Regulation

UK - Final salary public sector pensions should be phased out in favour of cheaper career average schemes by 2015, Lord Hutton said.

Final salary public sector pensions should be phased out in favour of cheaper career average schemes by 2015, Lord Hutton says.

Secretary of state for work and pensions Iain Duncan Smith set out the coalition's plans for radical state pension reform yesterday.

POLAND - Poland's government approved its plan to reduce transfers to private pension funds, a move that will trim the country's borrowing needs by about 190 billion zloty ($67bn) through 2020.

POLAND - Poland's plan to cut transfers to private pension funds, already delayed by a month, may not be in place until the second half of 2011, posing a threat to the fiscal-deficit goal, Citigroup'S Polish unit said.

UK - Public sector discount rates should be tied to UK economic growth to reflect future tax revenues needed to fund the scheme, the Pensions Policy Institute says.

Schemes must take action before 31 March if they are to reduce their 2011/12 Pension Protection Fund (PPF) levies, Aon Hewitt urges.

Draft regulations allowing employers to exclude workers above state pension age from group risk insured benefits leave trustees exposed to discrimination actions, experts warn.

US - California and local governments should freeze pension payments for current workers and convert final salary schemes to a hybrid design, a new report concludes.

US - The lack of clear information on investment strategies used by target date funds could put retirees at risk, research warns.