Legislation

US - The State of New Jersey has settled charges by the Securities and Exchange Commission that it fraudulently misled municipal-bond investors while underfunding the state's two biggest pension plans.

Government is contemplating legislative action to loosen strict rules preventing more than half of schemes switching from RPI to CPI inflation increases, PP can reveal.

The Equality Act 2010 brings together much of the existing anti-discrimination legislation. It also introduces some new concepts to an already complex area. Richard Lee presents a brief checklist of the main elements relevant to DC pension arrangements...

The Imperial Home Décor appeal will be heard before the Supreme Court next spring and could have "chaotic consequences" for schemes, a lawyer says.

EUROPE - The European Commission is reviewing a letter from nine member states seeking to alter the way public debt is calculated to account for changes in state pension systems.

Member benefits will be compromised if the Consumer Prices Index is used instead of Retail Prices Index to measure price inflation, MetLife Assurance says.

NEW ZEALAND - New Zealand's government is setting up a working group to study the merits of compulsory pension savings which could be debated at next year's election, Prime Minister John Key said.

UK - The National Association of Pension Funds is backing auto-enrolment and NEST in the main but says the finer details around scheme-based certification need clarification.

The Department for Work and Pensions has issued a formal consultation on proposals to shift the inflation link for increases in PPF and FAS payments from the retail prices index (RPI) to the consumer prices index (CPI).

UK - The Department for Work and Pensions' plans to abolish transfers between contracted-out defined benefit and defined contribution schemes could lead to a "firesale" of final salary liabilities, a consultant warns.