Regulation

US - The Securities and Exchange Commission has proposed new rules around the marketing and advertising of target date funds meant to prevent investors from being ‘misled' when deciding to invest.

EUROPE - A European Commission Green Paper - due for release next week - is set to reopen the issue of solvency standards in pension schemes.

Trustees must act to secure the employer covenant before it starts to show signs of weakening or financial distress, Zolfo Cooper says.

Employers should undertake enhanced transfer value exercises now before they come under greater scrutiny from The Pensions Regulator, an actuary warns.

The Pensions Regulator has issued guidance for trustees on assessing, monitoring and taking action on issues relating to their employer covenant.

US/UK - Financial legislation pending in the US threatens to overwhelm, emasculate, and undermine independence of the Securities & Exchange Commission, according to the watchdog's former chairman.

US - Mercer has agreed to pay US$500m to settle a law suit brought by the Alaska Retirement Management Board alleging the actuarial firm erred when calculating the state's pension liability.

US - The California State Teachers' Retirement System has teamed up with two other investors to sue officers and directors at Massey Energy for alleged safety misconduct, the pension fund said.

UK/EUROPE - The sovereignty of UK defined benefit provision is under threat following proposals from the EU Commission to shift legislative power to a European body, an internal Confederation of British Industry document revealed.

The Pensions Regulator's reluctance to enforce funding agreements between employers and trustees has led to a potentially damaging loss of authority, a lawyer warns.