UK - The funding position of RBS Group's pension scheme fell by £2.3bn during 2008, company results reveal.
It said this was due to a decline in the value of plan assets, although it was partially offset improvements in the valuation of its liabilities, driven by increases in the value of AA+ rated corporate bond yields and a falling assumed rate of inflation.
This comes as it was revealed the bank's former chief executive Sir Fred Goodwin, who left the bank in October last year, is already drawing a pension worth £650,000 a year.
Chancellor Alistair Darling told the BBC this morning such excesses could not be justified in the face of failure, and said government lawyers were looking at whether some of the money could be clawed back for taxpayers.
However, Buck Consultants head of technical services Kevin LeGrand said it might not be possible to recover any of the pension assets as they could be contractually guaranteed.
He told Global Pensions: "From a general point of view, if he actually earned it through the terms of his employment contract that gives him the rights to this level of pension, then it should be protected.
"HM Revenue & Customs would not let you take pensions away like that. They wouldn't be able to take money away unilaterally."
He added: "Unless he agreed to waive part of the pension, it would be a quite difficult legal thing to do."
Some of the UK's biggest pension schemes will be forced to report on climate risk in line with recommendations from the Taskforce for Climate-related Financial Disclosures (TCFD).
TPT Retirement Solutions has launched a pension scheme for the education sector which offers schools both defined contribution (DC) and defined benefit (DB) pension provision.
The People's Pension has revealed plans to overhaul its charging structure, cutting fees and returning profits to members with an aim to help people save more money for retirement.
Data consultancy ITM has appointed Akash Rooprai as head of client management to lead its de-risking business.