forced to honour unpaid superannuation contributions to employees under plans unveiled by the Australian government.

Pension reform is continuing at a relentless pace but can the industry keep up? Helen Morrissey reports

US - Steven Rattner, co-founder of Quadrangle Group, said the settlement sought by New York Attorney General Andrew Cuomo in a pension-fund kickback case is "close to extortion".

A group of 13 opposition MPs have called on the government to delay switching to the CPI index for public sector pensions until further research has been conducted into pensioner spending.

Pensioners groups are uniting in London to urge the coalition government against switching the pensions indexation to the consumer price index, as it will push millions into poverty.

US - A federal jury has found in favour of pension funds and other institutional investors in a securities fraud class action against BankAtlantic Bancorp.

Defined benefit schemes are in danger of prejudicing their eligibility for the PPF by compromising their debts when they wind up, lawyers have warned.

UK - The government's decision to switch pension indexation to the Consumer Prices Index is "policy on the hoof", the Labour pensions spokeswoman says.

The 2% upfront charge on contributions into the National Employment Savings Trust is part of an "outstanding deal," delegates heard.

The government's decision to switch pension indexation to the Consumer Prices Index is "policy on the hoof", the Labour pensions spokeswoman says.